Filing Chapter 7 and 13 and the same time

momof3boys081418 · ‎05-29-2026

Hello,

My husband and I filed chapter 7 back in 2019, we did pretty good until last year when everything went downhill. We purchased our home in 2022,

I want to file chapter 7 and start fresh, and my husband will file chapter 13 to keep the house is this something we can do? We already have an attorney in case cc start suing us. I am trying to hold off until next year 5/2027 when I can file again. My husband can file now.

Looking for advise we hav no assests besides 1 car fully paid and our house.

Family of 5

3 kids one of them in college

Income - 140k

assets - 1 car paid off 2018 car

State - IL

*Goal is to purchase my first home in 2021*

RealEstateGuy89 · ‎06-09-2026

@momof3boys081418 wrote:
Hello,
My husband and I filed chapter 7 back in 2019, we did pretty good until last year when everything went downhill. We purchased our home in 2022,

I want to file chapter 7 and start fresh, and my husband will file chapter 13 to keep the house is this something we can do? We already have an attorney in case cc start suing us. I am trying to hold off until next year 5/2027 when I can file again. My husband can file now.

Looking for advise we hav no assests besides 1 car fully paid and our house.

Family of 5
3 kids one of them in college
Income - 140k
assets - 1 car paid off 2018 car
State - IL

Well, I would go take a look to see what exemptions the state allows for BK in Illinois. I think in Iowa they have pretty high limits for houses and I think cars are like $7500. What kind of vehicle do you have? I'd check the book value on it compared to its condition. I would also run it past your attorney a few times to make doubly sure that you are safe on anything that means a lot to you. Best of luck!

FicoMike0 · ‎06-09-2026

Ditto @RealEstateGuy89

I have a friend who did bk7, kept his house, I think he paid $1000 or so to keep his car. All depends on accessed value Vs, exemptions. He hired a properly accessory recommended by his lawyer. The guy knew the goal was a low value. After the bk, took the accessment to the county, got taxes reduced, lol.