Frequently Asked Questions about Bankruptcy
I help people file for bankruptcy throughout southern Illinois to help eliminate their crushing debt and protect their assets. For almost 25 years and in over five thousand bankruptcy filings, I answer many questions people have about the process. I thought I would share some of the more common questions here.
“Can I keep the vehicles that I own free and clear?”
That depends on the value.
Every state uses exemptions to determine how much value in a vehicle you are allowed to keep. In Illinois you are allowed $2,400.00 in ONE vehicle.
It does not matter if it is your only vehicle. “It’s the only car I got!” “It’s a 2014 Ferrari F12berlinetta and you owe nothing on it!”
I exaggerate to prove a point, of course.
And you can’t split the exemption up: if you have one car worth $1,500.00 and another worth $900.00 you cannot use the $2,400.00 exemption on both – only one of them. This means the $900.00 is not protected by Illinois’ vehicle exemption.
Don’t panic – there are other exemptions that might cover any excess equity.
Another option is the Chapter 13 consolidation: people file a Chapter 13 if they might lose something in a Chapter 7: if they are behind on the car or house and they want to prevent repossession or foreclosure and/or if there is too much equity in their property.
Your attorney will be happy to discuss these options with you.
About the author:
Michael Curry of Curry Law Office in Mount Vernon, Illinois (http://michaelcurrylawoffice.com/) has helped thousands of individuals, family and small businesses in southern Illinois find protection under the Bankruptcy Code for almost twenty-five years. He is also available to help individuals and families with their estate planning (probate, wills, power-of-attorney) and real estate and other sales transactions.
He is also the author of books on finance and bankruptcy available on Kindle through Amazon!
Whether you live in Salem, Centralia or anywhere in Southern Illinois call Curry Law Office today at (618) 246-0993 and Finally Be Financially Free!
You can also access my website at http://www.mtvernonbankruptcylawyer.com