Some North Carolina Bankruptcy Questions

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Q. We are considering filing bankruptcy and possibly also allowing foreclosure on a home we own, but do not live in (it's too far from our jobs). Here are my questions. 1) If we foreclose and the sale price of the home is less than the amout owed, are we responsible for the difference and if we are, would bankruptcy absolve us of this? We are not trying to "get out of it", we are just at the end of our rope (baby makes 3, lots of debt). 2) If we file Chapter 7, I understand there will be some property liquidation. What exactly would be "non-exempt" property? My primary concern is our two vehicles (98 Grand Prix retail $4820 and 96 Taurus retail $2360, according to nadaguides.com). Would they be taken. What about personal property such as electronics, CD's. DVDs and appliances?

A. -Each state is different as far as exemptions go. Here is a link for you: http://www.bankruptcyaction.com/ncexemptions.htm or here is the main page: http://www.bankruptcyaction.com -I have written a Bankruptcy FAQ which should answer many of

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