What about the cars I own but my children drive, can I keep them if I file for bankruptcy?

Many parents have a few cars in their name for their children.  This is so common.  As a parent, if you have all the credit card debt, yet still have a good job, able to keep a roof over your head, and make the car payments, you will most likely be able to keep all the cars in your name even after filing for bankruptcy. 

The bankruptcy code allows you to keep a certain amount of personal property and equity and still discharge your credit card debt.  The bankruptcy code has one primary purpose and that is to give a fresh start without leaving you destitute. In order to get back in the game, you have to be free of debt, yet, still have automobiles a few bucks in the bank and a roof over your head.

Bankruptcy

Credit card debt can be discharged in bankruptcy.  Most people can discharge all credit card debt and personal loans and still keep their home and cars.