What Can I Lose in Bankruptcy?

How a Chicago Bankruptcy Attorney Could Help

In most cases, nothing! In a Chapter 7 bankruptcy, the law allows people who file for bankruptcy to "exempt" or keep most (usually all!) of their personal belongings. The Bankruptcy laws recognize that keeping personal property is essential for people to get a "fresh start" after bankruptcy. In a Chapter 13 bankruptcy, people lose nothing they want to keep as long as they are making their court approved Chapter 13 Bankruptcy payments pursuant to their Chapter 13 Bankruptcy plan. Contact one of our experienced attorneys today for more information about keeping personal property. With the advice of an experienced Chicago bankruptcy attorney, you can rest assured that we will fight to protect your assets, preserve your property, and set you on the path to financial freedom.

Will I be able to keep my home if I file bankruptcy? In most cases, YES! In a Chapter 7 Bankruptcy, you must be current on your mortgage payments (real estate taxes and insurance, too) and continue to make your mortgage payments as you would normally. You are also allowed to have some equity in your home. One of our experienced Chicago Bankruptcy attorneys will let you know if you will be able to keep your home before you decide to file. In a Chapter 13 Bankruptcy, you may be able to keep your home even if you are behind on your mortgage payments. Again, one of our experienced attorneys will develop a Chapter 13 plan to help you keep your home and catch up on your mortgage payments.

How about my car? As with a house, in most cases, YES! In a Chapter 7 Bankruptcy, it is generally not a problem to keep your car. You must be current with your payments, maintain full coverage insurance on the vehicle, and agree to keep making the monthly payments as you would normally. In a Chapter 13 Bankruptcy, you also have to keep the vehicle fully insured, but we can include your car payment in your Chapter 13 Bankruptcy plan. So it is certainly possible to keep your car even if you are behind on your monthly payments! Contact one of our experienced attorneys to find out more about keeping your car in bankruptcy, and to schedule a free in-person consultation

Bankruptcy Lawyer in Chicago

Filing for bankruptcy is a difficult decision. However, with skilled and compassionate attorneys on your side, you will receive a fresh start. With proper financial guidance, you can dramatically improve your future following a bankruptcy. With the assistance and guidance of our experienced bankruptcy attorneys, Glanzer & Associates, P.C. will guide you easily through this process. We look forward to helping you on the road to financial freedom.

You have options in resolving your debt issues. Contact a Chicago bankruptcy attorney from the Law Offices of Glanzer & Associates, P.C. to find out what they are.