Will I Lose All My Assets If I File Chapter 7 Bankruptcy?

Will I Lose All My Assets If I File Chapter 7 Bankruptcy?

You are in debt and you need relief fast. Your income is limited and you have assets but they do not have a lot of monetary value. While they may not be worth much, you still want to know if you will lose your assets if you pursue a Chapter 7 bankruptcy. Guess what? Thanks to exemptions offered in Illinois, you may be able to keep your property.

Generally, when you file a Chapter 7 bankruptcy, your assets are sold to pay off your creditors and then any remaining qualifying debt is discharged. Now, depending on the asset and any state exemptions, some assets may not be worth selling because creditors will get practically nothing out of it. In such cases, the bankruptcy trustee may choose to abandon the property — meaning you get to keep it.

After a careful case review, legal counsel can help you determine if you qualify for a no-asset Chapter 7 filing. The procedures for filing are the same as a typical Chapter 7, but at the end of it all, you will get to keep your property and still have your qualifying debts discharged. Quite a few Chapter 7 cases end up being no-asset cases.

Keeping your property and having all or most of your debt wiped out may seem too good to be true, but it may actually be an option for you. You will not know, though, until an experienced bankruptcy attorney really looks into your financial situation. If you want to learn more about the benefits of Chapter 7 bankruptcy, what it takes to qualify in the state of Illinois and how an attorney can be of assistance to you when in need of debt relief, please take a moment and visit our firm’s website.

Categories



Family-Focused Advocates

Meet Your Attorneys
/

Why Clients Choose Us

  • Family-Run Firm
  • Free Consultations
  • 20+ Years of Legal Experience
  • No Pressure to Sign at Initial Intake

Awards & Memberships

Client Testimonials

Hear stories from the clients we have worked with in the past that we still consider family.
  • “I am extremely pleased with the service they provided: from giving me advice on how to prepare, to working with creditors, and finally to handling the legal aspects of the bankruptcy itself. They took ...”

    - Mike
  • “Deciding to file bankruptcy and going through the process of foreclosure on our home was not something my husband and I ever thought we would have to do. On our initial visit with John, he explained ...”

    - Anonymous Client
  • “This extra special note sent to you today holds more appreciation than any words can say. Over 30 years ago, I found myself in a career helping others in need. I never expected to be in need myself ...”

    - Mrs. J.
  • “Just a note to say thank you for the legal advice you gave me last week. Before I came to see you, I was scared to face my problems, but today I opened a checking account and will go to the Social ...”

    - Mrs. K.
  • “Roseanne is the best. My husband and I went with a cheap bankruptcy attorney to save money. BIG mistake. We ended up with an adversary hearing that our bankruptcy attorney couldn’t handle. So after ...”

    - Anonymous Client
/

Take That First Step With Us

Schedule a Free Consultation
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.