- 1 Can I file bankruptcy without going to court?
- 2 How long is the bankruptcy process in Illinois?
- 3 Can I file bankruptcy in Illinois?
- 4 What debts are not erased in bankruptcy?
- 5 Can I keep my car if I file bankruptcy?
- 6 Can I keep my car if I file Chapter 7 in Illinois?
- 7 How long can you stay in your house after filing Chapter 7?
- 8 How can you file for bankruptcy without any money?
- 9 What’s the difference between Chapter 7 and Chapter 13 bankruptcy?
- 10 Do people come to your house when you file bankruptcy?
- 11 How much debt do you have to have to file Chapter 7?
- 12 What do you lose when you file bankruptcy?
Can I file bankruptcy without going to court?
In most cases, no you will not have to attend at bankruptcy court if you file personal bankruptcy. no creditor opposes your bankruptcy discharge; the trustee does not oppose your discharge for failure to comply with your requirements or because you did not make all your required bankruptcy payments.
How long is the bankruptcy process in Illinois?
The usual bankruptcy takes about two weeks to prepare (emergency cases can be prepared and filed in as little as a day). Chapter 13 bankruptcy to restructure your debts: Generally takes between 36 and 60 months to complete your case and receive your discharge.
Can I file bankruptcy in Illinois?
In most respects, filing for bankruptcy in Illinois isn’t any different than filing in another state. The bankruptcy process falls under federal law, not Illinois state law, and it works by unwinding the contracts between you and your creditors—that’s what gives you a fresh start.
What debts are not erased in bankruptcy?
These debts include: spousal support (alimony) and child support payments. student loans if you have been a part time or full time student within the last 7 years (please note, under certain conditions the court can reduce this to 5 years)
Can I keep my car if I file bankruptcy?
If you file for Chapter 7 bankruptcy and local bankruptcy laws allow you to exempt all of the equity you have in your car, you can keep the vehicle— as long as you’re current on your loan payments. They may also give you the option to pay off the equity at a discount in order to keep the car.
Can I keep my car if I file Chapter 7 in Illinois?
If you file Chapter 7 and you own a vehicle outright, you can keep the car if it is worth $6,400 or less by using your Illinois motor vehicle and personal property exemptions. You also can use “redemption” to keep your vehicle. Redemption requires you to pay the fair market value of the vehicle in full.
How long can you stay in your house after filing Chapter 7?
If you’ve gone through a Chapter 7 bankruptcy, you need to wait at least 4 years after a court discharges or dismisses your bankruptcy to qualify for a conventional loan. Government-backed mortgage loans are a bit more lenient. You need to wait 3 years after your bankruptcy’s dismissal or discharge to get a USDA loan.
How can you file for bankruptcy without any money?
If your household income is less than 150% of the federal poverty level, you can ask the bankruptcy judge to waive your court fees with a simple application submitted along with your bankruptcy petition. Plus, you’ll be eligible to ask for a fee waiver for the credit counseling and financial management courses.
What’s the difference between Chapter 7 and Chapter 13 bankruptcy?
With Chapter 7, those types of debts are wiped out with your filing’s court approval, which can take a few months. Under Chapter 13, you need to continue making payments on those balances throughout your court-instructed repayment plan; afterwards, the unsecured debts may be discharged.
Do people come to your house when you file bankruptcy?
One breath summary: People who are considering filing for bankruptcy protection are often concerned about whether the bankruptcy trustee will come to inspect their home and assets. The short answer is: probably not. However, the bankruptcy trustee does have the option for a first-hand inspection of your assets.
How much debt do you have to have to file Chapter 7?
There is no threshold amount that you need to reach to file a bankruptcy. Some chapters of bankruptcy have debt limits, but there is no such thing as a debt minimum. That being said, you certainly can and should evaluate if filing a bankruptcy makes sense in your current situation.
What do you lose when you file bankruptcy?
Filing Chapter 7 bankruptcy wipes out most types of debt, including credit card debt, medical bills, and personal loans. Your obligation to pay these types of unsecured debt is eliminated when the bankruptcy court grants you a bankruptcy discharge.