Eligibility For A Bankruptcy Discharge

Chapter 7 Bankruptcy Discharge There are certain eligibility requirements in reference to getting a discharge under the bankruptcy code. Let's begin with the most common form of bankruptcy which is a chapter 7 fresh start. Chapter 7 is when someone, an individual typically, has very little in the way of personal assets but has a ton of debt. This person is seeking a fresh start under chapter 7 of the United States bankruptcy code. A person can receive a discharge under chapter 7 bankruptcy once every eight years. This basically means that once you file a chapter 7 bankruptcy, you are not eligible for that relief again for eight years. Timing Here's where the math changes. If you are + Read More

Filing Bankruptcy: The Initial Consultation

The most important thing about filing bankruptcy is the initial consultation with a bankruptcy attorney. It is not the price. It is not the location of the office. It is not the number of cases that the attorney has filed over the year. It is not whether that attorney is advertising on television. It is not whether that attorney has a Facebook page. The most important item is the knowledge, experience, and the ability to spot issues at the initial consultation stage.  The In-Take Questionnaire Most bankruptcy attorneys utilize an in-take questionnaire. This is a document the clients fill out which lists all kinds of information including their name, address, employment, assets, + Read More

Is Filing Bankruptcy A Form Of Failure?

Not A Failure Filing bankruptcy does not have to be looked upon as a failure. Bankruptcy can be looked upon as an opportunity to get a fresh start or to reorganize debt under existing federal bankruptcy laws. I don't believe anyone sets out to file for bankruptcy. However, certain events happen in life that leads to that result. For example, if you are someone who did not have health insurance and then had a catastrophic illness or injury, without bankruptcy you would likely never be able to get out of that debt. Perhaps you are someone who lost a job through no fault of your own and simply was not able to find adequate replacement work within a reasonable period of time. During the + Read More

There Are Three Main Reasons Why Somebody Would Want To File Chapter 7 Bankruptcy

File Chapter 7 Bankruptcy To Protect Property The first reason why somebody would want to file Chapter 7 bankruptcy is if they have something they want to protect. What I'm talking about here is something of value that is subject to a taking if a bankruptcy case is not file. This could be wages. If someone is currently being garnished, the creditor can obtain up to 15% of the net income from the debtor. Until such time that the debtor actually files for bankruptcy, the creditor will continue to take the wages or a portion of the wages over time. Another scenario is where someone has a bank account that is subject to a seizure or a attachment. If a bankruptcy case is not filed, either all or + Read More

Chicago Bankruptcy Lawyer David Siegel Explains Reaffirming A Debt In A Chapter 7 Bankruptcy Case

Chicago Bankruptcy Lawyer Explains According to Chicago bankruptcy lawyer David Siegel, some property should be reaffirmed.  With secured property such as a vehicle, furniture, jewelry, electronics, those are secured items. Therefore, when you file a chapter 7 bankruptcy you have effectively eliminated the debt on those items if you want to give up the property.   So, if you are way upside down on a car and you filed a chapter 7, this is your chance to give the car back and owe nothing to the lender. However, most people want to keep their car or keep their electronics or furniture or jewelry; so they enter into a reaffirmation agreement.  The reaffirmation agreement effectively puts the + 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