Bankruptcy Case Study For Dante Shorr

This is the case of Dante Shorr who comes to me from North Chicago, Illinois seeking information on bankruptcy.  Mr. Shorr has never filed for bankruptcy before.  He is not a homeowner and he has currently living with family.  He has a paid off vehicle which is a 1985 Lincoln Town Car which is worth approximately $2000 so it’s covered under his Illinois exemption amount. In terms of personal property, he has minor household goods worth approximately $1000 and normal clothing worth approximately $300.  He does receive an annual tax refund of approximately $1200 per year.  He is single and he has no dependent children.  He is currently working as a janitor earning approximately $25,000 per + Read More

Can my tax debt be eliminated in bankruptcy?

Taxes can be eliminated in certain circumstances and in certain circumstances your attorney will be able to advise you.  For example, if you have tax debt that is more than three years old and if you filed a return for those years and if you did not commit any type of fraud, then the debt can be eliminated in a Chapter 7 bankruptcy.  The three-year rule is important because if you applied for and received an extension, you have to wait out three years from the date the tax was due plus any extension.  There are also additional rules and regulations that pertain to tax debt which are very complicated so I want to keep it simple here. If you have tax debt that is more than three years old + Read More

Can I put my student loans in my bankruptcy filing?

Chapter 7 bankruptcy, known as the fresh start bankruptcy, is a way to get out of debt.  However, student loans are not eliminated under a Chapter 7 except in extreme hardship cases.  In my experience, an extreme hardship case is almost impossible to find.  You must be in a position where you can no longer make the payment, you no longer have the ability to make the payment and it is causing an extreme hardship on your ability to survive.  In all the cases that I have seen in the 21 years of practice, there has not been one that has met this standard.  If, in fact, the client does not have the ability to repay a student loan based on their inability to work, then basically the collection + Read More

Bankruptcy Case Study By Attorney David M. Siegel

This is the case of Joseph Loomis who comes to me from Aurora, Illinois for consultation regarding debt relief.  Mr. Loomis has never filed for bankruptcy before.  He is not a homeowner and he is not renting, either.  He is living with his parents.  He has a 2012 Ford Transit which is financed by Ford Credit and there is no equity in that vehicle.  There is also a co-debtor on that vehicle. In terms of personal property, he has very minor household goods, a little bit of furniture, a little bit of clothing and he has approximately $35,000 in an IRA which is protected.  He is single with no dependent children and he is currently not working.  He is working sometimes part-time as a + Read More

What Are The Advantages Of Chapter 7 Bankruptcy?

A Chapter 7 Bankruptcy is advantageous to a consumer because it offers a “fresh start”. Throughout a consumer’s lifetime, bills are accrued by means of credit cards, medical visits, automobile purchases, etc. Through a Chapter 7 Bankruptcy, a debtor can ultimately be discharged from these obligations, which is known as the “fresh start”. Furthermore, there is some instant relief for the debtor the minute he hires an attorney. This is because he then can inform the creditors that he is represented by an attorney, which by law, wards off further direct creditor calls to the consumer. Once a consumer is represented by an attorney, the creditors must cease all telephone collection attempts + Read More

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