It Keeps Getting Harder To Obtain Bankruptcy Help

Bankruptcy Help Is Harder To Get When you are struggling financially, you need bankruptcy help. You need to find a bankruptcy attorney that can take you from point A to point B. You want to get out of debt, you want to get a fresh start, you want to get back to a life without financial stress. Unfortunately, it seems to be getting harder and harder to get bankruptcy help.  Bankruptcy Filing Fees Increased Nationally On June 1, 2014, the filing fees to file bankruptcy cases throughout the country increased. The federal government is requiring an additional $29 per case under chapter 7 and under chapter 13 bankruptcy filings. Although this doesn't sound like a lot in and of itself, you have + Read More

Making Changes To Pass The Bankruptcy Means Test

Bankruptcy Means Test If you're trying to file a chapter 7 bankruptcy, you must first qualify. One of the qualifications is that you must pass the means test. The means test is a mathematical formula designed to prohibit those from filing a chapter 7 bankruptcy if they have the ability to repay a portion of their debt over time. If you are making under the state median based on your household size, then you will automatically pass the means test. However you must not have available money per month from your budget from which to pay a repayment plan. If you are over the state median for your household size, then you must submit to the bankruptcy means test.  How The Test Works The + Read More

Can My Bankruptcy Petition Be Amended After Filing?

Bankruptcy Petition Can Be Amended Your bankruptcy petition can be amended after you file. This is often the case when someone forgets to list a particular creditor. The creditor may not have shown up on the credit report or the debtor simply misplaced a bill from that creditor. In a chapter 13 case, the bankruptcy petition often has to be amended to make changes to the budget. Additionally, secured creditors are going to object to the number that is listed in the plan since they are never exactly correct. For chapter 13 bankruptcy cases in Chicago, attorneys will estimate what the secured debt is on a vehicle or a mortgage. The creditor will file an objection to confirmation whereby they + Read More

Filing Bankruptcy Before You Get Married Is Typically Best

Should You File? Let's talk about a bankruptcy scenario that comes up from time to time. Let's say you're someone who is struggling with debt, you're single, and you finally found someone you want to marry. Your future spouse does not have any debt and he or she has a very good income. The question is should you file for bankruptcy prior to getting married? The answer is a little bit complex. It used to be that if one party to a marriage had debt, that party could file a chapter 7 bankruptcy and get a fresh start. This could be done regardless of what the non-filing spouse earned per year. The old law basically said that just because you are married, the non-filing spouse's income is not a + Read More

To File Bankruptcy Or To Not File Bankruptcy?

Not An Easy Decision To File Bankruptcy For many people filing bankruptcy is not an easy decision. Even though people struggle with debt for years and years, they are reluctant to actually pull the trigger on a bankruptcy filing. It could be due to pride. It could be due to the uncertainty of life after filing. It could be the fear of not getting future credit. It could be a combination of all these factors and more.  Look At Your Total Financial Picture When considering whether to file bankruptcy or not, one has to look inward at their overall financial picture to get an idea of whether or not it makes sense to file or not. If you are someone who has very little in the way of income and + Read More

When Is Filing Chapter 7 Bankruptcy A Mistake?

Filing Is A Mistake If.... Filing chapter 7 bankruptcy is a mistake if you have assets that are going to be taken in exchange for your fresh start. It is one thing if you know that your assets are going to be taken and you're willing to sacrifice them. It's quite another thing to have the trustee demand your assets when you thought that they would be protected. This happens when people either underestimate the value of the property or fail to disclose the existence of particular property. Your attorney will do the best to protect your assets but he or she must know exactly what you possess. Is The Debt Dischargeable? It is also a mistake to file chapter 7 bankruptcy if the type of debt + Read More

Credit Card Spending Can Lead To Bankruptcy Filing

In Chicago and around the country, people are over spending on their credit cards. Maybe it’s the have it now, pay for it later mentality. Maybe it’s the convenience of not having to carry cash. Maybe it’s the enticements of rewards by using the card. Whatever the reason, folks have become too reliant on credit cards in their lives. The video below talks about how using your credit card instead of cash can actually increase to the total dollars that you spend. In many cases, this will lead to an eventual bankruptcy filing. Jesse Barrientes: I find that a lot of folks are simply using the credit card to live. They are paying – they are buying groceries or they are buying things + Read More

Chicago Bankruptcy Timeframe: From Start To Finish

A Chicago Bankruptcy Timeframe for a case can last anywhere from 3 to 4 months from filing until discharge. This assumes that there is no objection to your discharge or no adversarial complaint in your case. Let's start at the beginning. You need to meet with a bankruptcy attorney to go over your income, your expenses, your assets, your liabilities and of course, your financial situation in total. From that point, if you hire the attorney, a bankruptcy petition will be prepared for you to sign. This petition is a 40 to 60 page document that contains all the information about your finances. Before your case can be officially filed, you will need to complete a few pre-filing + Read More

Divorce and Chapter 7 Bankruptcy

The interplay between divorce and bankruptcy is confusing. There are also important decisions to make when deciding whether to file bankruptcy and when to end a marriage. Divorcing is generally easier on all parties when the divorcing couple can agree on as many issues as possible. This is especially true for division of debt in divorce. Example For our example we will look at a married couple with debt in both names (also known as co-signed debt) where only one spouse files chapter 7 bankruptcy. Spouse A chooses not to file bankruptcy and Spouse B chooses to file bankruptcy. Spouse A is solely responsible for paying the co-signed debt. The creditor may collect against Spouse A who did + Read More

Getting Out Of Debt Just Got A Little Tougher

New Filing Fees Starting June 1, 2014, bankruptcy filing fees are going to increase. The filing fee for a chapter 7 bankruptcy case is increasing to $335.00. The filing fee for a chapter 13 bankruptcy case is increasing to $310. 00. So if you're already struggling to pay your debts and are seeking bankruptcy protection, you're going to have to save up some money just for the filing fee. I haven't even mentioned the attorneys’ fees that are required on top of that. See Fee Schedule Increase Notice.  Fees Should Decrease It's ironic that in this new age of electronic filing, fees would actually increase. It would make more sense that fees would actually remain the same or go down based on + Read More