About 10 to 20 years ago, I would see the same typical creditors in a bankruptcy case. I would likely see credit card debt, outstanding medical bills, parking tickets, tax debt, and an occasional unsecured, personal loan. These are the majority of creditors that made up bankruptcy cases 10 to 20 years ago. My how […]
Author Archives: David M. Siegel
Most people thinking about filing for bankruptcy are understandably concerned about paying for the service. They wonder how in the world they going to pay the attorney’s fees and the court costs in an effort to get out of debt. After all, they have very little available per month after they are paying all of […]
When you file a chapter 7 bankruptcy, you are basically telling creditors that you have no significant assets from which to pay them. To prove this, on your bankruptcy petition you must list all of your property of every nature. You are then allowed to protect or exempt a specific amount of property depending upon […]
I recently had a client who was reorganizing student loan debt over a five-year period. He was willing to pay back 10% of the student loans knowing full well that the other 90% would be due and owing plus interest after his bankruptcy case was over. He did have some minor credit card debt and […]
Most people do not wish to file for bankruptcy. They know there’s a psychological aspect. They know there’s a monetary fee. They know that there is a process. In fact, most clients wind up filing for bankruptcy after some catastrophic event triggers the necessity to file. Wouldn’t it be wise if on certain occasions people […]
This is the bankruptcy case study for E.A. from Montgomery, Kendall County, Illinois. He is here to see whether chapter 13 bankruptcy will provide debt relief for him. Let’s look at the facts of his case: he is currently a homeowner with a market value of $149,000. (www.zillow.com)He has two outstanding loans on the property. […]
I have had bankruptcy clients who have been overly concerned with their credit score before, during, and after they have filed for bankruptcy. The credit industry, including the credit bureaus and the credit protectors, have done a great job of marketing to Americans the importance of having a good credit score. What they fail to […]
I know it’s tempting to utilize the value of your car to obtain money. I also know you’re inundated with TV commercials, radio commercials, signs on the expressway and stores popping up in your local neighborhood offering you money for your title. I also know that desperate times often lead to desperate measures. The problem […]
If you want to get the best result for your bankruptcy case, then you need to listen really closely to your bankruptcy attorney when he’s giving out his advice. If you fail to follow the advice, you may find yourself owing people money after your bankruptcy case is over. The most common example of this […]
Filing Bankruptcy with too much property? If you or someone you know is thinking of filing bankruptcy, the value of the property that one has must be ascertained. If you have very little property and if the market value is low, you will more likely than not be eligible for a chapter 7 fresh start […]