Chapter 7 bankruptcy allows you to eliminate dischargeable debts, which can give you a clean financial slate. However, you should discuss all of your assets with your bankruptcy attorney, including your bank accounts, insurance policies, and tangible assets like vehicles and real property. It’s possible that the bankruptcy trustee will sell some non-exempt assets to pay your creditors, but you do have exemptions you can use to keep your most important assets.
You can hear about your bankruptcy exemptions by consulting your attorney and watching this brief video. These exemptions usually include a vehicle, some of the equity in your home, insurance policies, personal property, and tools of the trade.
Bankruptcy filers in the Aurora area can count on Cutler & Associates, Ltd. to offer straightforward and reliable legal guidance. Call us at (847) 961-4572 to request a free bankruptcy evaluation at our law firm.