Archives for 2014

In My Bankruptcy Case, Why Do I Need To Reaffirm On A Car But Not On My House?

The Code Dictates The bankruptcy code is what governs every issue of a bankruptcy filing. Under chapter 7 bankruptcy law, the bankruptcy code dictates as to what must be done with regard to particular, secured property. For example, if you have a financed vehicle in a chapter 7 bankruptcy case, the bankruptcy code mandates that you make an election. You can either reaffirm the debt on that vehicle, redeem the debt on that vehicle or surrender the vehicle in satisfaction of the debt. You simply only have those three choices with regard to a secured vehicle debt in a chapter 7 bankruptcy case. You no longer have the ability to simply continue to make monthly payments without a valid + Read More

What Are The Advantages Of Filing Bankruptcy With An Attorney?

If you file bankruptcy with an attorney, you're going to get assistance throughout the process. Your attorney is going to know exactly what needs to be done with your case. This all starts with the very first consultation. The attorney is going to be able to interview you, advise you, and notify you of potential issues with your case. If you are trying to file bankruptcy on your own, you are not even going to be aware of specific issues that you need to be aware of. For example, your attorney is going to be looking for assets much in the same way that the chapter 7 trustee is going to be looking for assets. Your attorney wants to make sure that you have a smooth and efficient chapter 7 case. + Read More

Why Do People Hesitate To File Bankruptcy?

Reasons To File Bankruptcy People hesitate to file bankruptcy for a variety of reasons.  The first is the name bankruptcy has a negative connotation which has been around for centuries.  The truth is bankruptcy was put in place to help people who are struggling financially.  Bankruptcy is not a scarlet letter that someone has to wear around town notifying everybody in the city that they filed for bankruptcy.  There should not be the shame associated with bankruptcy that some people have.  Fear Of the Unknown The second reason people are afraid of bankruptcy is they really don’t know what around the corner.  Many people think that if you file bankruptcy, you will never get credit again.  + Read More

My Sheriff Sale Date Has Passed. Will Chapter 13 Bankruptcy Help Me?

If you're looking to save a home from foreclosure, chapter 13 will help you provided you file your bankruptcy case before a Sheriff sale has taken place. Chapter 13 will allow for you to pay back your mortgage arrearages over a three to five-year period. You also have to make your regular mortgage payment each month while your case is progressing through the court system. However, if you wait until after the Sheriff sale has occurred, then you are too late to reorganize to save a home under Chapter 13. This issue has been litigated extensively through the courts as to whether or not it's the Sheriff Sale date or the confirmation of that sale which dictates. The rulings here in Illinois have + Read More

Do I Have To Go To Court In Chicago If I File Bankruptcy?

Court Is In Chicago If you live in Chicago or any part of Cook County, Illinois and file bankruptcy, then your court date is going to be in downtown Chicago. The court will take place at the Dirksen Federal building which is located at 219 South Dearborn Street in Chicago. The court date is in reality a 341 meeting of creditors. The meeting of creditors is the opportunity for a chapter 7 panel trustee to examine you under oath with regard to the petition and schedules that you filed. The role of the chapter 7 bankruptcy trustee is to make sure that you do not have any assets that can be administered for the benefit of creditors. You are able to protect a certain amount of personal property + Read More

Chapter 13 Bankruptcy Attorney States “You Get More Than One Shot”

Filing chapter 13 bankruptcy is not a one-shot deal. You do have the ability to file another chapter 13 bankruptcy case should your first case fail states Chapter 13 bankruptcy attorney David Siegel. No one sets out to fail in bankruptcy. Debtor's and their counsel wish to file a perfect chapter 13 petition and to have the debtor make all of the required payments under their repayment plan. Unfortunately, life throws different obstacles into the mix. One could lose a job halfway through a bankruptcy case under chapter 13. One can become ill and miss some much needed hours at work. One could get a divorce and lose that dual income that they had at the start of the chapter 13 case. Interest + Read More

How Filing For Bankruptcy In Chicago Intersects With Foreclosure

Filing for bankruptcy in Chicago does not mean that you lose your home. You can often maintain your home by making current payments under either chapter 7 bankruptcy or chapter 13 bankruptcy. If you do wish to surrender your home and you have filed chapter 7 bankruptcy, you still have time in your home. Under Illinois law, the foreclosure process can be very lengthy. The average time that a person can stay in their home once a foreclosure case has begun is approximately 11 months. If you have an attorney defending your foreclosure case, then you may be able to maintain possession of your home for more than 1 1/2 years. Please keep in mind that when you file for chapter 7 bankruptcy, the + Read More

When Not To File Chapter 7 Bankruptcy

There are times when filing chapter 7 bankruptcy would be a mistake. The most common type of mistake made in filing a chapter 7 bankruptcy is the fact that assets are going to be taken by the chapter 7 trustee. In the state of Illinois, you are allowed to protect a certain amount of property free and clear from the long arm of the trustee. These amounts, known as exemptions apply to real estate, vehicles, retirement benefits, and many other types of property. In Illinois, you can protect up to $15,000 worth of equity in your real estate. If you are filing jointly, then you can protect up to $30,000 worth of equity. In reality, the amount of equity that you will be able to protect will + Read More

What Type Of Benefits Can Be Achieved Through Filing Chapter 7 Bankruptcy?

Filing Chapter 7 bankruptcy can eliminate most unsecured debt. Unsecured debt is debt that is not secured by any kind of property. This means that if you don't make a payment, there is no property that can be taken back by the creditor. Unsecured debt is typically credit card debt, medical bills, utility bills, and debts for just about any other type of service or procedure. There are some debts that are unsecured debt and are not eliminated by filing a chapter 7 bankruptcy. These debts include recent taxes, student loans, child support, debts incurred by fraud, and debts owed to a municipal entity for a fine or other fee. Most people are struggling today due to credit cards and medical + Read More

How Hard Is It To File Bankruptcy In Chicago?

Filing bankruptcy in Chicago  is not too difficult provided that you have proper representation and a good foundation going forward. You are going to want to find an experienced bankruptcy attorney to assist you in the filing of your chapter 7 bankruptcy case. Do not choose a bankruptcy attorney simply based on the lowest price. You want to make sure that you find an attorney that you can trust, which you have faith in and can follow the advice of. One of the things that you're going to want to get together is information concerning your bankruptcy filing. You should collect all of the information regarding your debts. This includes creditors from all sources. If you have a mortgage, you + Read More