There are many keys to having a successful chapter 13 bankruptcy case. Most importantly, a successful case is one where the debtor has the financial ability to reorganize, the determination to see it through and the ability to satisfy the many requirements of the bankruptcy code. One main factor that I found to be a […]
During a recent chapter 7 341 meeting of creditors, the trustee inquired about a stock loss. The inquiry was a result of examining the debtor’s tax return for the current year and seeing a carryover loss of nearly $40,000. The trustee wrongfully believed that the debtor had sold or liquidated $40,000 worth of stock during […]
Recovering Your Vehicle More and more clients are filing chapter 13 bankruptcy to recover their vehicle which was impounded by the city of Chicago. This is the very common case where someone with Chicago parking tickets winds up on the boot list and eventually their vehicle gets impounded. They also receive a notice from the […]
You can file a bankruptcy case on your own which is known as filing pro se. However, I would not recommend this and I would certainly never recommend it in a chapter 13 bankruptcy case. Approximately once per month, someone will come into my office who has filed a bankruptcy case on their own behalf […]
There is a huge misconception out there that basically states that in order to file for bankruptcy relief you have to be penniless. This misconception stems from the fact that most people are not aware of Illinois personal property and real property exemption laws. The exemption laws are actually independent laws separate from the United […]
Third-Party Citations One of the ways that a creditor with a judgment against you can attempt to collect a debt is to attach or seize your bank account. This is done by filing a third-party citation to discover assets in the Circuit Court and having it served upon the bank. Once the bank receives notice […]
Over the past few weeks I have received several emails from bankruptcy prospects who have indicated to me that they didn’t feel that they could afford to file for bankruptcy relief. Most of the people that feel this way are mistaken. Now they may have checked on the Internet are called a few law firms […]
Bankruptcy Lawyer Secret If you had good experience with a restaurant, hairdresser, pastor, CPA or other professional, you would be likely to talk about that person and refer friends and family to that person. In the case of a bankruptcy lawyer, most people keep that information to themselves out of a fear of being viewed […]
New Court Approved Agreement Per Bankruptcy Judges The Chicago Bankruptcy Judges have amended the local forms again. Beginning April 20, 2015, chapter 13 bankruptcy attorneys working on a flat fee arrangement are required to use the updated court approved retention agreement. This agreement spells out exactly what the attorney’s duties are, what the debtor’s duties […]
Assets Discovered Every once in a while if you file enough chapter 7 bankruptcy cases, you are going to come across a case where there is an asset available for administration. It may be a higher than expected tax refund in which the trustee can make a claim. It may be an inheritance which was […]