While it is typically true that there are generally three options available to debtors in a chapter 7 bankruptcy with regard to their autos, there may in fact be a fourth option. In a chapter 7 bankruptcy case the debtor has the ability to reaffirm, redeem or surrender and auto. A fourth option which seems […]
Author Archives: David M. Siegel
In this excerpt from Legal Action, Attorney David M. Siegel talks about the creation of the automatic stay in bankruptcy. Some debts are eliminated whereas others are not. It all depends upon the type of debt and the type of bankruptcy. Interviewer: What happens if I’ve got a garnishment or a threat of garnishment or […]
In this excerpt from the Legal Action television show, Attorney David Siegel talks about the types of debts that can be eliminated in a Chapter 7 case. He also covers the fact that student loans are not typically eliminated in bankruptcy. What type of debts can be eliminated through a Chapter 7 Bankruptcy? A: David […]
This excerpt from the Legal Action television show highlights the fact that there are pre-filing requirements that must be satisfied prior to filing for bankruptcy. Long gone are the days where a person could simply fill out some papers from an office supply store, head down to the Clerk of the U.S. Bankruptcy Court and […]
Chicago bankruptcy attorney David M. Siegel answers a few important questions pertaining to Chapter 7 bankruptcy. The questions were made a part of the Legal Action television show which airs in the Chicago market. Whats a Chapter 7 Bankruptcy? Interviewer: What’s a Chapter 7? David Siegel: Chapter 7 is the most common form of bankruptcy. About 75 […]
You may have heard that effective June 12, 2015 there is a proposed order to employer to pay the trustee for chapter 13 cases in the Northern District of Illinois, Eastern Division, bankruptcy court. The proposed order can be submitted by the attorney for the debtor or the trustee. However, we have not heard any […]
Before your bankruptcy attorney pulls the trigger on an actual filing, you should undergo a thorough final review of your petition. You may discover that your monthly plan payment can change based upon your current circumstances. You may have assets that have shifted or otherwise transferred in the ordinary course of business. You also may […]
With so many Americans underwater with their homes, it should not be surprising that many people have elected to walk away from their homes and file for bankruptcy. Chapter 7 bankruptcy allows for the liquidation of property, real and personal. The debtor has the opportunity in a chapter 7 bankruptcy case to surrender items that […]
It is basically true that a chapter 13 plan typically will have a monthly dollar amount which will last for the duration of the case. However, there are certain circumstances were a chapter 13 plan in bankruptcy can be modified. One such case would be where the debtor has fallen behind on his monthly plan […]
Subpoenas Are Rare In Bankruptcy Subpoenas issued in consumer related bankruptcy cases are rare. They are usually issued by the United States Trustee pursuant to an investigation as to dischargeability. Although ordinary creditors do have the right to conduct 2004 examinations with court approval and subpoena documents, they often will not undergo the process because […]