If you are considering declaring bankruptcy in Will County, IL or one of the surrounding counties you are probably wondering what you get to keep. Many people get the image of bankruptcy and think of the person or family left with nothing. Not true.
The fact is, you can declare bankruptcy and remain in possession of some or all of your possessions.
In bankruptcy ‘talk’, the stuff that you are able to keep after declaring Chapter 7 or Chapter 13 bankruptcy are called exemptions.
If you are wondering, “What do you get to keep after your Will County Bankruptcy?”, here are the answers to 5 frequently-asked-questions (FAQs):
What is a bankruptcy exemption?
Of course, when a person goes through bankruptcy, many assets above a certain value must be sold to pay off creditors. However, several types of items – usually with maximum value thresholds that vary on a per-item-type basis – can be kept by the family who has been through bankruptcy proceedings.
Will my house be safe?
Yes, you are able to save your house in almost all cases. However, if you want to remain in your home, you will need to keep up your payments just as before.
What about my car?
Similarly, a car is almost always on the exemption list, provided that it worth less than a certain amount. For example, you cannot keep your $200,000 Range Rover after filing for a Chapter 7 bankruptcy. Similar to with wanting to keep a house, in order to keep your car you will need to continue to make your car payments.
Can I keep the stuff in my home?
Almost all or all of the items in your home should be safe from being confiscated. Family heirlooms and the like, as well as low-value items, should all be safe.
How about the money in my retirement accounts?
In addition, monies in a retirement account and educational savings accounts should likely be considered exempt in your state.
Please call Hamilton & Antonsen, Ltd. at 815.729.9220 or email us for further information or to schedule a free bankruptcy consultation.