My wife and I are possibly looking to file a Chapter 7 in Illinois, and have some specific questions, so I'll split them up. I have researched for months now, so if I missed some easy answers I apologize:
-We have 2 vehicles. One is pretty heavily beaten up (3 minor accidents, no repairs, check engine light on, interior damage, etc.), but is showing a "fair" value on kbb.com of $2557. The other has a kbb.com "good" value of $13,069. Both of our names are on both vehicles. From what I understand in IL, we have $2400 in car exemptions, and $4000 in Wild Card exemptions, multiplied by 2 (total of $12,800).
1. My first question I could not find an answer to anywhere. If we do not exempt the full amount on either vehicle, will they take it? For example, if we place $11,000 in exemptions on the second vehicle, and its auction/trade-in value is around $11,100, will they actually take the vehicle and, most likely after fees, lose money? They still have to give me $11,000 even if the vehicle sells for (hypothetically) $9,000, correct?
2. If they will only take a vehicle with a significant value over exemption, can anybody estimate about how much value I would need to exempt in order to keep either vehicle? I know it is difficult to know as everywhere is different, but if anyone has experience or insight, that would help.
3. We also have a large family (7 people). Will that factor into any of this?
-I have read around the forums, and have noticed that many people do not believe anything should be reaffirmed in a CH7.
4. We are keeping our home no matter what. We have basically no equity, are not underwater, and are not past due (just completed remodification). I would also like to start rebuilding my credit ASAP (insurance rates, emergencies), and reaffirming this seems like a viable option. Thoughts?
-My understanding about personal possessions is that we will need to itemize everything we have in our home.
5. What types of home items would we need to exempt? For example, the only thing that seems worth anything is our TV, about $500. I have old computers and computer parts not worth anything. How invasive is this process?
6. We are still debating on whether to file on our own or with a lawyer. Considering the above, which do you recommend?
Any help with any of these would be great. Thanks!
-We have 2 vehicles. One is pretty heavily beaten up (3 minor accidents, no repairs, check engine light on, interior damage, etc.), but is showing a "fair" value on kbb.com of $2557. The other has a kbb.com "good" value of $13,069. Both of our names are on both vehicles. From what I understand in IL, we have $2400 in car exemptions, and $4000 in Wild Card exemptions, multiplied by 2 (total of $12,800).
1. My first question I could not find an answer to anywhere. If we do not exempt the full amount on either vehicle, will they take it? For example, if we place $11,000 in exemptions on the second vehicle, and its auction/trade-in value is around $11,100, will they actually take the vehicle and, most likely after fees, lose money? They still have to give me $11,000 even if the vehicle sells for (hypothetically) $9,000, correct?
2. If they will only take a vehicle with a significant value over exemption, can anybody estimate about how much value I would need to exempt in order to keep either vehicle? I know it is difficult to know as everywhere is different, but if anyone has experience or insight, that would help.
3. We also have a large family (7 people). Will that factor into any of this?
-I have read around the forums, and have noticed that many people do not believe anything should be reaffirmed in a CH7.
4. We are keeping our home no matter what. We have basically no equity, are not underwater, and are not past due (just completed remodification). I would also like to start rebuilding my credit ASAP (insurance rates, emergencies), and reaffirming this seems like a viable option. Thoughts?
-My understanding about personal possessions is that we will need to itemize everything we have in our home.
5. What types of home items would we need to exempt? For example, the only thing that seems worth anything is our TV, about $500. I have old computers and computer parts not worth anything. How invasive is this process?
6. We are still debating on whether to file on our own or with a lawyer. Considering the above, which do you recommend?
Any help with any of these would be great. Thanks!
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