Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

Do You Lose Your House in a Chapter 7 Bankruptcy?

One of the common myths surrounding bankruptcy in Missouri and Illinois is that you will lose everything you own. Because of this, people are often afraid to explore their options, leaving them without credit card debt help, relief from harassing creditors, and a way to stop their wage garnishment. This belief is simply untrue. In fact, most of our more than 30,000 clients in the St. Louis metro area don’t lose anything in a Missouri and Illinois bankruptcy.

How can you avoid losing property like your home? A very specific set of circumstances must exist for your home to even be at risk. If you have too much equity in your home, for example, the exemptions provided in a Chapter 7 bankruptcy may not cover all of it. But, a Chapter 13 bankruptcy could be a better option for you and one that a great St. Louis Missouri or Belleville Illinois bankruptcy attorney will know to offer you.

There are always exceptions to every rule—and Missouri and Illinois bankruptcy is no different; but the right St. Louis Missouri or Belleville Illinois bankruptcy attorney can help you decide the right moves to keep the things that are most precious to you. Besides, should the fact that this situation might arise prevent you from getting more information about a federal law that could get you a fresh start with your debt? Request a free copy of my Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” to learn more.