Legal Question in Bankruptcy in Illinois

What property can we keep, is chapter 7 for us

We make about 60K a year. We have a first and second mortgage and have little or no equity in our home. We have a car that is paid for, and another car we owe 3500, we owe more than it is worth. We also have a camper that we owe more than it is probably worth. Would we be able to keep our home, cars and camper? We have no other assets except furniture and personal belongings. Besides everything we mentioned we owe 35000 in personal loans, medical bills and credit cards, is Chapter 7 for us?


Asked on 7/09/02, 8:22 pm

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

Re: What property can we keep, is chapter 7 for us

It is most probably the case that you would not lose anything but your debts. Of course, my opinion may change based on all of the facts, but it does seem that Ch. 7 is the solution to your debt problems.

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Answered on 7/10/02, 11:07 am


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