Bankruptcy Case Study For Ms. F., From Aurora, Illinois

Initial Facts This is a bankruptcy case study for Ms. F. who resides in Aurora, Illinois. She is in the office to determine whether or not she can qualify for chapter 7, the fresh start bankruptcy. Otherwise, she is potentially interested in a chapter 13 bankruptcy case which is a reorganization of debts. Let's look at the facts of the case. She is a homeowner with a market value of $158,000. She is current on her first mortgage with Everbank and the outstanding balance totals $124,000. When we calculate in her homestead exemption of 15,000, costs of sale, and associated fees for transferring real estate, there does not seem to be significant equity in the property. For this reason, chapter + Read More

Paying The Chapter 13 Bankruptcy Trustee

If you are gainfully employed, the payment will most likely come directly from your wages in the form of a payroll control order. If you are self-employed or do not receive a regular pay check, then you will have to make the payment directly to the Chapter 13 Trustee. If you fall behind on your payments, the Trustee or a creditor can bring a motion to dismiss your case. + Read More

Filing The Right Bankruptcy Case Under The Proper Chapter

Chapter 7 or Chapter 13 For consumers who are thinking about filing for bankruptcy, the advice of which chapter to file from an attorney is the most critical piece of information right from the start. The difference between Chapter 7 and Chapter 13 is significant. Chapter 7 is known as a fresh start which allows for the elimination of miscellaneous, unsecured debt such as credit cards, medical bills, personal loans, utility bills and debts for other types of services. The case typically lasts no longer than four months and most debt will be eliminated with the exception of student loans, parking tickets, recent taxes, child support, maintenance, and other nondischargeable debt. Chapter 13, + Read More

Changing Bankruptcy Attorneys Mid-Case: Does It Ever Make Sense?

While it is possible to change bankruptcy attorneys in the middle of the case, it often will not make a difference in the outcome of the case. The relationship between a client and a bankruptcy attorney is one of trust, confidence, respect, diligence and communication. If there is a breakdown in any one or more of these areas, then it may be wise to make a change as to attorney. However, clients often want to make a change because they are seeking either alternative advice or a different result. In these cases, it may make sense to stick with the attorney that you hired originally. In recent chapter 13 case which was confirmed and well underway for the past two or three years, the thought + Read More

Filing Bankruptcy After Your Car Has Been Impounded For Parking Tickets, No Longer A Good Option

New Rules To Recover Impounded Vehicles In recent months, there has been a tidal wave of activity surrounding bankruptcy, the City of Chicago, parking tickets and consumers trying to recover their impounded vehicles. For many years, it was common practice for the City of Chicago to release vehicles back to a debtor upon the filing of a chapter 13 bankruptcy. This was done in most cases as a legitimate way to recover collateral while also proposing a repayment plan for a portion of the parking ticket debt. Some of these cases actually made it through to completion of the plan while others died either a slow death or a quick death. Unfortunately, the system was abused by many individuals, pro + Read More

Credit After Bankuptcy

You should complete your Chapter 13 bankruptcy case before you apply for new credit. You should wait the 3-5 years while the case is running since you are holding off your current creditors. In some cases, a vehicle can be purchased and financed after filing, provided a proper motion is brought before the court which gains the approval of the court. Some lenders will contact Chapter 13 debtors for credit opportunities despite the general rule that it should not be done. + Read More

Bankruptcy Case Study For T.C., From Geneva, Illinois.

This is the bankruptcy case study for Mr. C., who resides in Geneva, Kane County, Illinois. He is in the office to determine whether or not chapter 7 bankruptcy will provide the relief that he is seeking. Let's look at the facts of this particular case. He is currently the owner of a piece of real estate which has a market value of $167,000. The outstanding debt on the property is $135,000 and he currently does not reside in the property. It is a townhome located in Bloomingdale, Illinois. He does have a paid off vehicle valued at $8000. It is a 2006 Lexus with 130,000 miles on it. In terms of personal property, he has a checking account with $1300 on hand, normal household items valued at + Read More

11 Years Running

For over 11 years, the Legal Action television show has been airing on a weekly basis throughout the suburbs of Chicago on Comcast. Providing exceptional legal advice in the area of bankruptcy is a valuable tool for many people who are either considering bankruptcy or who have already made that decision to file. The information shared with the viewers over the past 11 years has hopefully helped people feel more comfortable about the process, be better prepared for the process and most importantly, wind up with a fantastic end result. Chapter 7 v. Chapter 13 For many people, chapter 7 is the best option. Chapter 7 will eliminate most debts except for student loans, recent taxes, parking + Read More

In Fear Of Filing For Bankruptcy?

I’m So Afraid To File Bankruptcy There is a very common concern or fear among those that are in debt with regard to filing for bankruptcy relief. They fear what they don't know. They don't know whether they are going to ever get credit again. They fear whether the entire world is going to find out about the bankruptcy filing and whether or not that filing is going to follow them for the rest of their lives. There is also a fear of failure. Some people look at bankruptcy as an absolute failure as a financial endeavor. Others however, look at bankruptcy as the fresh start for which it was really designed to be. Bankruptcy goes all the way back to biblical days. It was also made a part of the + Read More

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

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