Will my kids lose their toys if I declare bankruptcy?

I’m 41 and a single mother of 2. I owe $6800 on my credit card.. I don’t make a lot of money at my part-time job and I can barely make rent every month. My car is falling apart and my kids need winter clothes. I’m afraid I can’t afford any Christmas gifts for them and I don’t know what to do or how to get out of this. My kids can see that I’m very stressed out. Will I lose everything if I file bankruptcy ? What about their toys and our TV or furniture?

One Comment

  1. Based on what you have told me, I don’t think you will lose any personal property. Certainly not your furniture or your children’s toys. Whether or not to file bankruptcy is a personal decision. You need to speak with a bankruptcy attorney in your area. When you file bankruptcy, you are entitled to “exemptions”. An exemption will protect your assets from the trustee who represents your creditors. I am little concerned about the amount that you owe. I typically see about 20k in unsecured debt in an average chapter 7 bankruptcy. There is not minimum amount but you may want to consider consumer credit counselling first. They will typically lower your interest or eliminate it and put you on a monthly payment plan. It’ s worth a shot and is less damaging to your credit rating.

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