What Property Will I Lose When I File For Bankruptcy

Chapter 7 bankruptcy allows for a fresh start.  It also allows for you to keep a certain amount of property known as exempt property free and clear from creditors and from the long arm of the trustee.  In terms of real estate, you can protect up to $15,000 worth of equity.  In the case of a joint case, husband and wife, you can protect up to $30,000 worth of equity in a piece of real estate. In terms of other property, there is a $2400 auto exemption and a $4000 miscellaneous personal property exemption that can be sprinkled over any type of personal property.  When you have a joint case, the exemptions are doubled.  So when you ask am I going to lose my property whether it be a house or + Read More

Can I put my student loans in my bankruptcy filing?

Chapter 7 bankruptcy, known as the fresh start bankruptcy, is a way to get out of debt.  However, student loans are not eliminated under a Chapter 7 except in extreme hardship cases.  In my experience, an extreme hardship case is almost impossible to find.  You must be in a position where you can no longer make the payment, you no longer have the ability to make the payment and it is causing an extreme hardship on your ability to survive.  In all the cases that I have seen in the 21 years of practice, there has not been one that has met this standard.  If, in fact, the client does not have the ability to repay a student loan based on their inability to work, then basically the collection + Read More

Call 1 (847) 520-8100ORFREE INITIAL CONSULTATION
  • AS SEEN ON:
AS SEEN ON: