Do I Have To Go To Court In Chicago If I File Bankruptcy?

Court Is In Chicago If you live in Chicago or any part of Cook County, Illinois and file bankruptcy, then your court date is going to be in downtown Chicago. The court will take place at the Dirksen Federal building which is located at 219 South Dearborn Street in Chicago. The court date is in reality a 341 meeting of creditors. The meeting of creditors is the opportunity for a chapter 7 panel trustee to examine you under oath with regard to the petition and schedules that you filed. The role of the chapter 7 bankruptcy trustee is to make sure that you do not have any assets that can be administered for the benefit of creditors. You are able to protect a certain amount of personal property + Read More

Chapter 13 Bankruptcy Attorney States “You Get More Than One Shot”

Filing chapter 13 bankruptcy is not a one-shot deal. You do have the ability to file another chapter 13 bankruptcy case should your first case fail states Chapter 13 bankruptcy attorney David Siegel. No one sets out to fail in bankruptcy. Debtor's and their counsel wish to file a perfect chapter 13 petition and to have the debtor make all of the required payments under their repayment plan. Unfortunately, life throws different obstacles into the mix. One could lose a job halfway through a bankruptcy case under chapter 13. One can become ill and miss some much needed hours at work. One could get a divorce and lose that dual income that they had at the start of the chapter 13 case. Interest + Read More

How Filing For Bankruptcy In Chicago Intersects With Foreclosure

Filing for bankruptcy in Chicago does not mean that you lose your home. You can often maintain your home by making current payments under either chapter 7 bankruptcy or chapter 13 bankruptcy. If you do wish to surrender your home and you have filed chapter 7 bankruptcy, you still have time in your home. Under Illinois law, the foreclosure process can be very lengthy. The average time that a person can stay in their home once a foreclosure case has begun is approximately 11 months. If you have an attorney defending your foreclosure case, then you may be able to maintain possession of your home for more than 1 1/2 years. Please keep in mind that when you file for chapter 7 bankruptcy, the + Read More

When Not To File Chapter 7 Bankruptcy

There are times when filing chapter 7 bankruptcy would be a mistake. The most common type of mistake made in filing a chapter 7 bankruptcy is the fact that assets are going to be taken by the chapter 7 trustee. In the state of Illinois, you are allowed to protect a certain amount of property free and clear from the long arm of the trustee. These amounts, known as exemptions apply to real estate, vehicles, retirement benefits, and many other types of property. In Illinois, you can protect up to $15,000 worth of equity in your real estate. If you are filing jointly, then you can protect up to $30,000 worth of equity. In reality, the amount of equity that you will be able to protect will + Read More

What Type Of Benefits Can Be Achieved Through Filing Chapter 7 Bankruptcy?

Filing Chapter 7 bankruptcy can eliminate most unsecured debt. Unsecured debt is debt that is not secured by any kind of property. This means that if you don't make a payment, there is no property that can be taken back by the creditor. Unsecured debt is typically credit card debt, medical bills, utility bills, and debts for just about any other type of service or procedure. There are some debts that are unsecured debt and are not eliminated by filing a chapter 7 bankruptcy. These debts include recent taxes, student loans, child support, debts incurred by fraud, and debts owed to a municipal entity for a fine or other fee. Most people are struggling today due to credit cards and medical + Read More

How Hard Is It To File Bankruptcy In Chicago?

Filing bankruptcy in Chicago  is not too difficult provided that you have proper representation and a good foundation going forward. You are going to want to find an experienced bankruptcy attorney to assist you in the filing of your chapter 7 bankruptcy case. Do not choose a bankruptcy attorney simply based on the lowest price. You want to make sure that you find an attorney that you can trust, which you have faith in and can follow the advice of. One of the things that you're going to want to get together is information concerning your bankruptcy filing. You should collect all of the information regarding your debts. This includes creditors from all sources. If you have a mortgage, you + Read More

Concerns From A Person Filing For Bankruptcy

CREDIT One of the biggest concerns that I hear from clients who are interested in filing for bankruptcy is whether or not they're going to be able to get credit again in the near future. It's amazing that someone who is struggling financially will worry about future credit before they have even gotten out of debt in the first place. The concern is real and it's understandable. We live in a world consisting of runaway credit. This includes credit cards, auto loans, home mortgages, installment payment plans, payday loans and all kinds of other types of credit institutions. One simply cannot imagine being able to survive without having access to credit cards in their wallet. People worry + Read More

How To Rebuild After Filing For Bankruptcy?

Rebuilding after bankruptcy is a process. It starts with not incurring any negative credit after such time you file for bankruptcy. For example, after your bankruptcy case is over, you want to make sure that you do not incur any negative credit items on your credit Bureau. This would include not falling behind on any installment obligations, not incurring any medical debt that goes unpaid, and not incurring any utility bills that do not get paid timely. If you can start paying everything on time, then you will begin to see your credit score increase. Another important thing that you can do once you're bankruptcy case is over, is to obtain a secured credit card. A secured credit card is + Read More

Why I Love Being A Bankruptcy Attorney In Chicago

Being a bankruptcy attorney is a unique situation.  It is one of the few areas of law where the attorney can actually assist the client and at the end of the service, the client is 100% pleased with how everything went. In most areas of law, whether it be contract law, divorce law, criminal law, the client is not 100% happy with the results.  This is due to the fact that legal services often involve a negotiation or a give and take where one party gets something in exchange for the other.  Thus there is never a clear winner and usually both sides are not feeling like they got the greatest deal.  With bankruptcy, the results are typically known ahead of time by the lawyer.  The lawyer’s going + Read More

Helpful Tips To Select A Bankruptcy Attorney

If you are someone who is considering filing for bankruptcy, then the most important decision that you're going to make in that process is deciding which attorney you are going to hire. In some cities, there are literally hundreds of bankruptcy attorneys that are advertising their services in directories, on the Internet, and newspapers. But how do you decide which attorney is going to be right for you? Are you going to base your decision solely on price? Are you going to ask that particular attorney if he or she can provide references of people that they have helped? Are you simply going to go out on a limb and hire whichever name sounds good? Choosing a bankruptcy attorney is much like + Read More