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Chapter 13, Lost our business in Jan. No income on Illinois

Resolved Question:

Chapter 13, Lost our business in Jan. No income on Illinois food stamps, not eligible for unemployment self employed truck driver.
I am desperate. My papers state a payoff of 109,000, agreed on with 1826.00 monthly payment. Started Sept. 2005. We are in a state of pre dismissal due to inability to pay. Our home is in default. I have financial interest in an inherited property purchased with wrongful death funds. I was named as a recipient in this case.with mother and sister.
There is a statement that gives an alternative payoff of 47% "at the least" being 85,000. State law says wrongful death funds needed to survive are exempt. Also since we are a hardship case, are we not allowed a restructure or at least review by the trustee's?
The trustee's sent me back to my attorney who insists there is no alternative. I am confused
Please advise me where to go or contact who.Thank you
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 5 years ago.
Hello,

Consider converting to a Chapter 7 bankruptcy. A Chapter 7 may give you a fresh financial start as it would typically discharge all personal liability on most debt. If you are over exemption of an asset, you may have to either lose the asset to the court or purchase the court's interest in the property.


I hope that the information which I provided was helpful to you. However, if I have not fully answered your question, please post me back on this thread with a clarification.

Customer: replied 5 years ago.
How can I save the home my mother and sister own. I have a 1/3rd interest in the property. Do you think we should default and reevaluate our assets and redo a chapter 13. My mother and sister have no income, only soc sec benefits. Have we lost their home and how can we renegotiate the amount or have someone look at this mess. My father was butchered for the minimal amount of money they gave us and now to lose it is more than I can bear. Is this what they do to people who get sick loose there home, business/It just seems that a review of this case is in order. If I am flogging a dead horse please tell me. This is a real heartbreak.How do I know if the wrongful death home is exempt.
Expert:  FiveStarLaw replied 5 years ago.
Hello,

Illinois Statute 735-5/12-1001 states the following exemption:
(h) The debtor's right to receive, or property that
is traceable to:
(2) a payment on account of the wrongful death
of an individual of whom the debtor was a dependent, to the extent reasonably necessary for the support of the debtor;


You can read the statute here.

You will want to ask your bankruptcy attorney, or a new bankruptcy attorney, why he is not claiming the property exempt pursuant to this statute.

Best wishes.
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36513
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and 4 other Bankruptcy Law Specialists are ready to help you

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