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 […]
Monthly Archives: September 2013
In a Chapter 13 bankruptcy case, upon filing, there is a creation of the Automatic Stay which protects the debtor against certain actions by creditors. If the debtor is filing a bankruptcy case where a prior case was dismissed within the last year, then the Automatic Stay unless extended, will expire after 30 days. This […]
If you are filing a Chapter 13 bankruptcy case in Chicago and in the prior year you have had two or more cases dismissed, then you are going to want to impose the Automatic Stay in your current filing. By the fact that you have had two or more bankruptcy cases dismissed within a calendar […]
The automatic stay protects debtors from collection activities after a bankruptcy case has been filed. What about a case where there is insurance coverage available on behalf of the debtor? What I am referring to is a case where the debtor was involved in an auto accident, had insurance coverage and then files for bankruptcy […]
Americans are used to handling debt. Most people carry debt of some sort in their daily lives. Even ones that are handling or managing the debt still feel the stress that comes with that debt. Despite this fact, most people carry on and seem to get by. That is, of course, until a creditor begins […]
The filing of a Chapter 13 bankruptcy case is a process that takes discipline, attention to detail and a strong effort to succeed. Chapter 13 involves repaying either all or a portion of your debt over a three to five-year period. We are talking about a long repayment plan; 36 to 60 months of consistent […]
Last week, Nancy H. came to my office looking to file a Chapter 7 bankruptcy case. She had $20,000.00 or so on credit cards and no other unsecured debt. She had a condominium that had a value of $89,000.00 and a mortgage debt of approximately $80,000.00. Thus, there was some equity in her condominium, but […]
A recent potential client called the office and wanted to get started with a filing. At the meeting, we talked about a greater likelihood of Chapter 13 based upon the income of the debtor and his spouse. Today, the talk came up about Chapter7 once again. Here is what I do in these situations: I […]
Oftentimes, when someone comes to see me for bankruptcy advice, they are already thinking beyond the process and into regaining credit. The trouble with this line of thinking is serious. Firstly, the client should be mostly concerned with getting out of debt. After all, the excessive debt is the reason for the consultation in the […]
Can I keep my car in Chapter 13 Bankruptcy? Yes, you can keep your car through Chapter 13. If your car is paid in full, it will just increase the amount that you have to pay back to your creditors based on the equity in your car. If you have a car that’s worth $10,000, […]
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