Original Plan When a chapter 13 bankruptcy case is filed, an original plan is also filed with the court. The original plan is put forward to notify creditors, the trustee, and the court as to how the debtor proposes to repay creditors over a three to five-year period. The original plan is not likely to […]
Author Archives: David M. Siegel
You Will Make It Through Your Bankruptcy; Don’t Panic For many people the thought of filing for bankruptcy is devastating. If it turns out that you need to file and you simply cannot pay off your debt, listen to the advice of your bankruptcy attorney and don’t panic. There are several panic mode incidents which […]
New Local Form 25 Effective June 12, 2015, there is a new method to have chapter 13 payroll control orders entered before the court. The new system completely streamlines the process of getting the order entered quickly and effectively. The clerk’s office in the Northern District of Illinois came up with a new form, local […]
Section 329 of title 11 United States Code is entitled debtor’s transaction with attorneys. This section gives the court oversight in financial as well as transactional relationships between debtors and their attorneys. It basically states that any attorney representing the debtor in bankruptcy shall file with the court a statement of the compensation paid for […]
Most chapter 7 bankruptcy trustees in Cook County do a great job of balancing their duties while administering chapter 7 cases. There are more than a select few Trustees who seem to be growing towards advancing these cases beyond what they were intended to be. Let me provide a little background. The duties of a […]
Bankruptcy Misconception There is a misconception out there that states that a married couple must file a joint bankruptcy case. This is simply not the case at all. It is true that the total family budget is a factor in determining whether a bankruptcy case can be filed and of which chapter. However, there is […]
There are many keys to having a successful chapter 13 bankruptcy case. Most importantly, a successful case is one where the debtor has the financial ability to reorganize, the determination to see it through and the ability to satisfy the many requirements of the bankruptcy code. One main factor that I found to be a […]
During a recent chapter 7 341 meeting of creditors, the trustee inquired about a stock loss. The inquiry was a result of examining the debtor’s tax return for the current year and seeing a carryover loss of nearly $40,000. The trustee wrongfully believed that the debtor had sold or liquidated $40,000 worth of stock during […]
Recovering Your Vehicle More and more clients are filing chapter 13 bankruptcy to recover their vehicle which was impounded by the city of Chicago. This is the very common case where someone with Chicago parking tickets winds up on the boot list and eventually their vehicle gets impounded. They also receive a notice from the […]
You can file a bankruptcy case on your own which is known as filing pro se. However, I would not recommend this and I would certainly never recommend it in a chapter 13 bankruptcy case. Approximately once per month, someone will come into my office who has filed a bankruptcy case on their own behalf […]