Will I Have to Turn Over My Cell Phone in a Chapter 7 Bankruptcy?
If you are considering filing for Chapter 7 bankruptcy , you may already know that Chapter 7 is a type of liquidation bankruptcy. What this means is that the bankruptcy trustee will liquidate (i.e., sell) all of your non-exempt assets in order to repay creditors so that you can be eligible for a debt discharge. When people hear about the liquidation process in a Chapter 7 bankruptcy, they can get worried about whether they will lose assets that they need for their daily lives, from a motor vehicle to get to work to a cell phone to communicate with others both personally and professionally. As such, you might be wondering if your cell phone will need to be liquidated as part of your Chapter 7 bankruptcy case . Generally speaking, most people who are going through a Chapter 7 bankruptcy will be able to use one of the Illinois bankruptcy exemptions in order to keep their smartphone. However, it is important to learn more about how this will work. Your Smartphone Might be a High-Value As...