Archives for 2013

How does a Chapter 13 Bankruptcy effect a cosigner?

If you are a cosigner on the debt, then you and the other debtor are technically joint and severally liable for that debt.  One common form of debt that’s jointly owned is that for a vehicle.  If somebody else filed a Chapter 13 bankruptcy on it vehicle that you cosign, you may be protected under that persons Chapter 13 bankruptcy provided they pay the debt in full 100%.  If, on the other hand, they decide to pay less than 100%, then the creditor has the ability to bring a Motion to Modify the Stay and come after you, the non-filing co-debtor for the difference. What we usually see in these types of cases is the debtor filing a 100% Chapter 13 to protect that co-debtor.  But please keep + Read More

The Case Tilts Toward A Chapter 7 Bankruptcy Filing

This is the case of William Forte, who comes to see me from Great Lakes, Illinois which is Lake County, Illinois regarding a Chapter 7 bankruptcy petition.  He did file a bankruptcy back in 1999 under Chapter 7.  It’s been over eight years so he is eligible to file again.  He does not own a home.  He is renting and he is on a yearly lease which expires in December.  He has a vehicle debt, a 2010 Honda Accord financed through Honda Financing.  He owes approximately $18,000 on the vehicle and he pays $480 per month for the vehicle. In terms of personal property, he has a checking and savings account with Armed Forces Bank approximate balance $600.  He has minor household goods worth + Read More

Chapter 7 Bankruptcy Would Provide The Fresh Start Needed

This is the case of Melika Murray who comes to me from North Chicago which is Lake County, Illinois for a bankruptcy consultation.  Ms. Murray has never filed for bankruptcy before, even though she states that she has been struggling for debt for over 20 years.  She owns no real estate.  She is renting and she is paying approximately $525 per month on a month to month lease.  She does not have a vehicle in her name and she uses public transportation.  She has very little in the way of personal property.  Basically her clothing and some minor household goods with approximately $1000.  She does not have a 401(k), she has no life insurance.  She cannot sue anybody.  She does not receive any + Read More

Bankruptcy Filing Will Depend Upon The Means Test

This is the case of Jeffrey and Debra Miller who live in Gilberts, Illinois which is in Kane County Illinois.  They were here for a consultation on either Chapter 7 or Chapter 13 bankruptcy.  As we run through the facts here, they have not filed a bankruptcy before.  They do own a home with a first and a second mortgage on it.  The houses valued at approximately $165,000.  They owe $135,000 to the first mortgage and $63,000 to the second mortgage so there is effectively no equity in the property.  They are not renting from anybody and nobody is renting from them.  They have three vehicles, a 2003 Toyota Siena which is paid in full valued at approximately $2000.  They have a 2006 Hyundai + Read More

Chapter 13 Bankruptcy Helps Pay Off Parking Tickets

This is the case of Willie Banister from Chicago, Illinois who was appearing for a Chapter 13 bankruptcy consultation.  Mr. Banister has never filed a bankruptcy before.  He is not a homeowner.  He is renting on a month to month lease from a landlord in Chicago.  He does not own a motor vehicle.  In terms of personal property, he has household goods worth approximately $300 and clothing worth approximately $300.  He does not have a 401(k), IRA or other pension or profit sharing plan.  He does expect a tax refund of $1100.  He cannot sue anybody for personal injury or workers compensation and he does not expect to inherit any money in the next six months.  He is divorced and he works for the + Read More

I Suggest A Chapter 7 Bankruptcy To Solve The Debt

This is the case of Brian and Lori Shearing who reside in Plainfield, Illinois, Will County, Illinois.  They were in my office today to discuss the possibility of a Chapter 7 fresh start.  Let’s go through the particulars of their case. They had a prior Chapter 13 back almost 20 years ago.  So they are eligible from the standpoint for either Chapter.  They have a single-family home in Plainfield with an approximate value of $165,000.  They owe $165,000 to their first mortgage company Green Tree and they have a second mortgage through Great Lakes Credit Union of approximately $60,000.  They currently are in the process of doing a short sale so if they can eliminate that debt, they don’t + Read More

Bankruptcy Filing Software To Aid In Determining Chapter 7 or Chapter 13

This is the case of Duane Comersky who comes to me for a bankruptcy consultation.  Duane is currently residing on Laura Lai Street in Zion, Illinois, Lake County Illinois.  Duane has never filed for bankruptcy before; this is his first consultation with an attorney.  He does not own any real estate.  He is currently living with his uncle and paying rent, he is on a month to month lease.  In terms of assets, he has a 2007 Dodge Magnum which is financed through Baxter Credit Union.  He owes approximately $5400 to pay off the vehicle, he pays $450 per month and the vehicle is worth a little bit more than $5400 on the market. In terms of property and assets, he has a checking and savings + Read More

Debt – Is Chapter 7 or Chapter 13 Better?

This is the case of Amy Jackson who resides in Chicago, Illinois who was visiting me for a consultation on debt relief.  Ms. Jackson filed a Chapter 7 bankruptcy more than 10 years ago so she is eligible to file once again.  She does not own any real estate.  She is currently renting.  No formal lease but she is paying $900 a month for rent.  She has no vehicle in her name and she is not using a vehicle. In terms of personal property and assets, she has a checking and savings account at Citibank with an approximate amount on account between the two accounts of $400.  Her security deposit is $900 per month.  Her household goods which includes her TV, her furniture and her other minor + Read More

Eliminate The Credit Card Debt Through Bankruptcy Filing

This is the case of Ms. Corey Felton who was in my office to see me about debt relief whether it be Chapter 7 or Chapter 13.  Corey resides on Waverly Place in Joliet, Illinois which is Will County, Illinois.  She filed a Chapter 7 bankruptcy back in 2001 so it’s been more than eight years.  She is able to file another bankruptcy case if she so chooses.  She does not own any real estate.  She is currently renting.  Her landlord has got her under a month to month lease.  She does not have a vehicle in her name.  She is using a vehicle that is currently in her father’s name so she has no equity in that vehicle.  In terms of personal property, she has a checking account at TCF Bank and she + Read More

Bankruptcy Software Determines Which Chapter

This is the case of David Hammons who comes from Skokie, Illinois which is Cook County, Illinois.  He is married to Christine but Christine is going to be a non-filing spouse in this case.  Right off the bat, we are not sure whether this is going to be a Chapter 7 or Chapter 13 so let’s investigate it. David has never filed for bankruptcy before.  He has a single-family home with approximately $380,000.  He is on the first mortgage $320,000 and he is up to date.  So there is approximately $60,000 worth of equity although he is behind on the property tax of approximately $12,000-$15,000 total between the series of several years.  He is not renting from anybody and nobody is renting from + Read More

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