Since Chapter 13 bankruptcy in Missouri and Illinois includes a repayment plan, it doesn't come with the same fears that are commonly held with a Chapter 7 bankruptcy in Missouri and Illinois. Many people think, "Will I lose my home? Will I lose my car? "Or will I lose my furniture?"
You will not necessarily lose any of those things. In fact, in my more than 15 years as a Missouri and Illinois bankruptcy lawyer, most of my clients haven't lost anything. Why? Because the number one job of a bankruptcy attorney is to protect the property that is important to you.
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Every state has specific laws regarding exemptions that help you protect your property in a bankruptcy filing. They do so by protecting a certain amount of equity in things like your house, your car or truck, household goods, furnishings, IRAs, retirement plans, the cash value in life insurance, wages and workers compensation claims. Of course, each state has slightly different exemptions but both Missouri and Illinois have sizeable exemptions that have prevented most of my more than 30,000 clients from losing anything. In Missouri, bankruptcy filers can even use a "wildcard" exemption to protect any other property.
Remember, keeping property requires that you continue to make payments. There shouldn't be much of a chance of losing your property if you continue to make your payments and the exemptions provided in your state cover above the amount that is still owed. And how much easier would it be to make your house or car payment without a garnishment on your wages, inflated credit card payments, and the constant worry of repossession or foreclosure? That feeling of relief must be why Chapter 7 bankruptcy filings are hitting their highest levels since the laws changed in 2005.
Plus, if Chapter 7 exemptions won't be enough for you, you've still got options. A Missouri or Illinois bankruptcy lawyer can help you file a Chapter 13 bankruptcy, which allows you to keep more of your property and reorganizes your debt at the same time.
Don't forget, the best St. Louis, Missouri or Fairview Heights, Illinois bankruptcy attorney will know how to help you keep the property that is most important to you. Don't undervalue the work a great Missouri and Illinois bankruptcy attorney can do for you; it could be the difference between keeping your house and losing it in a Chapter 7 bankruptcy. How can you tell if the attorney you've selected is the best in your area? The best attorneys in your state or city will offer you tons of free information and even free publications before you even speak with them about filing.
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