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How often can you file bankruptcy

1 Answers. Asked on Jul 26th, 2017 on Bankruptcy - Illinois
More details to this question:
I have been sick and I return to work not working as many hours as I did before to keep my bills up I am falling behind getting all kind of calls I have a car that I need to keep for transportation and I have a lot of medical bills and other bills out there and I was wondering what I can do about this in filing a chapter 7
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Answered on Jul 27th, 2017 at 12:47 PM

The car is the tricky part of the question.

As you inquired about a filing, the assuption is that no refiling timeline needs to be addressed. If you have been sick and unable to pay bills, the presumption of abusive filing should not be made, thereby allowing the filing.  However, this determination is based on your last 6 months of FAMILIY income (are you married?is a third person servicing some debt of yours?how many people are in your household?), which needs to be reviewed.  Assuming no abuse, a BK7 can be filed. 

The question then turns to exemptions and your car.  In Illinois, there are 2 main exemptions to apply to the equity of your car that does exempt most cars.  As to your situation, it depends.  If the car is not liened, the net equity is the fair market value, but, if there is a lien, that number is subtracted from fair market value to get the net equity.  There is the vehicle exemption of $2,400.00; and we can add any remaining exemption from the $4,000 "wild card" exemption.  This amount varies in the general rule of thumb recomm is about $1,500 is left.  However, this exemption can also apply to your tax refund, sports memerobilia. collectables, and furniture/electronics.  As a result, it may (or may not) result in your car being completely protected.

It appears you really need a BK7 from your question, regardless of the car issue.  It is, therefore, highly recommended that a qualified Bankruptcy attorney be consulted.  There are a number af assumptions that need to be addressed.  These issues can be discussed with your car matter; and fees can be discussed as well.  Your local bar association is a good starting place for such an inquiry.

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If you're struggling to pay off your delinquent debts and getting hounded by collection agencies, then it's time to address your financial problems. And filing for personal bankruptcy may be the ideal solution. Whether you're an individual or married couple considering Chapter 7 or Chapter 13 bankruptcy, or a business considering a Chapter 11 reorganization, or a farmer considering Chapter 12, you need the advice and guidance of an experienced bankruptcy attorney. Your lawyer can help determine which form of bankruptcy is right for you, prepare and file all of the paperwork, and advise you throughout the bankruptcy process.
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