The thought of losing one’s credit cards is a terrifying idea for some that are struggling with debt. In fact, such a fear prevents many people from actually filing for bankruptcy. The big fear is that bankruptcy will haunt them for life and prevent them from obtaining credit in the future. Everyone dreams of purchasing […]
Author Archives: David M. Siegel
Numerous Requirements There are numerous requirements that must be met by a debtor in a chapter 7 bankruptcy case. The debtor must complete a credit counseling session within 180 days of filing the petition. The debtor must complete a two hour personal financial management instruction course sometime after the case is filed but prior to […]
There are many ways to treat a vehicle when filing chapter 13 bankruptcy. Not one answer fits every case. In fact, the answer is going to vary depending upon whether or not the debtor is current on the vehicle, whether the vehicle was purchased within the last two and half years, and whether or not […]
Vehicle Impounded In Record Numbers During the last 10 days, I have seen a huge uptick in the number of Chicago residents who have had their vehicles impounded. This most certainly has to do with the city of Chicago and its effort to bring in revenue from parking ticket debt. When clients don’t pay their […]
Seasonal Worker I recently met with a gentleman who was employed by the union as a contractor. He had long stretches of unemployment and other stretches of high employment. He wanted to hear from me as to when was the right time to file chapter 7 bankruptcy. His situation is somewhat unique. He will work […]
The following snippet is from the Legal Action television show which airs on Comcast Cable in the suburban Chicago market. Attorney David Siegel talks about the types and amounts of property that can be kept while filing for Chapter 7 bankruptcy relief. Interviewer: When I do Chapter 7, fresh start, is there any property that […]
Please be aware that in recent weeks several current bankruptcy clients from multiple law firms in the Chicago area have been victimized or attempted to be victimized by a fraud scheme. This is how the fraudulent effort plays out in essence. There are two specific individuals that play a part in this scheme. The first […]
David Siegel: Of course, the creditors have an opportunity to show up at this meeting, and witness it, ask a few questions, possibly tell the trustee about something that they may know about the debtor. For example, if there’s property in Wisconsin that was not disclosed or an old Corvette that miraculously didn’t make the schedules. […]
While there are thousands upon thousands of questions pertaining to bankruptcy that I field every year, it seems that I hear three specific questions most often. I want to take the time to share the answer to those questions today. The three questions are: 1) How much is it to file? 2) Will I be […]
Chapter 13 bankruptcy is complicated. They are difficult cases from the standpoint of debtors, creditors, bankruptcy attorneys and at times the bench. For this reason, things don’t always proceed smoothly the first time through the process. Like anything else, there is a learning curve to doing things. For debtors, the learning curve can be drastic. […]