A successful chapter 13 requires you to make timely, monthly payments to a chapter 13 trustee over the life of your plan. The plan could last anywhere from 36 to 60 months typically. Your plan may run less than that provided you pay off the debt in full. If you fall behind on your trustee […]
Yearly Archives: 2014
If you’re struggling from debts that arose from gambling, chapter 7 very well may be your answer. There has been an increase over the last 25 years in the state of Illinois with gambling institutions. These so-called boats have led many addicted people to lose their life savings, their families, their jobs, and their dignity […]
Student loans are generally an unsecured debt that is non-dischargeable in a bankruptcy case. This means that under chapter 7 fresh start bankruptcy, a student loan must be listed however it is not eliminated. There are some circumstances where a student loan may be discharged however that involves an extreme hardship case and I’ve never […]
When you file Chapter 7 bankruptcy, not all of your debts may be eliminated. For example, student loans, recent taxes, parking tickets, child support and debts incurred through fraud are not eliminated. The video below talks about how some people will run up the balance on a credit card in anticipation of filing Chapter 7 […]
A Chicago Bankruptcy Timeframe for a case can last anywhere from 3 to 4 months from filing until discharge. This assumes that there is no objection to your discharge or no adversarial complaint in your case. Let’s start at the beginning. You need to meet with a bankruptcy attorney to go over your income, your expenses, […]
The interplay between divorce and bankruptcy is confusing. There are also important decisions to make when deciding whether to file bankruptcy and when to end a marriage. Divorcing is generally easier on all parties when the divorcing couple can agree on as many issues as possible. This is especially true for division of debt in […]
New Filing Fees Starting June 1, 2014, bankruptcy filing fees are going to increase. The filing fee for a chapter 7 bankruptcy case is increasing to $335.00. The filing fee for a chapter 13 bankruptcy case is increasing to $310. 00. So if you’re already struggling to pay your debts and are seeking bankruptcy protection, […]
You are not required to use a Chicago bankruptcy lawyer if you live in cook County and wish to file for bankruptcy relief. Much more important than where the attorney is located, is what type of qualifications does the attorney have to handle your case. You might find a bankruptcy attorney within six blocks of […]
Most clients who call seeking chapter 7 bankruptcy relief do not have significant equity in their real estate. In fact, most clients who call today have no equity in their real estate. Since the real estate market plummeted several years ago, most clients are in a situation where they owe more on the property than […]
There are secured creditors that must be treated a certain way in a bankruptcy case. The transcription below touches the surface on what a secured creditor is and what types of decisions have to be made with regard to those secured creditors. Jesse Barrientes: You said there were secured and unsecured creditors. So then unsecured creditor […]