Will I Lose My Car and House?

Experienced Bankruptcy Attorneys Serving Illinois

You naturally fear the worst when considering bankruptcy. For example, you might worry to excess about losing your car and your home. Where will you live? How will you get to work or school? How will you be able to provide for your family?

It is important to know that in difficult financial times, you do have options. More importantly, filing for bankruptcy does not necessarily mean that you will have to forfeit both your home and your automobile.

Contact our offices in Collinsville and Carbondale to schedule an appointment for a free initial consultation.

At Bankruptcy Advocates, in Carbondale, Illinois, and Lathram & Herbert, LLP, in Collinsville, Illinois, we have guided hundreds of clients through the bankruptcy process. Our attorneys have practiced together for more than 30 years and have a comprehensive understanding of bankruptcy law. No matter the situation, we are committed to helping our clients protect their assets and obtain a fresh financial start.

If you owe money on your house or car, you need to continue making your loan payments in order to keep your property. Our bankruptcy lawyers will carefully review your situation to help determine whether this is a viable option. They will also carefully explore whether Chapter 13 bankruptcy can help prevent foreclosure. Put our experience to work for you.

Will I Keep My Car and House in Bankruptcy?

In most bankruptcy cases, individuals will not lose any of their possessions, including a house or a car, when they file for Chapter 7 bankruptcy. Chapter 13 bankruptcy is specifically designed to help individuals save their assets, including homes and other property that are facing foreclosure or repossession.

Bankruptcy trustees cannot take property in Chapter 7 or Chapter 13 as long as the amount of equity in the property you own is protected by applicable exemptions and/or by the amount you owe to the creditor with the lien against the property.

Most people who lose their house in bankruptcy do so voluntarily because they can no longer afford the monthly mortgage payment. Bankruptcy allows individuals to walk away from the debt even if their real estate is sold for less than the balance owed on the mortgage.

When Experience Matters, Contact Us

Meet with one of our experienced attorneys to learn more about debt relief.

Email the Carbondale office or call 618 549 9800

Email the Collinsville office or call 618 623 4311

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

Two Firms - One Mission