There is no assurance that you will lose any of these items. In my more than 15 years as a bankruptcy attorney in Missouri and Illinois, the majority of my clients have not lost anything. Why? Because the primary responsibility of a bankruptcy attorney is to safeguard your valuable assets.
Each state has its own exemption laws that help you protect your assets during a bankruptcy filing. They accomplish this by protecting a certain amount of equity in assets such as your home, vehicle, household goods, furniture, IRAs, retirement plans, the cash value of life insurance, wages, and workers' compensation claims. Obviously, each state has slightly different exemptions, but both Missouri and Illinois have substantial exemptions that have protected the majority of my more than 30,000 clients. In Missouri, petitioners may also use a ""wildcard"" exemption to protect any other property.
Remember that maintaining property requires continued payments. If you continue to make payments and your state's exemptions exceed the amount still owed, there shouldn't be much risk that you will lose your property. How much simpler would it be to make your mortgage or car payment without wage garnishment, inflated credit card payments, or the constant fear of repossession or foreclosure? This must be the reason why Chapter 7 bankruptcy filings are at their greatest levels since 2005, when the laws were altered.
In addition, if Chapter 7 exemptions are insufficient for you, you still have options. A bankruptcy attorney in Missouri or Illinois can help you file for Chapter 13 bankruptcy, which allows you to retain more of your property and reorganizes your debt.
Remember that the best bankruptcy attorney in St. Louis, Missouri or Fairview Heights, Illinois will know how to help you retain your most valuable assets. It could be the difference between keeping your house and losing it in a Chapter 7 bankruptcy if you have an excellent Missouri and Illinois bankruptcy attorney on your side. How can you determine whether the attorney you've chosen is the finest in your region? Prior to filing, the finest attorneys in your state or city will provide you with a wealth of free information and even free publications.
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