Will I be able to keep my car after filing for Chapter 7 Bankruptcy?

In Illinois, it is possible to keep your car after filing for Chapter 7 bankruptcy. The key to this is for you to be able to protect the value of your car with an exemption. This exemption is provided by the state and is often based upon the value of the car. If the value of the car is equal to or less than the exemption amount, you can keep your car. In addition, it may also be possible to reaffirm the car loan. This means that you and your creditor agree that you will continue to make payments on the loan and keep the car even after you file for Chapter 7 bankruptcy. If you do decide to reaffirm the loan, it is important to make sure that the payments are manageable and that you can make them on time. Finally, it may be possible to pay off the car loan. If you have extra money to do so, you can pay off the loan and keep the car. Once the loan is paid off, you do not have to worry about reaffirming the loan and can keep the car. Overall, you do have options to keep your car after filing for Chapter 7 bankruptcy in Illinois. However, it is important to make sure that you understand the applicable laws, and the options open to you, before you make any decisions about the car.

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Will I be able to keep my car after filing for Chapter 7 Bankruptcy?

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