You may have thought about filing for bankruptcy because you have been overwhelmed with debt due to a loss of income, unemployment, unexpected expenses, financial mismanagement, or any other change in circumstances.
However, most people are not aware of the stipulations attached to bankruptcy. That is where we come in. Our attorneys at Covert Marrero Covert LLP hold considerable experience in Chapter 7 Bankruptcy and Chapter 13 Bankruptcy cases and can help you. If you’re looking to file for a Chapter 7 Bankruptcy, then here’s what you need to know:
What is Chapter 7 Bankruptcy?
The word bankruptcy often has a negative connotation. In reality, filing for bankruptcy gives you a much-needed fresh start.
Filing for a Chapter 7 Bankruptcy immediately stops all debt collection. This type of bankruptcy can wipe away your unsecured debts like credit cards, hospital bills, vehicle repossessions, and more! One of the most common misconceptions that people have is that by filing chapter 7 you can lose your house or vehicle. However, that is not the case. If you qualify for a chapter 7 bankruptcy you can keep your vehicle and home as long as you continue to keep making timely payments.
When Should You Choose to File a Chapter 7 Bankruptcy?
While you should consider hiring a Chapter 7 Bankruptcy lawyer to understand the filing process in more detail, here are some signs that can let you know whether you should consider opting for a Chapter 7 Bankruptcy:
- A wage garnishment has commenced against you
- A lawsuit has been filed against you
- Your bank account has been frozen
- Your debt seems impossible to pay back
Hiring a Chapter 7 Bankruptcy Lawyer
Filing for a Chapter 7 Bankruptcy can be a complicated process. Instead of going through it alone, we suggest you hire a Chapter 7 Bankruptcy Lawyer to manage things for you. Filing for bankruptcy can be an emotional ordeal in itself. You should consider shifting some of that responsibility to a professional.
You must also choose a lawyer whom you feel comfortable with and one that has experience representing individuals in bankruptcy proceedings.
What can you protect in a Chapter 7 Bankruptcy?
Here are some of the items you will be able to protect:
- You can protect at least up to $2,400 worth of value if your vehicle has equity.
- You can protect up to $15,000 of home equity
- You can protect up to $4,000 in personal property like your bank account, tv’s, laptops, jewelry, etc.
If you are filing jointly as a married couple you each spouse receives their own exemptions. What does that mean? This means you can receive up to $4,800 protection on vehicles, $8,000 protection on personal property, and $30,000 on home equity.
Work With Covert Marrero Bankruptcy Lawyers
If you are looking to file for a Chapter 7 Bankruptcy, then we suggest you consult our law firm and gain access to our personalized services. Our bankruptcy lawyers have worked with a large number of cases involving Chapter 7 Bankruptcy and can assist you in all your legal problems.
Let us help you and we will make sure you get discharged from your debt without losing your home to foreclosure. We have offices in Naperville, Schaumburg, and Warrenville, Illinois. We can also arrange an appointment at a place of your choice to ensure your convenience. Call us today at 630-717-2783 to take the first step to a fresh start.