Archives for August 2022

Not surprisingly, keeping a car in a chapter 7 bankruptcy is a priority for many filers who depend on their car to get back and forth to work, take their children to school, or perform errands such as going to the grocery store - the day to day activities where a having a car is essential.. Fortunately, most states have a motor vehicle exemption under bankruptcy allowing filers to hold on to their car. In Illinois, cars and trucks worth up to $2,400 (or with that much equity) are exempt for … [Read more...]

Although spouses often file for bankruptcy jointly, there are situations where one spouse carries a much greater debt load and can no longer afford to make debt payments. Bankruptcy protection allows the spouse filing bankruptcy to liquidate or restructure individual debts if a couple does not wish to file jointly. Although one spouse may not be filing, the bankruptcy requires a computation of household income so the non-filing spouse will have to provide financial information as part of the … [Read more...]