- 1 How long is the bankruptcy process in Illinois?
- 2 Can I keep my car if I file Chapter 7 in Illinois?
- 3 What is the income cut off for Chapter 7?
- 4 Will I lose my house if I file bankruptcy in Illinois?
- 5 How long can you stay in your house after filing Chapter 7?
- 6 What happens after my bankruptcy is filed?
- 7 Can I keep my cell phone in Chapter 7?
- 8 Can I keep my paid off car in Chapter 7?
- 9 What happens to my bank account when I file Chapter 7?
- 10 What is the income limit for filing Chapter 13?
- 11 Can I open a bank account after filing Chapter 7?
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 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.
What is the income cut off for Chapter 7?
If your annual income, as calculated on line 12b, is less than $84,952, you may qualify to file Chapter 7 bankruptcy. If it’s greater than $84,952, you’ll have to continue to Form 122A-2, which we’ll review in the next section.
Will I lose my house if I file bankruptcy in Illinois?
What Will Happen to My Home and Car If I File Bankruptcy in Illinois? In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. Or you can pay the creditor the amount that the property you want to keep is worth.
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.
What happens after my bankruptcy is filed?
After the court grants a discharge, most unsecured debts are erased. Credit scores improve because there are no more missed payments and discharged accounts show a zero balance. After Chapter 7 and Chapter 13 bankruptcy is filed, you will get credit card offers in the mail.
Can I keep my cell phone in Chapter 7?
As long as you are up to date with paying your bill or even if you can bring it current, you will be able to continue the cell phone contract without issue. Once you have decided whether you want to keep your cell phone contract or use bankruptcy in order to terminate it, your bankruptcy lawyer can help you do so.
Can I keep my paid off car in Chapter 7?
In Chapter 7 bankruptcy, most or all of your debts are discharged. In exchange, the bankruptcy trustee is allowed to sell your nonexempt property and use the proceeds to pay your unsecured creditors. If the equity in your car is exempt, you can keep your car.
What happens to my bank account when I file Chapter 7?
In most Chapter 7 bankruptcy cases, nothing happens to the filer’s bank account. As long as the money in your account is protected by an exemption, your bankruptcy filing won’t affect it.
What is the income limit for filing Chapter 13?
Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual’s unsecured debts are less than $394,725 and secured debts are less than $1,184,200.
Can I open a bank account after filing Chapter 7?
Yes, you can open a bank account while you are in a bankruptcy. There is nothing in the Bankruptcy Code or Court Rules that would prohibit a person filing a bankruptcy from opening an account. If you cannot get a checking account, you should be able to open a savings account.