Reasons To File Bankruptcy People hesitate to file bankruptcy for a variety of reasons. The first is the name bankruptcy has a negative connotation which has been around for centuries. The truth is bankruptcy was put in place to help people who are struggling financially. Bankruptcy is not a scarlet letter that someone has to […]
If you’re looking to save a home from foreclosure, chapter 13 will help you provided you file your bankruptcy case before a Sheriff sale has taken place. Chapter 13 will allow for you to pay back your mortgage arrearages over a three to five-year period. You also have to make your regular mortgage payment each […]
Court Is In Chicago If you live in Chicago or any part of Cook County, Illinois and file bankruptcy, then your court date is going to be in downtown Chicago. The court will take place at the Dirksen Federal building which is located at 219 South Dearborn Street in Chicago. The court date is in reality […]
Filing chapter 13 bankruptcy is not a one-shot deal. You do have the ability to file another chapter 13 bankruptcy case should your first case fail states Chapter 13 bankruptcy attorney David Siegel. No one sets out to fail in bankruptcy. Debtor’s and their counsel wish to file a perfect chapter 13 petition and to […]
Filing for bankruptcy in Chicago does not mean that you lose your home. You can often maintain your home by making current payments under either chapter 7 bankruptcy or chapter 13 bankruptcy. If you do wish to surrender your home and you have filed chapter 7 bankruptcy, you still have time in your home. Under […]
There are times when filing chapter 7 bankruptcy would be a mistake. The most common type of mistake made in filing a chapter 7 bankruptcy is the fact that assets are going to be taken by the chapter 7 trustee. In the state of Illinois, you are allowed to protect a certain amount of property […]
Filing Chapter 7 bankruptcy can eliminate most unsecured debt. Unsecured debt is debt that is not secured by any kind of property. This means that if you don’t make a payment, there is no property that can be taken back by the creditor. Unsecured debt is typically credit card debt, medical bills, utility bills, and […]
Filing bankruptcy in Chicago is not too difficult provided that you have proper representation and a good foundation going forward. You are going to want to find an experienced bankruptcy attorney to assist you in the filing of your chapter 7 bankruptcy case. Do not choose a bankruptcy attorney simply based on the lowest price. […]
CREDIT One of the biggest concerns that I hear from clients who are interested in filing for bankruptcy is whether or not they’re going to be able to get credit again in the near future. It’s amazing that someone who is struggling financially will worry about future credit before they have even gotten out of […]
Rebuilding after bankruptcy is a process. It starts with not incurring any negative credit after such time you file for bankruptcy. For example, after your bankruptcy case is over, you want to make sure that you do not incur any negative credit items on your credit Bureau. This would include not falling behind on any […]