Many people considering bankruptcy are concerned with how it will affect their property. Watch this video to learn more about how Chapter 7 and Chapter 13 bankruptcy deal with property holdings.
Chapter 13 bankruptcy generally allows you to keep the majority of your property because you are not discharging your debts, but rather reorganizing them into a repayment plan. Chapter 7 bankruptcy divides your property into exempt and non-exempt items and auctions off a portion to pay off your creditors, but in exchange, most debt is wiped out.
Bankruptcy laws vary between states, so it is essential that you receive a professional consultation from a bankruptcy lawyer. Our specialists here at Cutler & Associates, Ltd. have been helping families in Chicago, Schaumburg, Oakbrook and the surrounding areas deal with bankruptcy since 1990.