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 […]
This is the chapter 7 bankruptcy case study for Ms. G., who resides in Chicago, Illinois. We are here to examine whether or not Ms. G. can qualify and benefit from a chapter 7 bankruptcy filing. Let’s examine the facts of her case: she is currently residing in Chicago and she is renting. Her rental […]
Your bankruptcy case should never close without a discharge. To prevent this from happening, you must complete a two hour financial management course at some time after your case is filed and prior to discharge. This gives you a window of approximately three months to complete the financial management course. If you fail to do […]
Tax Refunds Time It’s that time of year again. This is the time when many debtors look forward to receiving their federal and state income tax refunds. Debtors rely on these refunds all year long to get them through this period of time. Throw in the bankruptcy wrinkle. A debtor who is struggling financially seeks […]
In most chapter 13 bankruptcy cases, upon confirmation, a monthly payment is set in place and it will not vary. However, there is always an exception to this rule. In some circumstances, the debtor can bring a motion to modify the plan such as a case where there is a significant decrease in income. Well […]
Not every married couple files a joint chapter 13 bankruptcy case. However, the income and expenses of the non-filing party is critical in determining how much the filer has to pay per month to a Chapter 13 trustee and for how long. This relatively new concept stems back to the bankruptcy reform of October 17, […]