Depending on the budget, you might have to pay back 100% to your unsecured creditors in a chapter 13 bankruptcy case. The trustee appointed for your case is going to interview you at a 341 meeting of creditors. One of the main purposes of this meeting is to determine whether or not you are putting […]
Author Archives: David M. Siegel
The typical debts that are eliminated with Chapter 7 bankruptcy include credit cards, medical bills, personal loans and more. The transcription and video below explain what is eliminated in greater detail. Jesse Barrientes: What debts are typically eliminated with the Chapter 7? David Siegel: Well, a Chapter 7 is going to eliminate typical unsecured debt such […]
The automatic stay in the most powerful tool when filing bankruptcy. The automatic stay provides a shield of protection against most collection efforts. In the video below, we discuss just how powerful the stay is when filing a bankruptcy case. David Siegel: Let’s talk about what’s created the minute a bankruptcy case under Chapter 7 […]
There are income qualifications for filing Chapter 7 bankruptcy. If you are over the median for your state then you are subject to a means test. If it is determined that you have the ability to pay back at least 25% over the next three to five years, then you will not qualify for Chapter […]
File Chapter 7 Bankruptcy To Protect Property The first reason why somebody would want to file Chapter 7 bankruptcy is if they have something they want to protect. What I’m talking about here is something of value that is subject to a taking if a bankruptcy case is not file. This could be wages. If someone is […]
In order to file for Chapter 7 bankruptcy, you must provide a copy of your most recent Federal tax return. If you are going to be receiving a sizable refund, then you want to time your bankruptcy filing so that you do not have the refund forthcoming after your filing date. This way, you are […]
Chicago Bankruptcy Lawyer Explains According to Chicago bankruptcy lawyer David Siegel, some property should be reaffirmed. With secured property such as a vehicle, furniture, jewelry, electronics, those are secured items. Therefore, when you file a chapter 7 bankruptcy you have effectively eliminated the debt on those items if you want to give up the property. […]
Chicago Bankruptcy City violations in Chicago, incurred after filing for a Chicago bankruptcy are not eliminated. One such example is where someone who surrenders a home in foreclosure yet owes city violations and then files chapter 7, the debt to the city is not wiped out. You would think that once you give up a […]
Homeowners very often wind up filing for bankruptcy. Before filing, homeowners wonder whether or not they will be able to keep their house through the bankruptcy process. For most homeowners, there is not sufficient equity in the property which would cause them to lose the property. In other words, the property has no administrative value […]
Jesse Barrientes: What are the requirements for filing a Chapter 7, the pre-filing requirements? David Siegel: Yeah, before a case can be filed, the individual has to go through certain requirements and the first of which is they must take a credit counseling session. Jesse Barrientes: What does that consist of? David Siegel: The credit […]