Archives for December 2015

Bankruptcy Judges And Bankruptcy Trustees Vary Within The Northern District Of Illinois

Consistency Lacking If you are looking for consistency among the bankruptcy judges and the bankruptcy trustees in the Northern District of Illinois, you will be hard pressed to find it. Let's start by examining the bankruptcy judges in Chicago. Each bankruptcy judge comes from a different background, has a different viewpoint with regard to debtors and creditors and a different method of handling cases in his or her courtroom. The latest judge to enter the fray is Judge Thorne.  She is the most recent addition to the many judges that sit in the Northern District of Illinois. In a recent case under chapter 13, she denied the debtor's attorney’s fees for reasons stated on the record. When + Read More

Make A New Year’s Resolution To Get Out Of Debt

Resolve To Get Out OF Debt If you are struggling financially, you likely have been struggling for a number of years. It is very easy to fall behind on credit cards, get hit with unexpected medical expenses, and experience a job loss or other traumatic event in your life which could lead to debt. For many people, they suffer throughout the years trying to manage the debt, juggling which creditor to pay as well as deciding what necessities to do with or without. The good news is that for many Americans, there is an option to eliminate debt or reorganize debt over a three to five-year repayment plan for less than what is owed. What I'm talking about is chapter 7 and chapter 13 bankruptcy as + Read More

Average Cost Of Bankruptcy

From a recent episode of Legal Action which airs on Comcast Cable in the Chicago area, David M. Siegel discusses two common, but important questions regarding filing for bankruptcy.  The first is the financial management instruction requirement that must be completed post-filing.  The second is the typical range of fees that one could expect to pay for bankruptcy representation. Interviewer: Let me ask you this.  We did the pre-requirements, we filed the petition, and I’m going to go to a meeting. Interviewer: You talked a little bit earlier about the debt management course, which was a precursor before you can actually file your petition for bankruptcy or Chapter 7. David + Read More