What can I keep?

Our home business has gone south, and ill health makes it impossible to work outside the home. Our other income is SS plus a small retirement. I think we'll fall just inside the income guidelines to be eligible for Chapter 7. Apart from the usual personal property, we have IRA's, a home that's not selling, two paid-for vehicles and a savings account. We can keep paying on the debt, but the savings will be gone long before the debt. Eventually, we will have to file. The question is when -- while we still have enough cash to get a smaller home -- or after it's all gone and we'll be on the street.

Can we keep any part of the savings? Can we use the savings to pay cash for a small home -- it's less than $40K? Can it be manufactured? Or an RV?

Your question is a critical one and should be made with the advice of someone who knows your personal situation better. A financial counselor, or even an attorney could help you make the right decision to maximize and possibly even retain your assets.

I hope better times are ahead for you.

Good luck.