Bankruptcy Case Study For Eddie B. From Chicago, Illinois

Real Estate Property This is the case of Eddie B. who comes to me from Chicago, Illinois, which is located in Cook County, Illinois for a bankruptcy consultation. Eddie has filed a chapter 7 bankruptcy but it's been over 12 years so he is eligible to file again. He owns a single-family home worth approximately $180,000 and his mortgage debt is $170,000. Thus, he does not have significant equity and he will be permitted to keep that house as long as he continues to make his monthly payments. He also has a homeowner’s association fee of $155 per month and he is up to date. Personal Assets He has a 2011 Acura financed through the credit union at the rate of $556 per month with a total + Read More

The Case Tilts Toward A Chapter 7 Bankruptcy Filing

This is the case of William Forte, who comes to see me from Great Lakes, Illinois which is Lake County, Illinois regarding a Chapter 7 bankruptcy petition.  He did file a bankruptcy back in 1999 under Chapter 7.  It’s been over eight years so he is eligible to file again.  He does not own a home.  He is renting and he is on a yearly lease which expires in December.  He has a vehicle debt, a 2010 Honda Accord financed through Honda Financing.  He owes approximately $18,000 on the vehicle and he pays $480 per month for the vehicle. In terms of personal property, he has a checking and savings account with Armed Forces Bank approximate balance $600.  He has minor household goods worth + Read More

Debt – Is Chapter 7 or Chapter 13 Better?

This is the case of Amy Jackson who resides in Chicago, Illinois who was visiting me for a consultation on debt relief.  Ms. Jackson filed a Chapter 7 bankruptcy more than 10 years ago so she is eligible to file once again.  She does not own any real estate.  She is currently renting.  No formal lease but she is paying $900 a month for rent.  She has no vehicle in her name and she is not using a vehicle. In terms of personal property and assets, she has a checking and savings account at Citibank with an approximate amount on account between the two accounts of $400.  Her security deposit is $900 per month.  Her household goods which includes her TV, her furniture and her other minor + Read More

Eliminate The Credit Card Debt Through Bankruptcy Filing

This is the case of Ms. Corey Felton who was in my office to see me about debt relief whether it be Chapter 7 or Chapter 13.  Corey resides on Waverly Place in Joliet, Illinois which is Will County, Illinois.  She filed a Chapter 7 bankruptcy back in 2001 so it’s been more than eight years.  She is able to file another bankruptcy case if she so chooses.  She does not own any real estate.  She is currently renting.  Her landlord has got her under a month to month lease.  She does not have a vehicle in her name.  She is using a vehicle that is currently in her father’s name so she has no equity in that vehicle.  In terms of personal property, she has a checking account at TCF Bank and she + Read More

Chapter 7 Bankruptcy Fresh Start Recommendation

This is the case of Gail Sanders who lives on 60th St. in Chicago, Illinois.  She is interested in filing a Chapter 7 bankruptcy to eliminate credit card debt.  Gail has never filed bankruptcy before.  She is not a homeowner.  She is renting.  Her landlord is St. Edmunds Commons.  She has a yearly lease which expires in December. In terms of a vehicle, she has a paid off 2004 Chevy vehicle with 113,000 miles.  We estimate the vehicle at approximately $1500 and she intends to keep it and keep it running. She has a checking and a savings account at TCF and at PNC Bank.  The approximate balance in both accounts less than $100.  She’s got minor household goods which she is overvaluing at + Read More

Bankruptcy – Chapter 7 Is The Recommendation

This is the case of Kelly Stapick who comes to me from Villa Park, Illinois which is in DuPage County, Illinois.  She is also here with her husband, Joseph Stapick. The couple does own real estate property worth approximately $190,000.  It’s a single-family home.  There is one mortgage on the property and they owe approximately 200,000, thus there is no equity.  They are up-to-date on their real estate and they wish to keep it.  They are not renting from anybody and nobody is renting from them. In terms of personal property, they have a 2011 Honda Civic which is financed by Honda Financial Services.  The vehicle is worth approximately $12,000 and they owe approximately $15,000.  They + Read More

Chapter 13 Bankruptcy Recommended Client

This is the case of Jimmy Brownlow who resides in Chicago, Illinois.  He’s here for a consultation regarding Chapter 7 or Chapter 13.  Mr. Brownlow has never filed for bankruptcy before.  He does have a two flat which is worth approximately $176,000 and he owes $179,000.  He has property tax arrears of $1400.  He is $25,000 behind with his mortgage company Chase and he has indicated that he wants to surrender the two flat.  He’s not renting from anybody and nobody is renting from him so he is not gaining any monetary value for having the two flat. In terms of a vehicle, he has a 2001 Chevrolet Blazer which is paid in full with an approximate value of $25,000.  He has a checking account at + Read More

Preventing Barb’s Foreclosure Through Bankruptcy

This is the case of Barb from Chicago, Illinois.  Barb comes to my office with medical bills, credit card bills and most importantly, a home that she really cannot afford.  She has an equity loan on her home which matures in approximately 2 years.  She is considering Chapter 7 bankruptcy to eliminate her debt but also for some long-term planning.  By that I mean she is thinking of surrendering the house at some point down the road in exchange for her fresh start under Chapter 7.  She has medical issues which she feels might lead her to possibly not surviving in the next 4 to 5 years.  Her thinking is she can stay in her house, make the utility payments, food, clothing, entertainment, gas, + Read More

Bankruptcy Attorney Recommends Chapter 7 For Illinois Man

This is the case of Michael Greer who comes from Park Ridge, Illinois seeking advice concerning debt.  Mr. Greer has never filed for bankruptcy before.  He is not a homeowner and he is currently renting from an individual on a month-to-month basis.  He has a 2004 Lincoln Navigator that’s worth approximately $12,000 and he owes $26,000 to Allied Financial who is the lien holder.  Assets He has a checking account at Chase Bank with $200 in it and no savings account, minor household goods worth $500, minor clothing worth $500.  He does have some minor stock worth about $100 and he has a dog.  He is currently married, he has two dependent children; two daughters, 12 years old and one six + Read More

Bankruptcy – Chapter 7 Recommended – Case Study

This is the case of Randolph Booker who lives in Warrenville, Illinois, DuPage County Illinois.  Mr. Booker has never filed a bankruptcy before.  He is not a homeowner and he lives with family so technical no landlord/tenant situation.  He has a 2011 Nissan Pathfinder that is financed by Nissan Motor Acceptance.  He is current on the vehicle.  He owes approximately $35,000 on it.  It’s worth about the same.  And his monthly payment is very high at $752 per month. He has a checking account at Bank of America, no savings account; minor household goods worth approximately $1000 and minor clothing worth about $400.  He does have three shotguns and some golf clubs with a garage sale value of + Read More

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