As these economic times get tougher and tougher for debtors, I am confronted on a weekly and sometimes daily basis regarding their plight. In the most recent case, a debtor was having a difficult time making his rent payment and was concerned about being evicted. He then remembered that he had hired an attorney four […]
Author Archives: David M. Siegel
Overview This is the bankruptcy case study for Mr. and Mrs. C., who reside in Addison, Illinois. Although the case will be filed in DuPage County, the majority of the assets reside in another county. Let’s begin with the fact that the couple rents their current home in Addison. Their former home was foreclosed upon […]
Plan Payment Problems A common problem that happens in a chapter 13 bankruptcy case is the inability to continue to make plan payments. This inability to make the plan payment can happen for a variety of reasons. The most common reasons are job loss, illness, injury, divorce, and other catastrophic events. Just recently, a couple […]
Income Whether you are eligible to file under a particular chapter of the bankruptcy code is dependent upon a number of factors. One of the most critical factors is whether or not you qualify based on income. Income is calculated based upon all sources for one part of the bankruptcy petition, yet not necessarily included […]
Booted, Repossessed, Impounded Other than death, divorce and job loss, there is nothing worse than heading out to your car only to find out that it has been either booted, repossessed or impounded. If you find yourself in such a situation, you still have options to retrieve your car. The remedy is chapter 13 […]
Credit Report Determines Credit Worthiness In the last week, I have noticed more than one client relying way too heavily on information appearing on a credit report. These clients were under the impression that if something falls off the credit report, that they no longer owe any money to that particular creditor. What these clients […]
Facts: This is the bankruptcy case study for Miss Y., who resides in Lake County, Illinois. We are going to examine whether or not this person qualifies for bankruptcy and whether or not this person should file for bankruptcy relief. Let’s look at the specific fact pattern. The first thing to note is that the […]
If you live in the City of Chicago, you have no doubt seen the boot installed all over your neighborhood. This is especially true around tax time when the city knows that the residents typically have access to some sort of tax refund from which to pay off city debts. In years past, to be […]
Code Requirements The bankruptcy code enumerates several items that need to be provided in terms of bankruptcy filing. These include, but are not limited to, credit counseling, production of tax returns, production of pay advices and other items that may be requested by the panel trustee or Chapter 13 trustee. If your bankruptcy attorney is […]
Two Common Chapters Most people are aware that there are two common chapters of bankruptcy for individuals and families. The two chapters are chapter 7 and Chapter 13 of the United States Bankruptcy Code. Nearly 75% of all bankruptcy cases are of the chapter 7 variety. Chapter 7 provides for a fresh start for someone […]