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1978redruM

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If a person files bankruptcy do you have to give up assets
I would like to know if you can file bankruptcy for credit card debt and also if you have to give up any financed belongs such as car home etc. Thank you for any advice.

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Filing bankruptcy on credit card debt is not a smart decision because credit cards are last in the listing of debts that get paid in bankruptcy and they will fall off your credit report in 7-7.5 years where a bankruptcy hurts you for 10. I filed a Chapter 13 just so I could keep my car due to my location (no mass transit) so I'm very familiar with the priorities.  If you do have a house and car, those assets might have to be liquidated in a Chapter 7 bankruptcy.  The best source of advice on this is a bankruptcy attorney.  Most of them give a free initial consultation and offer advice that just may make debt repayment more workable. 

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Yes, with a chapter 7. No with a chapter 13. There are several other types of bk's but these two are usually for the average consumer. Do some research and consult a lawyer; they will most likely tell you if it is beneficiary for you to do so. Remember a bk stays on your credit for 10 years.

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