When you are struggling with your bills and in need of a bankruptcy attorney, where do you turn first? For most people, they will search the internet to gather information. There is a wealth of information available regarding the different Chapters under the bankruptcy code as well as a plethora of attorneys ready, willing and […]
Author Archives: David M. Siegel
This is the case of Randolph Booker who lives in Warrenville, Illinois, DuPage County Illinois. Mr. Booker has never filed a bankruptcy before. He is not a homeowner and he lives with family so technical no landlord/tenant situation. He has a 2011 Nissan Pathfinder that is financed by Nissan Motor Acceptance. He is current on […]
There are several factors that can affect the cost to file for bankruptcy in Illinois. The first factor is which Chapter of the bankruptcy code are you filing under? If you are considering filing a Chapter 7, then you are going to have a fixed cost known as the filing fee. At the time of […]
Under either chapter 7 bankruptcy or chapter 13 bankruptcy, you must list all of the people that you owe money to. This includes credit cards that you want to keep, friends that lent you money, family members that lent you money and anybody else that you owe. The one exception to this would be with […]
Each case is different. Under Chapter7 bankruptcy, the debtor gets a fresh start. Under chapter 13 bankruptcy, the creditors get paid a certain percentage on the dollar over a three to five-year payment plan. The reason why one person would have to back a creditor and another would not is based on equity, income, assets […]
Chapter 7 bankruptcy allows for a fresh start. It also allows for you to keep a certain amount of property known as exempt property free and clear from creditors and from the long arm of the trustee. In terms of real estate, you can protect up to $15,000 worth of equity. In the case of […]
Well, all of your assets must be listed on a bankruptcy petition and this is true under chapter 7 or under chapter 13. If you are joint on a bank account, that basically means that you and the other party on the account both have equal rights to that money. If the sum is in […]
If you are behind on your second mortgage, you technically can be foreclosed upon by that second mortgage and eventually lose the home. The second mortgage might not be the one who gets paid or made whole but they can push the issue and actually do the bidding for the first mortgage company in a […]
This is the case of Carla Salerno from Chicago, Illinois who is interested in filing for bankruptcy. Ms. Salerno does not own any real estate. She is currently renting from a landlord at the same address as her but on the second floor. It is a month-to-month lease. She does not own a vehicle. She […]
This is the case of José Manuel Verones who comes to me with Wauconda, Illinois seeking debt relief. Mr. Verones is not a homeowner and he currently lives with his parents so he doesn’t have a formal lease. He’s got a 2000 Chevy Malibu which is worth $2000 and it is paid for. He has […]