Bankruptcy Attorney Recommends Chapter 7 For Illinois Man

This is the case of Michael Greer who comes from Park Ridge, Illinois seeking advice concerning debt.  Mr. Greer has never filed for bankruptcy before.  He is not a homeowner and he is currently renting from an individual on a month-to-month basis.  He has a 2004 Lincoln Navigator that’s worth approximately $12,000 and he owes $26,000 to Allied Financial who is the lien holder.


He has a checking account at Chase Bank with $200 in it and no savings account, minor household goods worth $500, minor clothing worth $500.  He does have some minor stock worth about $100 and he has a dog.  He is currently married, he has two dependent children; two daughters, 12 years old and one six months old.  He is unemployed.  His spouse is working at CVS pharmacy earning approximately $6000 per year.  So she is working part-time.  So in terms of income, they have very little from her and nothing from him.  So you are talking maybe $400 per month coming in for this couple.  In terms of expenses, the rental loan is $800 so the total expenses are $2300 per month.  So we are definitely operating at a deficit for Mr. and Mrs. Greer.


In terms of income for the last year, Mr. Greer has not worked in the last three years.  Mrs. Greer has earned anywhere from $6000-$20,000 per year.  They did close a bank account back in January.  It was a checking account.  And they did have a separate address within the last two years in Florida.  They do not own a business and they do not have a safety deposit box.  They are the only two on these debts.  There are no student loans, there is no tax debt.  In terms of debt, we are looking at credit cards.  $2000 to US Bank, $1500 to Citibank, $800 to Best Buy, $500 to Capital One, and $1000 for Marathon Gas and then the big one is the Allied Car Auto Financing for $26,000.


So I would advise Mr. and Mrs. Greer to file a Chapter 7 bankruptcy.  I would also recommend that they surrender the auto and get out of that debt and get back on their feet.  That is my recommendation.  Chapter 7 fresh start bankruptcy and get back on your feet.


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