Bankruptcy – I Share a Bank Account, Is That Money At Risk?

Well, all of your assets must be listed on a bankruptcy petition and this is true under chapter 7 or under chapter 13.  If you are joint on a bank account, that basically means that you and the other party on the account both have equal rights to that money.  If the sum is in excess of the state exemption amounts, then a portion of that fund or account may be touchable or attachable by the trustee in order to administer it for the benefit of creditors. Now, in a chapter 13 bankruptcy case, your property is completely protected so it wouldn’t matter if you had a joint account that had nonexempt equity.  In a 13, you simply must pay back at least as much as creditors would get in a chapter + Read More

Foreclosure -Can I lose my house if I am behind on my second mortgage?

If you are behind on your second mortgage, you technically can be foreclosed upon by that second mortgage and eventually lose the home.  The second mortgage might not be the one who gets paid or made whole but they can push the issue and actually do the bidding for the first mortgage company in a foreclosure action.  My advice to consumers and those that are going through bankruptcy is to maintain current payments on both the first and second mortgage holders.  If you fail to make either the first or the second mortgage payment, then either one of those vendors can institute a foreclosure action if you fall far enough behind. In some cases, you can fail to make the second mortgage payment + Read More

Can I Put Condo Associations Fees In A Bankruptcy

The simple answer is yes, the condo associations can be put in a Chapter 13 bankruptcy and be repaid over a 3 to 5 year period.  Much like a mortgage that you fell behind on, the condo association is a secured debt, secured by your property that you need to pay in order to keep that property or in order to keep the right to possess that property.  By filing a Chapter 13, you can take the amount that you owe to your condo association and propose to repay that amount over a 3 to 5 year period.  Now, the catch is that you must continue to make your regular condo Association payment going forward after your case is filed.  Simply reorganizing the part you fell behind and failing to make the + 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

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

Call 1 (847) 520-8100ORFREE INITIAL CONSULTATION
  • AS SEEN ON:
AS SEEN ON: