Protecting Your Assets In A Chapter 7 Bankruptcy Filing There are two main goals in filing a chapter 7 bankruptcy. The first goal is to eliminate as much debt as possible in order to get a fresh start. The second goal is to protect either all or as much of your personal property as possible […]
Yearly Archives: 2014
Chapter 7 bankruptcy can be confusing for many people. There are different scenarios where Chapter 7 comes into play to change lives. In the latest Legal Action show, we discuss the basics of Chapter 7 and how it can be used. A partial transcription of the show is listed below. You can also view the […]
The automatic stay in bankruptcy is the notice that puts creditors on notice that they cannot take certain actions against you in terms of collecting the debt. The automatic stay is created immediately upon filing of the bankruptcy case whether or not official notice has been received by that creditor or not. The automatic stay […]
You Can Protect Most Property You can file bankruptcy and protect a certain amount of personal property. If you are filing a chapter 7 bankruptcy, then you have certain exemption amounts under Illinois law that allows you to protect a certain amount of property. For example, you can protect up to $15,000 worth of equity […]
One of the great things that chapter 13 bankruptcy can accomplish is the return of a vehicle that was repossessed. Your vehicle remains your property until such time that it is sold at auction. Thus, until such time that vehicle is actually sold, you still own it and you have the ability to propose a […]
Follow Advice For A Smooth Chapter 7 If you want a chapter 7 bankruptcy case to go smoothly, then you want to follow all of the advice of your attorney. This advice starts with being open and honest regarding your financial situation. Your attorney is going to want to know everything that you have in […]
The Bankruptcy Court Date When you file for Chapter 7 or Chapter 13 bankruptcy, you’re going to have to appear at a 341 meeting of creditors. It is called a 341 meeting of creditors because section 341 of the bankruptcy code requires a debtor to appear and be examined under oath. This 341 meeting of […]
Chapter 13 Bankruptcy Attorney And Saving Property Being a Chapter 13 bankruptcy attorney puts me in a unique situation. It allows me to help somebody either save a home from foreclosure or save a vehicle from repossession or otherwise reorganize unsecured and secured debt over a period of 3 to 5 years. When people come […]
The Automatic Stay Stops The Wage Garnishment When you file for bankruptcy, you obtain an automatic stay. The automatic stay is the instrument which basically tells creditors that they can no longer take certain actions in an effort to collect a debt from you. If you are being garnished and you decide to file bankruptcy, […]
Positive Experience After Filing Bankruptcy The overwhelming majority of my clients who go through filing bankruptcy through my office find it to be a very positive and rewarding experience. They get to start over again financially. They are allowed to obtain credit immediately after filing and that might take the place of a credit card […]