Expert: Terry Leeders - 4/2/2008

Question
Before we lost a third of our income, I purchased a dell laptop through my credit at Dell, and a Kirby vacuum cleaner. Will they be seized and what else may they take. I know that our house and vehicles are safe if we pay the payments. I will be declaring personal bankruptcy, so my husband will not. I am permanently disabled is there anything that that will affect positivly or negitivly?
Thank you so much for your time and answers.

Nancy

Answer
Each state has exemptions to use for protecting your assets, so speak with a local attorney on what can be protected.  Also, items that you are financing, like Kirby & Dell, are secured by the asset. You have the option to reaffirm the debt, agreeing to pay back a portion of the debt, usually based on the current value of the item, in order to keep the asset after bankruptcy.  You can surrender the secured debt to the creditor as well, discharging the full balance otherwise.