My name is Jonathan Simon. I'm a licensed attorney in Arizona, practicing bankruptcy with the Bornmann Law Group. I'm here to answer all your bankruptcy needs and questions.
A Chapter 7 bankruptcy does allow you to keep your house and your car. A Chapter 7 only wipes away unsecured debt, so automobiles and homes are secured debts. Therefore, a Chapter 7 won't wipe away any of those loans that you have. However, you can sign a Reaffirmation Agreement to keep your car, which a Reaffirmation Agreement is essentially a new contract you make with your car finance company that will survive the bankruptcy. Therefore, cars and homes are not wiped away in a Chapter 7 and you can keep those even when you file for Chapter 7 bankruptcy.
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