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Do I Have to Include My House and Car in Chapter 7 Bankruptcy?

COVID-19 (Novel Coronavirus) Update

BillBusters, Borges and Wu, LLC. will be open to assist and help you with your financial situation. Get immediate consultation through our FREE Virtual Consultation during the “Stay At Home” order. Please contact us and we will provide you with virtual access points to set up a meeting. For immediate needs our Schaumburg Bankruptcy office is open for visiting, walk-ins are welcome.

Book A Virtual Consultation

 

Some people postpone talking to an attorney about bankruptcy for months or even years after financial warning signs such as out-of-control credit card debt become impossible to ignore. Billbusters, Ledford, Wu & Borges, LLC offers people in the Chicago area a no-obligation bankruptcy suitability analysis. Contact us if you are wondering whether bankruptcy is the appropriate solution to your debt problems.

Common bankruptcy myths often serve as mental obstacles for consumers. Do not let unanswered questions block your path forward. We will gladly take the time now to answer questions that loom large in your mind.

Your Home and Your Car May Be Exempt

A popular bankruptcy myth is a fear of losing one’s house or car. People naturally worry about where they would live or how they would get to work if they were forced to give up their house or car in bankruptcy. This is why of the first questions that we often hear in an initial consultation with someone considering filing Chapter 7 bankruptcy is, “Do I have to include my house and car in Chapter 7 bankruptcy?”

You Must List All Debts and Assets When You File Bankruptcy

To answer this question for potential new clients, our attorneys begin by clarifying that people filing bankruptcy must declare all income, assets and liabilities. However, society acknowledges that everyone needs a place to live and transportation to get to work. Bankruptcy laws allow for exemptions that are protected from creditors’ claims – including a home and a vehicle.

By applying bankruptcy exemption laws to their lists of assets, most people filing Chapter 7 bankruptcy are able to keep their houses and cars if:

  • Their budgets enable them to keep up with a mortgage and car loan payments.
  • Loan payments, insurance, and taxes are up to date.
  • There is not more equity in the property that can be protected by the debtors’ exemptions.

Contact an Experienced Chicago Chapter 7 Bankruptcy Lawyer

If you are seriously behind on your mortgage or car payments, Chapter 13 bankruptcy may be a better choice. In Chapter 13, you can repay mortgage or car loan arrearages as part of your debt reorganization plan.

Everyone’s financial circumstances are unique. The best way to find out what Chapter 7 bankruptcy will actually mean to you is to discuss the facts of your debts, income and assets with an experienced, knowledgeable attorney. Contact us today to schedule a free initial consultation.

Keep in mind that only three lawyers in Chicago are certified in consumer bankruptcy by the American Board of Certification*. Two are partners at Billbusters, Borges and Wu, LLC.& Borges, LLC.

*The American Board of Certification is accredited by the American Bar Association and sponsored by the American Bankruptcy Institute and the Commercial Law League of America. Federal law recognizes board certification in bankruptcy. The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the certificate, award or recognition is not a requirement to practice law in Illinois.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Office Locations

One Century Centre

Billbusters, Borges and Wu, LLC.
1750 E. Golf Road
Suite 384
Schaumburg, IL 60173

 


Downtown Chicago

Billbusters, Borges and Wu, LLC.
105 W. Madison, 23rd Floor
Chicago, IL 60602

 


Southside

Billbusters, Borges and Wu, LLC.
10708 S. Western Avenue
Chicago, IL 60643

 


South Holland

Billbusters, Borges and Wu, LLC.
900 E. 162nd Street, Suite 202
South Holland, IL 60473

 


 

Berwyn

Billbusters, Borges and Wu, LLC.
7222 W. Cermak, #715
North Riverside, IL 60546

 


 

 

Link to: Contact Us

Still Have Questions? Feel Free To E-mail Us

In certain cases, we are even able to offer a same-day bankruptcy filing with no money down – saving you time and money. Need help filing bankruptcy we can help you start.

Great feedback is always needed in order to improve and grow our bankruptcy law firm Please fill free to leave a review, let us know who your attorney was, did we provide great customer service, were we professional, did we get your the information you were looking for? We want to know.

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Located in Chicago, the law firm of Billbusters, Borges and Wu LLC. represents clients throughout Illinois, including, but not limited to the cities of :Alsip, Arlington, Heights, Bellwood, Berkeley, Berwyn, Blue Island, Bridgeview, Broadview, Brookfield, Burbank, Calumet City, Chicago, Chicago Heights,  Chicago Ridge, Cicero, Country Club Hills, Des Plaines, Dolton, Elk Grove Village, Elmwood Park, Evanston, Evergreen Park, Flossmoor, Forest Park, Franklin Park,  Glencoe,  Glenview, Glenwood, Golf, Hanover Park, Harvey, Harwood Heights, Hazel Crest, Hickory Hills, Hillside, Hines, Hoffman Estates, Hometown, Homewood, Justice, Kenilworth, La Grange, La Grange Park, Lansing, Lemont, Lincolnwood, Lyons, Markham, Matteson, Maywood, Melrose  Park, Midlothian, Morton Grove, Mount Prospect, Niles, Northbrook, Oak Forest, Oak  Lawn, Oak Park, Olympia Fields, Orland Park, Palatine, Palos Heights, Palos Hills, Palos  Park, Park Forest, Park Ridge,  Posen, Prospect Heights, Richton Park, River Forest, River Grove, Riverdale, Riverside, Robbins, Rolling Meadows, Schaumburg, Schiller Park, Skokie, South Holland, Steger, Stone Park, Streamwood, Summit Argo, Techny, Thornton, Tinley Park, Westchester, Western Springs, Wheeling, Willow  Springs, Wilmette, Winnetka, Worth and All of Cook County IL.

DISCLAIMER

The information contained in this website is for general information purposes only. The information is provided by Billbusters, Borges and Wu LLC and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

*For legal fee only. Other conditions apply. Please ask your attorney for details.

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