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.
If your business’ debts are threatening its continued operations, you should consult with your attorney about pursuing one of the following courses of action to either restructure your business’ debt or obtain a fresh start without incurring personal liability for your business debts.
Our team of friendly professionals are standing by to take your call now at (630)324-6666.
Make a consultation reservation online using our online scheduling tool.
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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.
Make a consultation reservation online using our online scheduling tool.
Make a consultation reservation online using our online scheduling tool.
Our team of friendly professionals are standing by to take your call now at (630)324-6666.
Our team of friendly professionals are standing by to take your call now at (563) 503-6910.
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.
Make a consultation reservation online using our online scheduling tool.
Our team of friendly professionals are standing by to take your call now at (630)324-6666.
Our team of friendly professionals are standing by to take your call now at (563) 503-6910.
Monday to Friday
9am - 5pm
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