Bankruptcy Lawyer Decatur, IL
When you are struggling with debt and own your own home, you may be wondering if a bankruptcy lawyer Decatur, IL relies on can help you during this difficult time. When you own certain assets, you begin wondering if you can qualify for bankruptcy or if you have to lose your assets to file for bankruptcy. This is not necessarily true, though. Depending on the kinds of debt you owe and what type of bankruptcy you qualify for, you may be able to keep many or all of your assets as long as you and your attorney come up with a plan to pay off your debts. If you would like to learn more about what the bankruptcy process is like when you own your home, call our office now.
What is a bankruptcy exemption?
You may be wondering if you will lose your assets when you file for bankruptcy. However, if you have certain items that your family needs during the bankruptcy process, a court will not take these. When a court deems an item necessary to keep, this item is an exemption. You can have multiple exemptions during the bankruptcy process.
Is my home exempt during the bankruptcy process?
If you have a primary place of residence, then the state will likely allow you to protect a certain amount of value in your home. If you are interested in using your home to help pay off debt, this is something you should discuss with your Decatur, Illinois bankruptcy lawyer. They will have good advice regarding how helpful selling your home could be in terms of paying off your debts. It will also be important to discuss which type of bankruptcy you should file for when it comes to whether you want to create a repayment plan or liquidate your assets to pay off debts.
Keeping Your Home with Chapter 13 Bankruptcy
If you are interested in making a repayment plan, Chapter 13 bankruptcy may be the best decision for you in terms of protecting your home. This will give you 3-5 years to pay off debts within the outlined plan.
Speak with an Attorney Now About Bankruptcy!
If you want to learn more about how to protect your home during the bankruptcy process, do not hesitate to give our office a call. To speak with a bankruptcy lawyer in Decatur, Illinois, call Pioletti Pioletti & Nichols now.