Most people are under the misconceptions that if they file for bankruptcy, then they will lose all of their property. This is simply not the case. Most people who file for Chapter 7 bankruptcy retain all of their personal property. That is because the state of Illinois provides exemptions as it related to personal property. […]
Author Archives: David M. Siegel
In the past, if you were behind on your mortgage payments and did not want to keep your home, you had the ability to surrender it without much concern. Everything changed however at the start of 2014. The mortgage debt forgiveness relief act was not extended into 2014. This means that if you surrender your […]
Personal Bankruptcy Is Technically Public The fact is that filing a personal bankruptcy case is public record. However, the fact you filed is not something that is easy to obtain by the general public. There is a public access system known as PACER which contains information regarding bankruptcy filings throughout the country. To gain access to […]
Chapter 7 bankruptcy is known as liquidation bankruptcy. However, in most cases, there is nothing to liquidate. The debtor gets to keep a large portion of personal property while going through the process. The Illinois law that allows the debtor to keep property while filing for bankruptcy is known as exemptions. They apply to homes, […]
Bankruptcy Help Is Harder To Get When you are struggling financially, you need bankruptcy help. You need to find a bankruptcy attorney that can take you from point A to point B. You want to get out of debt, you want to get a fresh start, you want to get back to a life without […]
Bankruptcy Means Test If you’re trying to file a chapter 7 bankruptcy, you must first qualify. One of the qualifications is that you must pass the means test. The means test is a mathematical formula designed to prohibit those from filing a chapter 7 bankruptcy if they have the ability to repay a portion of […]
Bankruptcy Petition Can Be Amended Your bankruptcy petition can be amended after you file. This is often the case when someone forgets to list a particular creditor. The creditor may not have shown up on the credit report or the debtor simply misplaced a bill from that creditor. In a chapter 13 case, the bankruptcy […]
Credit Unions If you are a member of a credit union and you have debt with that credit union, you need to be aware of certain circumstances as they relate to your bankruptcy case. Credit unions operate under different rules than ordinary banks. When you place money in a credit union account it is known […]
Should You File? Let’s talk about a bankruptcy scenario that comes up from time to time. Let’s say you’re someone who is struggling with debt, you’re single, and you finally found someone you want to marry. Your future spouse does not have any debt and he or she has a very good income. The question […]
When It Makes Sense There are circumstances where it makes perfect sense to convert a chapter 13 to chapter 7. One of the reasons why someone would want to convert their bankruptcy case is due to an inability to make chapter 13 payments. This can happen when someone loses their job, gets a divorce, becomes ill or […]