One of the most common myths about bankruptcy involves the fear of losing your home or vehicle. It’s a natural fear considering how essential our homes and vehicles are in our lives, and whether they will be included in bankruptcy is a common question during an initial consultation.All of your income, assets, debts, and liabilities must be listed when filing for Chapter 7 bankruptcy. Fortunately, the law allows for certain exemptions in Chapter 7 which may include your home and vehicle. You may protect these during bankruptcy if:- Your budget allows you to keep up with mortgage/car loan payments;- Your insurance, taxes, and loan payments are up-to-date;- The full equity can be protected by your exemptions.If you are considering filing for Chapter 7 bankruptcy, it’s important that you evaluate your unique financial circumstances with an experienced bankruptcy attorney to understand your options and make the decision that’s best for you and your future. Remember that if you are struggling financially, you’re not alone; contact a dedicated and experienced attorney today for a free consultation.
Your Home and Car in Chapter 7
Written and Reviewed by Michael Agruss
- Managing Partner and Personal Injury Lawyer at Mike Agruss Law.
- Over 20 years of experience in Personal Injury.
- Over 8000+ consumer rights cases settled.
- Graduated from the University of Illinois Chicago School of Law: Juris Doctor, 2004.
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