Information For You Bankruptcy Attorney When you are filing for bankruptcy, your attorney is going to want to know a series of information from you. Most importantly, he’s going to want to know what you own, what you owe, what you earn and what you spend. In my office, we have developed a confidential bankruptcy […]
Yearly Archives: 2014
The Percentage Will Depend Many clients want to know what percentage is going to get paid back to creditors if they file chapter 13 bankruptcy. The answer to this question depends on a number of different factors. First, the debtor’s income is factored into the equation right from the start. Second, we have to take […]
A Chapter 7 bankruptcy case can take can take anywhere from 3 to 4 months if someone moves very quickly. Allow me to explain. Chapter 7 involves the filing of a bankruptcy petition. The bankruptcy petition has to be prepared, signed by the client; the client must then take credit counseling and provide the most […]
Immediately after filing a bankruptcy case you have the ability to apply for credit. Most lenders are going to want to have you wait approximately 6 months to two years before extending you any kind of unsecured credit. You can apply for auto financing immediately after a bankruptcy filing. This is known as open bankruptcy […]
The bankruptcy petition is the document that gets filed with the clerk of the United States bankruptcy court. The petition is basically everything about you financially. It encompasses all of your assets, your liabilities, your income, your expenses and your statement of financial affairs. The bankruptcy petition is what the chapter 7 trustee is going […]
When Chapter 13 Bankruptcy Is Used Chapter 13 is a reorganization under the United States Bankruptcy Code. Chapter 13 allows you to repay debt over a three to five-year period. It’s most commonly used to save a home that’s been in foreclosure or to save a vehicle that’s been repossessed or to stop collection activity […]
A credit counseling session must be taken prior to a bankruptcy case being filed. You want to make sure that you do not take the credit counseling too far in advance of your bankruptcy filing. The bankruptcy code mandates that the credit counseling session must be completed within 180 days prior to your actual filing. […]
This is a case of Santana Magentey who comes to me from South Ellis Ave., Chicago, IL. Santana is coming to me for a free, initial consultation regarding bankruptcy. She basically wants to know if she can re-file a chapter 7 bankruptcy case to obtain a new start. Let’s take a look at the facts […]
When you file for chapter 7 bankruptcy and you have a secured vehicle, you have three choices which you can make. You can either reaffirm on the debt, you can redeem on the debt or you can surrender the property in full satisfaction of the debt. If you decide to reaffirm the debt on your […]
Chapter 13 Bankruptcy – Payroll Control In some jurisdictions, payroll control is mandatory. This is where the money to pay your Chapter 13 trustee is deducted by court order out of your pay. Now, payroll control can only work if you have a job. If you are self-employed, or if you are on unemployment, if […]