Is my relationship with my kids considered if I file bankruptcy?

Last year I bought a new car. Later that same year my marriage ended and my life went downhill. My wife used to take care of all the bills and budgets because I was never good at it. Since I’ve been on my own now I have racked up a lot of debt using my credit cards and line of credit. I’m thinking that bankruptcy may be my best option but I can’t lose my car. My kids live 45 mins out of town with my ex and I would have no way of picking them up or dropping them off anymore. Is my relationship with my kids considered if I file bankruptcy?

One Comment

  1. Your relationship with your children is not a consideration in bankruptcy filing as far as your car is concerned. The issue is whether the vehicle payment is current and you do not have any excess equity in your car (rarely the case). If you car has a market value more then your available exemptions then the trustee may make a claim on the unprotected equity. But again, this is extremely unlikely. Most vehicles do not have any equity. Important that an experienced bankruptcy attorney look at your whole financial and asset situation, so a proper advice can be given. Based on what you are telling me, a bankruptcy maybe a good way to start over and learn from your experience.

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