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| Chapter 7 Bankruptcy Success - Misconceptions About Property | |||
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Chapter 7 Success Lawyers Chicago - Misconceptions About Property Misconceptions About PropertyYou know, there’s also several misconceptions about bankruptcy that the people think about all the time, even before the law changed but, especially now too. One of those things is what happens if I file a bankruptcy? Do I get to keep my property? Well, it depends on the property. If you’re a homeowner or if you own a vehicle and you still owe money on it, you can continue to make the monthly payment. That’s typically called reaffirming a debt. Now there are some limits to what value of property you can keep free and clear from your creditors. But, the majority of people, in the state of Illinois, will be able to keep their home and their vehicles, provided there’s not significant equity. Equity is ownership and that’s something someone needs to determine the value of and consult with an attorney to find out exactly whether they would be able to keep it or not. But, typically debtors do get to keep their home and their vehicles, provided they continue to make payments. Overwhelmingly, that’s the case.
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| This website contains legal information, and not legal advice. It's content refers only to the law of the United States. | ||
| Law Offices of David M. Siegel Chicago, IL |
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| We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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