Chapter 7 Bankruptcy Discharge There are certain eligibility requirements in reference to getting a discharge under the bankruptcy code. Let’s begin with the most common form of bankruptcy which is a chapter 7 fresh start. Chapter 7 is when someone, an individual typically, has very little in the way of personal assets but has a […]
Yearly Archives: 2014
The most important thing about filing bankruptcy is the initial consultation with a bankruptcy attorney. It is not the price. It is not the location of the office. It is not the number of cases that the attorney has filed over the year. It is not whether that attorney is advertising on television. It is […]
Not A Failure Filing bankruptcy does not have to be looked upon as a failure. Bankruptcy can be looked upon as an opportunity to get a fresh start or to reorganize debt under existing federal bankruptcy laws. I don’t believe anyone sets out to file for bankruptcy. However, certain events happen in life that leads […]
There are specific time restrictions on when you can file certain bankruptcy cases. For Chapter 7, you can only receive a discharge of certain debts every eight years. There are also complex rules for filing Chapter 13 subsequently to a Chapter 7. In the video below, we talk about Chapter 7 in particular and how […]
Protecting Life Insurance When filing a chapter 7 bankruptcy, you are allowed to protect a certain amount of personal property. One of those items of personal property is life insurance. Life insurance is treated two different ways when filing bankruptcy. The first involves term life insurance. Term life insurance provides for a death benefit. What […]
Chicago clients are concerned about utility bills and how a bankruptcy filing affects their services. They are happy to know that they can get service to continue to or have it turned back on if it was disconnected. The video below talks about ComEd in particular, but it applies to gas service and telephone service […]
Depending on the budget, you might have to pay back 100% to your unsecured creditors in a chapter 13 bankruptcy case. The trustee appointed for your case is going to interview you at a 341 meeting of creditors. One of the main purposes of this meeting is to determine whether or not you are putting […]
The typical debts that are eliminated with Chapter 7 bankruptcy include credit cards, medical bills, personal loans and more. The transcription and video below explain what is eliminated in greater detail. Jesse Barrientes: What debts are typically eliminated with the Chapter 7? David Siegel: Well, a Chapter 7 is going to eliminate typical unsecured debt such […]
The automatic stay in the most powerful tool when filing bankruptcy. The automatic stay provides a shield of protection against most collection efforts. In the video below, we discuss just how powerful the stay is when filing a bankruptcy case. David Siegel: Let’s talk about what’s created the minute a bankruptcy case under Chapter 7 […]
There are income qualifications for filing Chapter 7 bankruptcy. If you are over the median for your state then you are subject to a means test. If it is determined that you have the ability to pay back at least 25% over the next three to five years, then you will not qualify for Chapter […]