Archives for July 2015

Chapter 7 Bankruptcy Answers

Chicago bankruptcy attorney David M. Siegel answers a few important questions pertaining to Chapter 7 bankruptcy.  The questions were made a part of the Legal Action television show which airs in the Chicago market. Whats a Chapter 7 Bankruptcy?  Interviewer: What’s a Chapter 7? David Siegel: Chapter 7 is the most common form of bankruptcy.  About 75 percent of the cases that are filed are of the Chapter 7 variety, and that’s known as the fresh start bankruptcy.  Chapter 7 is where someone has very little in the way of assets, and a lot of debt. Whether it be credit cards, medical bills, personal loans, past due utilities, auto repossessions, foreclosures. Whatever it might be Chapter 7 + Read More

No Directive From Chicago Area Chapter 13 Bankruptcy Trustees Yet

You may have heard that effective June 12, 2015 there is a proposed order to employer to pay the trustee for chapter 13 cases in the Northern District of Illinois, Eastern Division, bankruptcy court. The proposed order can be submitted by the attorney for the debtor or the trustee. However, we have not heard any directive from any of the three Chicago area chapter 13 trustees as to how they plan on implementing or dealing with this new order. Specifically, is the trustee going to be submitting orders as they have in the past? Are the chapter 13 trustees going to rely on the debtor's attorney exclusively to submit the payroll control orders? Will the trustees forward the executed order to the + Read More