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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Thought someone could help me with Illinois Bankruptcy Laws.

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Thought someone could help me with Illinois Bankruptcy Laws. My Daughter is 28 years old and Married. Her Husband decided to move out and seperate. The last thing my Daughter wants is a Divorce. She has 3 children. Oldest is 7 years old from a different relationship. She has a 2 year old and a 8 month old with her Husband. She can't make it on her own. She doesn't make enough money without his income. She wants to file Bankruptcy. She makes approximately $25,000 per year. 3 months ago they both purchased a 2013 Van. $32,000 Van. If she files will she lose that Van? She has to have a car to get back and forth to work and to carry her 3 children around. Her Husband has his own junker of a car.

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.

cfortunato :

1) Has your daughter lived in Illinois continuously for the past 2 years?

cfortunato :

2) Is there a loan for the van? If so, what is the balance owed for the loan?

Customer:

Yes she has lived in Illinois all her life. Born in Illinois.

cfortunato :

Thank you for your response.

cfortunato :

Is there any money owed for the van, or was it purchased outright?

Customer:

Yes they bought the Van brand new for $32,000 and they still owe around the same. They got a loan for the full amount

cfortunato :

Thank you again.

Customer:

You're welcome

cfortunato :

Since the van has little or no equity - because they owe close to what it is worth - your daughter would be able to keep the van if she files a Bankruptcy.

Customer:

Ya right now the payments are $592.00 a month for 7 years

cfortunato :

As long as she continues to make the payments, she will be able to keep the van.

cfortunato :

Filing a Bankruptcy may make it easier for her to pay for the van - because she will no longer have to pay certain other debts - such as credit cards bills.

Customer:

Oh I see. That's the problem. She can't afford to make the payments on her own. He also has rent, utilities, food, insurance ect...

cfortunato :

Unfortunately, if she cannot afford to pay for the van, then she will not be able to keep it - whether or not she files a Bankruptcy.

Customer:

That's a bummer. She need a car.

cfortunato :

She will have to get a less expensive car if she cannot afford the payments for the van.

Customer:

I will pass this one to her. I appreciate your time. I just thought she would be able to keep the van and not have to make payments on it with a bankruptcy.

Customer:

Thanks again.

cfortunato : You're welcome!
cfortunato : But before you leave, please don't forget to provide a positive rating for my help.
cfortunato : Thnak you!
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