Legal Question in Bankruptcy in Illinois

Bankruptcy Concerns

I am a single mother of 3, I make approx. $24,000 yearly(that includes child support)I have outstanding credit card debts of over $25,000, I have a morgage debt of 92,000,(no equity), the houses esimated value is 110,000,($900.00 morgage payment monthly, which includes insurance & property taxes). I also have vehicle that is approx. 2 years old (vehicle payment is $400.00), I am current on morgage payments & vehicle payment.As you can tell I have over extended myself. The payments on the credit cards included with payment of house & car are more that I make in a month. What I want to know is, if I file bankruptcy, will I loose my house & car? What type of bankruptcy should I file for. I appreciate any input on this situation. Thank You!


Asked on 4/09/03, 11:02 am

1 Answer from Attorneys
Charles Dobra Charles Wm. Dobra, Ltd.

Re: Bankruptcy Concerns

It is not likely that you will lose the house or the car. They are what is termed "secured" assets. The decision to file under Ch. 7 or Ch. 13 is not one that can be made on the facts which you presented alone. I would suggest that you make an office appointment with a Bankruptcy attorney like myself so that a considered decision can be made as to which chapter will be most beneficial to you. Most bankruptcy lawyers, like me, would not charge for an initial consultation. GOOD LUCK!

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Answered on 4/09/03, 11:34 am


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