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what will i lose to bankruptcy

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iplaygolf

Guest
Here is my situation. I live in California. I owe over $100,000 in credit card debt (OUCH). I’ve been out of work for almost a year now and can’t find any work. I’ve been using cash advances to pay for my living expenses (I was in debt prior to being laid off). I am now thinking about filing for bankruptcy. But have a few questions before I do so.

First question is that I don’t know what assets I am going to lose after I file for bankruptcy. I don’t have much. No house, I rent, I own a motorcycle. I am leasing a car, which the lease ends in 5 months (I plan on buying this car with a car loan from a bank or another source depending on when I file). An IRA account with less then $10,000. That’s it for assets.

#2 Should I pay off my lease before I file or after I file for bankruptcy? If prior, can the courts take the car away from me?

#3 Will I lose my IRA accounts?

#4, file by myself or hire an attorney?

Any information is appreciated.
 


bigun

Senior Member
For $100k of cc debt, I'd suggest a lawyer. Most give free initial consultations. Talk with 2 or 3.
As to the lease, I'd guess the court will allow you to reaffirm since you only have a few months left. I see how much equity your state will allow you to keep in autos before I started buying cars. See a lawyer before you do anything.
 

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