Archives for October 2013

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

Chapter 7 Bankruptcy Fresh Start Recommendation

This is the case of Gail Sanders who lives on 60th St. in Chicago, Illinois.  She is interested in filing a Chapter 7 bankruptcy to eliminate credit card debt.  Gail has never filed bankruptcy before.  She is not a homeowner.  She is renting.  Her landlord is St. Edmunds Commons.  She has a yearly lease which expires in December. In terms of a vehicle, she has a paid off 2004 Chevy vehicle with 113,000 miles.  We estimate the vehicle at approximately $1500 and she intends to keep it and keep it running. She has a checking and a savings account at TCF and at PNC Bank.  The approximate balance in both accounts less than $100.  She’s got minor household goods which she is overvaluing at + Read More

Bankruptcy – Chapter 7 Is The Recommendation

This is the case of Kelly Stapick who comes to me from Villa Park, Illinois which is in DuPage County, Illinois.  She is also here with her husband, Joseph Stapick. The couple does own real estate property worth approximately $190,000.  It’s a single-family home.  There is one mortgage on the property and they owe approximately 200,000, thus there is no equity.  They are up-to-date on their real estate and they wish to keep it.  They are not renting from anybody and nobody is renting from them. In terms of personal property, they have a 2011 Honda Civic which is financed by Honda Financial Services.  The vehicle is worth approximately $12,000 and they owe approximately $15,000.  They + Read More

Chapter 13 Bankruptcy Recommended Client

This is the case of Jimmy Brownlow who resides in Chicago, Illinois.  He’s here for a consultation regarding Chapter 7 or Chapter 13.  Mr. Brownlow has never filed for bankruptcy before.  He does have a two flat which is worth approximately $176,000 and he owes $179,000.  He has property tax arrears of $1400.  He is $25,000 behind with his mortgage company Chase and he has indicated that he wants to surrender the two flat.  He’s not renting from anybody and nobody is renting from him so he is not gaining any monetary value for having the two flat. In terms of a vehicle, he has a 2001 Chevrolet Blazer which is paid in full with an approximate value of $25,000.  He has a checking account at + Read More