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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