Joliet Bankruptcy Lawyer States “You Need Not Struggle Anymore”

According to Joliet Bankruptcy Lawyer, David Siegel, Joliet has always been a tough, blue-collar, hard-working town in Will County, Illinois. When times are tough in the state of Illinois, they are especially tough in Joliet. And times have been really tough lately. The housing market has not recovered in this area. The job market certainly has not recovered in this area. People are paying more for food, clothing, gas and they are taking home less. This type of climate leads one to explore other avenues of credit. These include credit cards, payday loans, title loans, unsecured loans and borrowing from friends and family. What we are looking at is a perfect storm leading to + Read More

Interesting Development in Some Chapter 13 Bankruptcy Cases

When the bankruptcy laws were changed on October 17, 2005, there was an effort to curb abusive filings. To do so, a means test was authored utilizing IRS standards for acceptable expenses. In addition to the means test, there were requirements such as having completed a credit counseling session before a case can be filed and financial management instruction completion before a case can be discharged. There were also measures aimed at curbing repetitive filings. This all centered around the creation of and the existence of the automatic stay. If someone was filing a chapter 13 bankruptcy within one year after a prior case was dismissed, then the automatic stay would only last in the new + Read More

Can We Save Our Home With Bankruptcy?

    This is the bankruptcy case study for Todd, from Steger, Illinois, and his wife Emily. The couple is considering chapter 7 or chapter 13 bankruptcy, but is not sure which chapter is best for them. Let's explore the details. The couple owns a home in Steger, Illinois with a market value of approximately $110,000. The debt owed on the property to pay it off in full is $103,000. The problem is that they are $27,000 behind on their mortgage payment and close to losing the property to a foreclosure sale. The couple owns one vehicle, a 2003 Nissan Frontier which has 114,000 miles on it.  The vehicle is paid in full with a value of approximately $3000. The couple has a + Read More

Bankruptcy And Your Credit Report

Many people who are considering filing bankruptcy are interested in knowing how long the fact that they file bankruptcy will stay on a credit report. The answer is that proof of bankruptcy filing can last up to 10 years on a credit report. However, this fact should not dissuade one from filing for bankruptcy if overwhelming debt is a major concern.  Most clients are surprised at just how fast they receive offers for credit after they file for bankruptcy relief. For example, they can apply for credit cards immediately after a bankruptcy case filed under chapter 7. They will get offers for credit cards typically within six months to one year after filing. Now these cards may have high interest + Read More

Chapter 7 Bankruptcy – Liquidation

Chapter 7 bankruptcy is known as liquidation bankruptcy. However, in most cases, there is nothing to liquidate. The debtor gets to keep a large portion of personal property while going through the process. The Illinois law that allows the debtor to keep property while filing for bankruptcy is known as exemptions. They apply to homes, vehicles, personal property, retirement accounts, life insurance and much more. To ensure that your property is protectable while filing for bankruptcy, you should consult with an experienced bankruptcy attorney to learn your rights. The transcript of the video below talks about the process of keeping property while filing for bankruptcy relief. David + Read More

Bankruptcy And Foreclosure: Can I Save My Home?

Chapter 7 & Foreclosure Filing bankruptcy can go a long way toward saving a home that's in foreclosure. Each chapter of the bankruptcy code will affect the outcome or the continuation of a foreclosure case differently. Under chapter 7 bankruptcy law, and automatic stay will kick in which will temporarily halt a foreclosure case. In a chapter 7, the creditor will bring a motion to modify the automatic stay and will be able to proceed where it left off in the foreclosure process. This delay can last anywhere from one month to four months depending upon the timing and conduct of the creditor. Chapter 13 & Foreclosure Under chapter 13 bankruptcy law, the foreclosure case may possibly + Read More

What Happens To Unsecured Creditors If They Don’t File A Claim?

One of the many benefits of filing a chapter 13 bankruptcy case is the ability to repay creditors less than what's owed in many cases. Some cases don't require a full payment to unsecured creditors. This all depends upon the income and expenses of the debtor as well as the debtor's ability to repay the entire debt over a three to five-year period. In most cases, however, unsecured creditors are paid less than what is owed and as little as 10%. Once a chapter 13 bankruptcy case is filed, the clerk of U.S. Bankruptcy Court will send out a notice of filing to all the creditors listed on the debtor's petition. There is a timeframe whereby creditors must file a proof of claim. A proof of claim + 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

What Happens When Only One Co-Debtor Files For Bankruptcy?

The Typical Co-Debtor Protection In most circumstances, when only one co-debtor files for bankruptcy protection, the non-filing co-debtor usually can maintain the property provided that the co-debtor continues to make timely payments. An interesting situation arose in a recent case. The particular property is a boat. Husband and wife both signed for and are responsible for the debt owed to the boat financing company. It turns out that husband was forced to file a chapter 7 bankruptcy case. The lender with the boat as security sent a reaffirmation agreement seeking to have the debtor reaffirm that debt despite the fact that there was a non-filing co-debtor spouse. When I contacted the + Read More

There Are Different Types Of Bankruptcy

It’s easy to be confused when talking about the different types of bankruptcy. Most people are aware that bankruptcy is a way to eliminate debt. What they are not sure of, is whether it’s really in their best interest to file at all. There are some cases where it’s a tough decision. The person may be getting by, but struggling. The person might feel that there is no relief in sight if they continue down the same path month after month making minimum payments on credit cards. For others, they have no choice but to file bankruptcy. They may be garnished and a creditor is taking 15% of their net take-home pay. In other cases, a bank account might be frozen prohibiting that person from making + Read More

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