People often wonder what percentage creditors are going to be paid back in a chapter 13 bankruptcy. As a bankruptcy attorney in Chicago, I can only estimate what the approximate amount may be. The reason why I cannot provide a definitive answer is because I do not know what type and amount of claims are […]
Yearly Archives: 2014
There are several ways to stop a wage garnishment. One of the ways that I deal with on a daily basis is by filing chapter 7 or chapter 13 bankruptcy for individuals and families struggling with debt. Chapter 7 bankruptcy filing involves the creation of an automatic stay. The automatic stay prohibits collection activities after […]
I just got a recent call from a woman who has been a client for approximately 9 months. She was set up on a payment plan, however has not made a payment in over five months. It turns out that one of the creditors has obtained a judgment and has now served her employer with […]
One of the things most people want to know when considering bankruptcy is how soon after filing bankruptcy can they obtain credit. The answer to this will vary from case to case but there is a relatively simple formula to follow. After your case is filed, you can apply immediately for a secured credit card. […]
When the bankruptcy laws were changed on October 17, 2005, there was an effort to curb abusive filings. To do so, a means test was authored utilizing IRS standards for acceptable expenses. In addition to the means test, there were requirements such as having completed a credit counseling session before a case can be filed […]
Dismissing and Re-filing a Chapter 13 There are certain circumstances where you may want to dismiss your chapter 13 case and refile. You do have the ability to do this. There are certain circumstances where you may have to wait six months to refile. This would be the case where you want to dismiss the […]
This is the bankruptcy case study for Todd, from Steger, Illinois, and his wife Emily. The couple is considering chapter 7 or chapter 13 bankruptcy, but is not sure which chapter is best for them. Let’s explore the details. The couple owns a home in Steger, Illinois with a market value of approximately […]
Bankruptcy Case This is the bankruptcy case study for JW from Chicago Illinois who is seeking bankruptcy protection. There is no real estate involved in this case. There is no rental situation in this case. The client owns a 2014 Nissan Versa which is financed through Nissan Acceptance Corporation. The vehicle is worth $17,000 and […]
Many people who are considering filing bankruptcy are interested in knowing how long the fact that they file bankruptcy will stay on a credit report. The answer is that proof of bankruptcy filing can last up to 10 years on a credit report. However, this fact should not dissuade one from filing for bankruptcy if […]
Waiting To File Bankruptcy There are so many people that I talk to over the course of a month who contemplate whether to file bankruptcy yet take no action. Many of these people feel that the problem will simply go away. Some people feel that their financial situation is going to somehow change on its […]