By Law Offices of David M. Siegel Bankruptcy Attorney Chicago Feeling like you’re sinking in a sea of debt, juggling bills, and losing sleep over your financial situation? It might be time to consider seeking help from a local bankruptcy attorney. Here are five signs that it’s time to take action. Skyrocketing Credit Card Balance Credit cards can be a lifesaver in a pinch, but they can quickly turn into a financial nightmare if not managed properly. If you’re only making minimum payments and your balance is spiraling out of control, it’s a clear sign you need to consult a bankruptcy attorney. They can guide you through the process of filing for Chapter 7 bankruptcy, which can + Click Here For Read More
How To Navigate Chapter 7 Bankruptcy in Chicago
June 15, 2023 by
Imagine getting stuck in a financial storm. Debt is swirling around you, creditors are knocking at your door, and it feels like there’s no way out. Then, you catch a glimmer of something in the distance. Could it be a lifeline? You’ve heard of Chapter 7 Bankruptcy, but is it the right choice for your situation? Let’s dive into the specifics and explore the pathway through Chapter 7 Bankruptcy in Chicago. Nationwide and state statistics The good news? Bankruptcy cases have steadily dropped the past couple of years as the country continues to rebound from the global pandemic. Now comes the bad news: Illinois remains a hotspot for bankruptcy filings. Here’s a snapshot of the + Click Here For Read More
Fear you’re going to lose your house? Debunking the top 10 bankruptcy myths
April 15, 2023 by
You’re drowning in debt, and you’ve been struggling to keep your head above water for months. Every time the phone rings, you feel a knot in your stomach, wondering if it’s another creditor demanding payment. And forget about bankruptcy. There’s no way you would qualify, and even if you did, you’re afraid of what you’d have to give up – mainly your house. Does this sound familiar? Before you throw in the towel, you should dive deeper into some of the common myths surrounding bankruptcy. After all, your lack of knowledge may be holding you back from a fresh start. Let’s look at the facts and debunk the top 10 myths about bankruptcy in Illinois. Myth No.1: Filing Bankruptcy in + Click Here For Read More
With bankruptcies expected to surge, here are 5 tips to stay solvent
February 28, 2023 by
Question: What do Akorn Pharmaceuticals and the Corner Bakery Café have in common? Answer: Both recently declared bankruptcy. The economic uncertainty brought on by the global pandemic has led to an increase in bankruptcy filings, with companies and individuals alike struggling to stay afloat. Meanwhile, the Chicago Loop Alliance says office occupancy is only about half of what was pre-pandemic. Corner Bakery Café, which has several restaurants along The Loop, is just one of many businesses there that are still struggling to keep their doors open. Headquartered in Dallas, Corner Baker Café recently filed for Chapter 11 bankruptcy protection. And then there's Gurnee-based Akorn, + Click Here For Read More
Why is Personal Bankruptcy on the Rise After the Pandemic?
December 1, 2022 by
Despite what logic might have told us, the two years following the COVID-19 pandemic had record-low numbers of personal bankruptcy filings. As people tightened their purse strings and relied on government and charity programs to make it through difficult times, fewer families needed the help of the bankruptcy court. However, the trend has turned around in 2022 – and looks likely to continue doing so in the years to come. Here’s how the continuing fallout from the coronavirus pandemic has made for a personal bankruptcy rebound: + Click Here For Read More
What to Do Before Filing for Bankruptcy
October 9, 2022 by
If you are considering filing for personal bankruptcy, you may be feeling overwhelmed and intimidated by the process. Whether you are confused about the types of bankruptcy or are not sure how to proceed with the chapter you have chosen, there are lots of questions you may have. + Click Here For Read More
Everything You Need to Know About Bankruptcy and Child Support
July 25, 2022 by
For those who are owed or paying child support prior to filing for bankruptcy, the idea of discharge can be either terrifying or welcome. Regardless of which one applies to you, though, the truth of the matter might be altogether different than you imagined. + Click Here For Read More
What are the Differences Between Chapter 7 and Chapter 13 Bankruptcy?
July 25, 2022 by
When filing for personal bankruptcy, it can sometimes be difficult to determine which bankruptcy chapter is the right one for you. Many factors are at play when making this decision, but the first priority for anyone considering either is to learn more about bankruptcy itself. While there are technically more than two types of personal bankruptcy, the most common options are Chapter 7 bankruptcy and Chapter 13 bankruptcy. These two types of bankruptcy encompass the vast majority of personal bankruptcy cases filed in the United States. What is the difference between these two bankruptcy chapters? How can you be sure which chapter is the right one for your unique situation? Here is a + Click Here For Read More
Bankruptcy Matters For The Collar Counties To Be Heard In Chicago
May 29, 2022 by
A new announcement has just been submitted by the Clerk of the United States bankruptcy Court for the Northern District of Illinois. Going forward in the post-Covid future, the outlying collar county court calls will no longer be heard in those collar counties. The matters will be heard via Zoom for Government or a party may appear at the Dirksen Federal Building in Chicago. Importantly, the Judges will be hearing the collar county matters from his or her bench in Chicago. This will eliminate the need to travel to the collar counties and will eliminate the need to acquire court space in those counties. Everything will be taking place in Chicago with regard to court for the Northern + Click Here For Read More
Finding a Trustworthy Bankruptcy Attorney in Illinois
August 17, 2021 by
The decision to file for bankruptcy is one that may take a lot of time and thought. It often comes at a very difficult time in one’s life. The stress and uncertainty about the anticipated results as well as the fear of what the future will look like only adds to the difficulty. Without the right attorney, your case can turn into a nightmare. Do not make that mistake. Find the right bankruptcy attorney in Illinois. A firm specializing in bankruptcy law is the best bet to fight for one’s legal rights aggressively. The right firm can help eliminate debt while maintaining one’s property and dignity. + Click Here For Read More
