People are understandable concerned about obtaining credit after filing for bankruptcy. It is a real concern for many people. We have become so used to credit and the leeway that it provides in making purchases. The good news is that you will be able to obtain credit within a very short time after filing bankruptcy. You can start with a secured card. This is where you put a certain dollar amount on account at a bank and in exchange for that they give you charging privileges up to that amount. You can also try and purchase a vehicle shortly after filing. Although the interest rate may be higher than if you never file, you will be able to start getting positive reports to the three major + Click Here For Read More
What Does It Take To File Personal Bankruptcy In Chicago?
June 12, 2014 by
Personal Bankruptcy Filing Fees As of today, the court filing fee for a chapter 7 bankruptcy case is $335. The court filing fee for a chapter 13 bankruptcy case is $310. You should plan on having those funds available at the time you meet with your lawyer. The lawyer that you meet with is going to quote you a separate fee for whatever he or she is charging. But at a minimum, you will need the court costs before anything can be officially filed. Let's talk about some other requirements for filing bankruptcy. Credit Counseling You will have to take a credit counseling session. This is typically a one hour session in person, on the computer, or over the phone where a credit counseling + Click Here For Read More
Private School Withholding Transcripts Despite A Bankruptcy Filing
June 12, 2014 by
The Facts A former client contacted me recently in an effort to obtain an official transcript for her daughter’s first year of high school at a private school. The facts of the case are undisputed. The debtor filed a chapter 7 bankruptcy in 2010. Later that year, the debtor's daughter attended her first year at the private high school. The daughter later transferred to a public school and is graduating now. The public high school wants to obtain the official transcripts from the debtor's daughters first year at the private school. The debtor owes that private school $3800. The private school is withholding the transcripts until receipt of funds. The real issue here is whether or not the + Click Here For Read More
I’m On Social Security And I Have No Assets, Should I File Chapter 7 Bankruptcy?
June 11, 2014 by
If you have no assets and your sole income is Social Security, then you may not have to file chapter 7 bankruptcy. It really depends upon your level of stress and aggravation that you can handle. Creditors are going to attempt to collect on a debt until they realize that they have no means to actually collect on the debt. What I mean to say is this: if a creditor is seeking an outstanding debt of $15,000 due to a credit card charge, the creditor is going to pursue collection on that debt. The creditor may even file a lawsuit and obtain a judgment. The creditor then may seek what's known as post-judgment collection efforts. It is at this time that the creditor will first realize that there + Click Here For Read More
City of Chicago Parking Tickets On The Rise
June 11, 2014 by
I am seeing any increase in potential bankruptcy clients who have parking tickets owed to the city of Chicago on their creditors list. It seems that it's hard to live in the city of Chicago and not be subject to the wrath of parking tickets. And when you don't pay those tickets on time, the dollar amounts double. Eventually, you can be subject to a boot on your vehicle as well as a suspension of your driver’s license. Chapter 13 bankruptcy will undo the suspension, take you off of the boot list, and allow you to repay a portion of your parking ticket debt over a three to five-year period. This debt for parking tickets which is non-dischargeable in a chapter 7 bankruptcy case, can be paid + Click Here For Read More
You Can Keep Property When Filing Chapter 7 Bankruptcy
June 10, 2014 by
Most people are under the misconceptions that if they file for bankruptcy, then they will lose all of their property. This is simply not the case. Most people who file for Chapter 7 bankruptcy retain all of their personal property. That is because the state of Illinois provides exemptions as it related to personal property. This means that a certain value of property is protected while going through the bankruptcy process. The transcript of the video below talks about the specific dollar amounts in greater detail Jesse Barrientes: Some people have bigger boxes, Dave, and some people have smaller ones. So what property then can I continue to keep in a Chapter 7 bankruptcy? Talk about a + Click Here For Read More
If You Are Behind On Your Mortgage Payments, Now May Be The Time To Save Your Home.
June 5, 2014 by
In the past, if you were behind on your mortgage payments and did not want to keep your home, you had the ability to surrender it without much concern. Everything changed however at the start of 2014. The mortgage debt forgiveness relief act was not extended into 2014. This means that if you surrender your home, you may be hit with a huge tax known as cancellation of debt or debt forgiveness. This amount has to be added to your taxable income in the upcoming year. If you do a short sale, you will still be hit with a taxable event because of the cancellation of debt. In prior years, short selling a home was a way to avoid a mortgage deficiency as well as a taxable event due to + Click Here For Read More
Is Filing Personal Bankruptcy Public?
June 5, 2014 by
Personal Bankruptcy Is Technically Public The fact is that filing a personal bankruptcy case is public record. However, the fact you filed is not something that is easy to obtain by the general public. There is a public access system known as PACER which contains information regarding bankruptcy filings throughout the country. To gain access to that system you must register and pay per page of each document you obtain. For this reason, the general public typically doesn't obtain a pacer account. Pacer is more or less used for bankruptcy professionals, lenders, and others who have a direct need to look up prior bankruptcy cases in detail. The fact that you filed personal bankruptcy will + Click Here For Read More
Chapter 7 Bankruptcy – Liquidation
June 4, 2014 by
Chapter 7 bankruptcy is known as liquidation bankruptcy. However, in most cases, there is nothing to liquidate. The debtor gets to keep a large portion of personal property while going through the process. The Illinois law that allows the debtor to keep property while filing for bankruptcy is known as exemptions. They apply to homes, vehicles, personal property, retirement accounts, life insurance and much more. To ensure that your property is protectable while filing for bankruptcy, you should consult with an experienced bankruptcy attorney to learn your rights. The transcript of the video below talks about the process of keeping property while filing for bankruptcy relief. David Siegel: + Click Here For Read More
It Keeps Getting Harder To Obtain Bankruptcy Help
June 4, 2014 by
Bankruptcy Help Is Harder To Get When you are struggling financially, you need bankruptcy help. You need to find a bankruptcy attorney that can take you from point A to point B. You want to get out of debt, you want to get a fresh start, you want to get back to a life without financial stress. Unfortunately, it seems to be getting harder and harder to get bankruptcy help. Bankruptcy Filing Fees Increased Nationally On June 1, 2014, the filing fees to file bankruptcy cases throughout the country increased. The federal government is requiring an additional $29 per case under chapter 7 and under chapter 13 bankruptcy filings. Although this doesn't sound like a lot in and of itself, you have + Click Here For Read More
