Archives for February 2017

Auto Lender Moved Too Fast To Repossess In An Open Chapter 7 Bankruptcy Case

3 Options Regarding Financed Cars When a person files for chapter 7 bankruptcy relief and they have a financed vehicle, the debtor has three options with regard to that secured debt. The debtor can reaffirm the debt on the vehicle, redeem the debt on the vehicle or surrender the vehicle in full satisfaction of the debt. In the majority of cases, I am seeing my clients reaffirm auto loans. They generally like their car, want to keep their car and they need their car to work and live in today's society. In rare cases, the debtor can redeem the debt on the vehicle by paying the original lender the market value of the vehicle in full. This is done through an outside lender who steps into the + Read More

Bankruptcy Case Study

This is the bankruptcy case study for Ms. W., who resides in Chicago, Illinois. She is here to discuss filing for Chapter 7 bankruptcy. She recently lost her job. Her previous income was insufficient to cover her expenses after she became divorced. Let's examine the facts of her case: She currently resides in Chicago and has resided at that address for the past six years. It is a single-family home worth approximately $164,000. There are two mortgages against the property. The first mortgage is with NationStar, with a balance of $70,000 and a monthly payment of $894. The second mortgage is BMO Harris, with an outstanding balance of $47,000 which is a balloon mortgage. She is currently + Read More

Chapter 7 Debtor Brings Motion To Reopen In Aurora

Fear Of Failure To List Creditors There is a fear that many chapter 7 debtors have with regard to failing to properly list creditors. The bankruptcy code provides that creditors be given due process with regard to the bankruptcy filing. This means that creditors must be given notice of the bankruptcy so that they have an opportunity to object to the discharge, object to the particular debt and seek specific other relief with regard to the case. In the event that a creditor is unaware of the bankruptcy filing, then there is a split among the judges and districts with regard to the dischargeability of that creditor’s debt. Aurora Bankruptcy Case In the current bankruptcy case in Aurora, the + Read More

What Happens Once My Chapter 13 Bankruptcy Is Filed?

The Automatic Stay Once your chapter 13 bankruptcy case is filed, there are a series of processes and events that take place. Each of these events are required and mandated by the United States Bankruptcy Code and assist in the smooth process of chapter 13 for all parties involved. The first thing that happens is the creation of the automatic stay. The automatic stay happens immediately upon the filing of the chapter 13 bankruptcy case. The creation of the automatic stay puts creditors on notice that certain collection activities for certain debts must cease. This is an immediate benefit that you will receive upon the filing of a chapter 13 bankruptcy case. Notice To Creditors Shortly + Read More

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