What Can I Lose in Bankruptcy?
How a Chicago Bankruptcy Attorney Could Help
In most cases, nothing! In a
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
Get Help from an Experienced 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, Law Offices of David Freydin 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 Law Offices of David Freydin to find out what they are.