Archives for 2017

Requesting Documents Required For Filing Bankruptcy The Right Way

The Bankruptcy Code puts specific demands upon the debtor seeking to eliminate debt through a bankruptcy filing. It is important for clients to realize that these demands are inherent in the bankruptcy code and are not needless demands from their bankruptcy attorney. In many cases, debtors will wrongfully assume that the demand is coming from their attorney. It is important to shift this way of thinking so that the client realizes that the attorney is simply trying to have the debtor fill the requirements of the bankruptcy code. Completion Of Credit Counseling The first major requirement to file for bankruptcy is the completion of a credit counseling session. This is a one hour session + Read More

Full Disclosure Always Best In Bankruptcy

If you're thinking of filing for bankruptcy, take the advice of an experience, bankruptcy attorney. Be honest, truthful, open and revealing when dealing with your bankruptcy lawyer. If you have assets that are going to be unprotected, your lawyer will advise you with regard to those assets. If you have made transfers that could be determined to be fraudulent, your lawyer will advise you as to what can happen with those transfers. Whatever is going on in your financial situation, you must make a full disclosure to your lawyer so that the right thing can be done. Unfortunately, there are times when the bankruptcy lawyer simply does not know what the client has done before, during or after the + Read More

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

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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