Archives for August 2013

Will I lose my house in Chapter 13 Bankruptcy?

The honest answer is it depends.  You will certainly have the ability to keep your home provided that you make timely payments.  Allow me to explain.  One of the main benefits of filing Chapter 13 or the main reason why people file Chapter 13 is in order to save their real estate and other property.  Property can be saved through Chapter 13 by putting everything you are behind on the mortgage, something called mortgage arrears, into your bankruptcy plan and paying that back over a three to five year period.  You can also put property taxes and the like into your bankruptcy plan in order to repay those debts through your bankruptcy.  The total that you are behind on your mortgage needs to be + Read More

Anything I should NOT do if I’m filing for bankruptcy?

There are several things that you should not do if you are considering filing for bankruptcy under either Chapter 7 or Chapter 13.  One of the things that people do which is a prohibited act is repaying a family member or a friend within a year of filing for bankruptcy.  This is known as a preferential payment and the court can undo that type of payment or repayment.  Your family member may be required under court order to turn over those funds to a Trustee who will then administer the asset for the benefit of creditors.  Leave Your 401(k) Alone The other thing people do is they borrow from their 401(k) in an effort to repay their creditors only to find that they did not have enough money + Read More

Chapter 13 Bankruptcy Can Help In Many Ways

Chapter 13 bankruptcy can help you in a ton of ways if you are struggling financially.  The first way that Chapter 13 can help you is to save your house.  If you have fallen behind on your mortgage payments because of the loss of job or illness or just unexpected expenses, you can put what you are behind on your mortgage (the arrears) into your bankruptcy reorganization plan; that way you can pay the amount that you fell behind over 3 to 5 year period and resume making the regular mortgage payment.  If you fall behind on your property taxes, you can pay those property taxes through Chapter 13 bankruptcy as well.  Reorganizing Your Financed Vehicle If you fall behind on your financed car, + Read More

Information About Debtor’s 341 Meeting of Creditors – Bankruptcy

A creditors’ meeting is required under section 341 of the Bankruptcy Code.  In simple terms, it is a meeting of the minds between the parties present at the meeting.  The parties that will be present at the meeting will be you, the debtor; the debtor’s attorney, and a representative from the trustee’s office.  If you are in Chicago, Cook County, the trustee will be either Marilyn Marshall or Tom Vaughn.  If you are in Lake County or DuPage County or Will County, then  Glenn Stearns will be your trustee. The creditors’ meeting is nothing to be scared about.  As long as you are upfront and honest with your attorney when you originally met with him, the creditors meeting should be no + Read More

Is there anything I should NOT do if I’m thinking of filing for bankruptcy?

There are several things that you should not do if you are considering filing for bankruptcy under either Chapter 7 or Chapter 13.  One of the things that people do which is a prohibited act is repaying a family member or a friend within a year of filing for bankruptcy.  This is known as a preferential payment and the court can undo that type of payment or repayment. The other thing people do is they borrow from their 401(k) in an effort to repay their creditors only to find that they did not have enough money in their 401(k) to repay all of their creditors and now they have exhausted all of their retirement.  The retirement accounts would have been protected in either a Chapter 13 or a + Read More

What do I need to do before filing for Chapter13 Bankruptcy?

The very first thing you need to do before filing for Chapter13 is to meet with an experienced attorney in your area to talk about your case. Most attorneys will have a bankruptcy questionnaire which you will fill out in advance or at your meeting. The questionnaire is a detailed listing of all of your assets, all of your liabilities and your statement of financial affairs. By filling out this questionnaire, the attorney will start to understand what your situation is. You may be trying to save a home that’s in foreclosure. You might be trying to repay non-dischargeable debt over time. You might have disposable income and you just want to protect all of your property and repay either all or + Read More

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