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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.

https://youtube.com/watch?v=cpuNxgCk2oc%3Fhl%3Den%26fs%3D1

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.