Archives for January 2017

Hesitating To File Bankruptcy Can Cost You Thousands Of Dollars

Nobody sets out with the goal of wanting to file for bankruptcy relief. However, things happen in one's financial life which can lead to that eventuality. For many, there is an unwillingness to jump in and do what makes financial sense. Many people put off filing with the hope that somehow, someway, either their ship will come in or their debt will simply disappear. By hesitating in the decision to file, thousands of dollars can be lost by way of garnishments and bank account seizures. Wage Garnishments I have spoken to clients who have been garnished for months and months before coming in for a consultation. Standard garnishment rates for wages for the state of Illinois amount to 15% of + Read More

Simple Chapter 7 Bankruptcy Filing Can Become Difficult Depending Upon The Trustee

Difficult Trustees Nobody likes difficult people. Nobody likes to feel that they have been put through the ringer. Nobody wants to feel that they have been harassed, abused, and given an unnecessarily rough ride in the process. Unfortunately, this is a common occurrence in some Will County chapter 7 bankruptcy cases. Let me cite a recent example: An attorney from my office recently was out in Will County for chapter 7, 341 meeting hearings. He had a few meetings at 9:30 AM, followed by a meeting or two concluding at 1:30 PM per the schedule.  What should've been a very easy day turned out to be an extremely difficult day thanks to the Chapter 7 trustee sitting that particular day. Let's + Read More

Where Has Salesmanship Gone Among Bankruptcy Attorneys?

Bankruptcy Is A Service Business As bankruptcy attorneys, we are in the service business of getting people out of debt. This could come in the form of a chapter 7 bankruptcy or a chapter 13 bankruptcy depending upon the facts of the case. We have the solutions available at our disposal thanks to the bankruptcy laws enacted by Congress. It seems however, that there is an underlying ethical consideration prohibiting salesmanship in regard to filing. Although not specifically written in any ethical rule, it is silently hindering an attorney's ability to sell the service. As in other aspects of life, those that can sell themselves, their services and other benefits, often achieve more than + Read More

Bankruptcy Case Study 1/5/17

Overview This is the bankruptcy case study for Mr. M., who resides in Chicago, Illinois. He is seeking advice on whether or not chapter 7 bankruptcy will provide relief. Let's go through and look at the particulars of his case. For starters, he has no significant assets whatsoever. He is not a homeowner; He does not own his own vehicle; He has no retirement accounts; He has no assets which can be taken by a Chapter 7 trustee, administered, and paid pro rata to his creditors. Thus, right from the outset, we are looking at a clear chapter 7 eligibility case. Financial Picture In terms of his household, he is single with no dependent children. He is currently working as a driver and has been + Read More

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