Can I keep my property?
Depending on what kind of bankruptcy a person files for, they may be more or less able to save their property from collection or liquidation. In Chapter 7 proceedings, a person can file for a variety of different exemptions to protect certain pieces of property from liquidation. In Chapter 13 proceedings, a debtor will not lose property to liquidation, but in some instances, they may have property foreclosed on or collected if they cannot make their regular payments.
Fortunately, by working with an experienced bankruptcy attorney, you will greatly increase the likelihood that you will be able to keep most, if not all, of your personal property. To discuss your options in bankruptcy with a knowledgeable advisor, contact a Joliet bankruptcy attorney at the Law Offices of Stuart B. Handelman today by calling 815-722-2201.