What is it like being a University Park bankruptcy attorney?Being a bankruptcy attorney is a wonderful opportunity to help people who are struggling financially find solutions to their problems. The most common solution that I provide is debt relief under Chapter 7 of the United States Bankruptcy Code. Chapter 7 is the most common form of personal bankruptcy and it allows a person who has mostly unsecured debt to get a complete fresh start. A Chapter 7 bankruptcy case can be filed once every eight years and it can be filed either individually or jointly as husband and wife.
Filing Chapter 7 bankruptcy will allow an individual to keep a certain amount of personal property while still being allowed to get out of debt. In the state of Illinois, an individual can protect up to $15,000 worth of equity in one piece of real estate. If the case is being filed as a joint case, husband and wife, then the two people can combine their $15,000 exemption and protect up to $30,000 worth of equity in a piece of real estate.
As far as vehicles go, most people who file bankruptcy continue to pay on their vehicle just as they did prior to the case being filed. If the vehicle is paid off, then we have a question as to value, equity and exemption amount. In the state of Illinois, an individual is able to protect up to $2400 worth of equity in one motor vehicle. In the case of a joint case, husband and wife, the exemption can be doubled to $4800 protected in one motor vehicle.
In the state of Illinois, each party is also granted a $4000 miscellaneous exemption that they can sprinkle over any type of personal property to protect it. So in a case of a husband and wife, you have $8000 worth of miscellaneous wild-card exemption dollars that you can use to protect any kind of personal property such as vehicles, bank accounts, personal items and things of that nature.
Another great thing about being a bankruptcy lawyer is that you see lives changed sometimes overnight. When people come to see me, they are struggling financially. People are hurting. They may be being garnished. They might be being sued. They may be being harassed by creditors on the telephone and through the mail, at home and at work, all hours of the day and night.