Legal Question in Bankruptcy in Illinois

New Bankruptcy Laws

My husband and I have been trying to negotiate our unsecured debt through a debt settlement program. In the meantime, he has been talking to a lawyer in CA about bankruptcy and this lawyer told him that with the new laws even if we filed bankruptcy, we would end up paying back 80% of our unsecured debt. Is this true?


Asked on 7/25/06, 3:43 pm

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

Re: New Bankruptcy Laws

It would appear that you have a lot of equity in your home. So, what the other attorney told you is probably true. So, if you filed a 13, you would have to pay back as least as much as the unsecured creditors would get if you filed a 7. Make sense?? Good Luck!

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Answered on 7/25/06, 5:03 pm


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