Archives for November 2014

Exemption Amounts Every homeowner who is considering filing chapter 7 bankruptcy, understandably wants to know whether or not their house is going to be protected if they file for bankruptcy. In most cases, the home is going to be protected through the process. This is mostly due to the fact that there is not significant equity in the real estate. Equity equates to the ownership portion of the property. For example, if you have a house with a market value of $400,000 and an outstanding mortgage balance of $300,000, then you have $100,000 worth of equity in the property. In Illinois, you as an individual filer are able to protect up to $15,000 worth of equity in your real estate. In the case + Read More

As a bankruptcy attorney in Chicago, I meet with countless people every year who are often more concerned about their credit scores then actually getting out of debt. There is a fear that filing bankruptcy will take the credit score to the point where the person will not be able to obtain credit in the future. It is at that point where I looked the client directly in the eye and ask, “How good is your credit score right now?” Most often, they reply that their credit is not very good. Thus, filing a bankruptcy and eliminating debt should be more of a priority then wondering whether credit will be available in the near future. The Calculations Most people have no idea how their credit score + Read More