Having a successful business that is cruising along like a well-oiled machine can be a very rewarding experience; just as owning a business that is digging itself deeper into debt can feel like suffocating jail cell. Every business owner understands the ups and downs of running a business, but it’s important to know what tools are at your disposal should your business run into an extended time of financial difficulty.
Filing for bankruptcy in Illinois doesn’t mean you’ll lose everything and end up living in a cardboard box underneath a bridge. The process is designed so that the individual or business owner can get back on their feet and continue living their life in much the same fashion as before but with a newfound understanding of how to avoid debt and better manage monthly expenses. Many of your assets can be exempt from bankruptcy, allowing you to keep your house, car, and business property.
If you file for bankruptcy, you still have an opportunity to keep your house and vehicles. Whether this will be possible depends on four factors: (1) how much equity you have in the property that you are attempting to keep; and (2) whether your equity in the property exceeds the bankruptcy exemption for that type of property; (3) if you have a loan secured by the property, whether the bank will agree to reaffirm the loan despite the bankruptcy; and (4) whether you will be able to afford to continue to make your loan payments after the bankruptcy.
We offer free, paid & online consultation in nearly every area of law throughout Illinois and Iowa. We have a range of options to assist you with your legal needs.
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If you file for bankruptcy, you still have an opportunity to keep your house and vehicles. Whether this will be possible depends on four factors: (1) how much equity you have in the property that you are attempting to keep; and (2) whether your equity in the property exceeds the bankruptcy exemption for that type of property; (3) if you have a loan secured by the property, whether the bank will agree to reaffirm the loan despite the bankruptcy; and (4) whether you will be able to afford to continue to make your loan payments after the bankruptcy.
In this article, we explain the Chapter 7 Bankruptcy process in Illinois. We will explain the difference between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy, how to determine if Chapter 7 Bankruptcy is right for you, how to file for Chapter 7 Bankruptcy, what to expect from the First Meeting of Creditors, and what happens after the First Meeting of creditors in a Chapter 7 Bankruptcy case.
When your bankruptcy petition and schedules are filed, the court will schedule a meeting with the trustee called the First Meeting of the Creditors. Although notice of this meeting is sent to everyone you list as a creditor in your petition, it is extremely rare for a creditor to actually attend.
We offer free, paid & online consultation in nearly every area of law throughout Illinois and Iowa. We have a range of options to assist you with your legal needs.
We offer free, paid & online consultation in nearly every area of law throughout Illinois and Iowa. We have a range of options to assist you with your legal needs.
If you file for bankruptcy, you still have an opportunity to keep your house and vehicles. Whether this will be possible depends on four factors: (1) how much equity you have in the property that you are attempting to keep; and (2) whether your equity in the property exceeds the bankruptcy exemption for that type of property; (3) if you have a loan secured by the property, whether the bank will agree to reaffirm the loan despite the bankruptcy; and (4) whether you will be able to afford to continue to make your loan payments after the bankruptcy.
In this article, we explain the Chapter 7 Bankruptcy process in Illinois. We will explain the difference between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy, how to determine if Chapter 7 Bankruptcy is right for you, how to file for Chapter 7 Bankruptcy, what to expect from the First Meeting of Creditors, and what happens after the First Meeting of creditors in a Chapter 7 Bankruptcy case.
When your bankruptcy petition and schedules are filed, the court will schedule a meeting with the trustee called the First Meeting of the Creditors. Although notice of this meeting is sent to everyone you list as a creditor in your petition, it is extremely rare for a creditor to actually attend.
If you file for bankruptcy, you still have an opportunity to keep your house and vehicles. Whether this will be possible depends on four factors: (1) how much equity you have in the property that you are attempting to keep; and (2) whether your equity in the property exceeds the bankruptcy exemption for that type of property; (3) if you have a loan secured by the property, whether the bank will agree to reaffirm the loan despite the bankruptcy; and (4) whether you will be able to afford to continue to make your loan payments after the bankruptcy.
In this article, we explain the Chapter 7 Bankruptcy process in Illinois. We will explain the difference between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy, how to determine if Chapter 7 Bankruptcy is right for you, how to file for Chapter 7 Bankruptcy, what to expect from the First Meeting of Creditors, and what happens after the First Meeting of creditors in a Chapter 7 Bankruptcy case.
When your bankruptcy petition and schedules are filed, the court will schedule a meeting with the trustee called the First Meeting of the Creditors. Although notice of this meeting is sent to everyone you list as a creditor in your petition, it is extremely rare for a creditor to actually attend.
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