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

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

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

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

Bankruptcy & The Right Time To File

Chapter 7: Time To File? David Siegel: When would somebody want to file a Chapter 7 bankruptcy as opposed to not filing at all? What is the reason why someone would file a Chapter 7? Jesse Barrientes: I guess there are a lot of different reasons. One would be for example if somebody filed a lawsuit against you and what somebody gets a judgment, and I think we talked about that at one of our programs. We have gone through the small claims process and some other processes. But once a creditor obtains a judgment, than they do what they call supplementary proceedings that include the possibility of attaching of lean to your wages, wage garnishment or of attaching to your bank account or any + Read More

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