ChicagoBankruptcyLawyersAttorneys

“If I file for bankruptcy, will I get to keep my house and car?” This is an excellent question. One of the main jobs a bankruptcy attorney does is to analyze whether or not the property an individual has can be protected while still filing for bankruptcy.

In Illinois, an individual can protect up to $15,000 worth of equity in real estate property. In joint cases, where spouses are filing together, you can combine $15,000 per each spouse and protect up to $30,000 worth of real estate property.

“If a couple is married, can only one individual file for bankruptcy?” The answer, simply, is yes. Married couples do not have to file for bankruptcy together – One person may file individually, or both individuals may file together.
When filing individually, bankruptcy will not affect the non-filing spouses’ credit, provided there aren’t any joint debts. Joint debts are debts shared between both individuals. So, if a debt is shared by both individuals, the creditor can look at either person, or both, to pay the debt.

A bankruptcy case from filing until discharge, otherwise, from start to finish is approximately, 90 to 120 days. It is a relatively simple process from the consumer’s standpoint. The consumer provides information to his attorney who prepares the documents, acquires the required signatures, and advises the client on what steps need to be taken. For the most part, the client only has to appear before a trustee on one occasion.