Archives for May 2014

Is There Any Bankruptcy Help For Student Loans?

Student loans are generally an unsecured debt that is non-dischargeable in a bankruptcy case. This means that under chapter 7 fresh start bankruptcy, a student loan must be listed however it is not eliminated. There are some circumstances where a student loan may be discharged however that involves an extreme hardship case and I've never seen that happen in 23 years of practice. If you want to get some breathing room with regard to your student loans, you can file a chapter 13 and pay less than what's owed over a 60 month period. Please keep in mind that you're going to owe the remainder of what has not been paid plus interest at the completion of your 60 month case. Now, at first this + Read More

What Debts Are Typically Non-Dischargeable?

When you file Chapter 7 bankruptcy, not all of your debts may be eliminated.  For example, student loans, recent taxes, parking tickets, child support and debts incurred through fraud are not eliminated.  The video below talks about how some people will run up the balance on a credit card in anticipation of filing Chapter 7 bankruptcy.  This is a huge mistake as credit card issuers can bring a complaint within the bankruptcy case to have that particular debt held non-dischargeable.  The best advice is to see an attorney as soon as you are experiencing financial problems.  By do so, the attorney can advise you as to what is proper and what is improper under the bankruptcy code.   Jesse + Read More

Chicago Bankruptcy Timeframe: From Start To Finish

A Chicago Bankruptcy Timeframe for a case can last anywhere from 3 to 4 months from filing until discharge. This assumes that there is no objection to your discharge or no adversarial complaint in your case. Let's start at the beginning. You need to meet with a bankruptcy attorney to go over your income, your expenses, your assets, your liabilities and of course, your financial situation in total. From that point, if you hire the attorney, a bankruptcy petition will be prepared for you to sign. This petition is a 40 to 60 page document that contains all the information about your finances. Before your case can be officially filed, you will need to complete a few pre-filing + Read More

Divorce and Chapter 7 Bankruptcy

The interplay between divorce and bankruptcy is confusing. There are also important decisions to make when deciding whether to file bankruptcy and when to end a marriage. Divorcing is generally easier on all parties when the divorcing couple can agree on as many issues as possible. This is especially true for division of debt in divorce. Example For our example we will look at a married couple with debt in both names (also known as co-signed debt) where only one spouse files chapter 7 bankruptcy. Spouse A chooses not to file bankruptcy and Spouse B chooses to file bankruptcy. Spouse A is solely responsible for paying the co-signed debt. The creditor may collect against Spouse A who did + Read More