Legal Question in Bankruptcy in Illinois
Chapter 7 bankruptcy filing, but no assets to liquidate
I am seriously in debt for credit card over-usage. Is there an option like chapter 7 that can be filed, even if you don't have any assets to liquidate to repay the debt???Or do you use chapter 7?
Asked on 12/26/01, 9:13 pm
1 Answer from Attorneys
Bruce Buckrop
Bruce Buckrop
Re: Chapter 7 bankruptcy filing, but no assets to liquidate
Most ch7 consumer bankruptcys are no asset cases, the clients get a discharge as to most or all of their debts, keep their exempt property, and may re-affirm on some of their secured debt, like car loans, many attorney offer free initial consultation to do an overview of your case, like myself. ch13 is payment plan based on what you can afford, for either 36 or 60 months, what is not paid is discharged, with certain exceptions.
Answered on 12/27/01, 10:31 am
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