During A Bankruptcy Case, Creditors Should Not Be Calling

Creditors Should Not Call Creditors should not be calling you after your bankruptcy case is filed.  In some cases, creditors just have not received the required notice under the Bankruptcy Code.  In some cases, notice has gone to the proper address, however, there is a collection firm involved now who did not have knowledge of the bankruptcy case and is calling you.  Stopping Creditors There is a real simple way to stop creditors from calling.  Firstly, and this is before your case is even filed, give your creditors your attorney’s name and number.  Let them know that you are filing bankruptcy, you’ve hired an attorney, give the attorney’s name, give the attorneys number and advise them + Click Here For Read More

Bankruptcy Attorney Recommends Chapter 7 For Illinois Man

This is the case of Michael Greer who comes from Park Ridge, Illinois seeking advice concerning debt.  Mr. Greer has never filed for bankruptcy before.  He is not a homeowner and he is currently renting from an individual on a month-to-month basis.  He has a 2004 Lincoln Navigator that’s worth approximately $12,000 and he owes $26,000 to Allied Financial who is the lien holder.  Assets He has a checking account at Chase Bank with $200 in it and no savings account, minor household goods worth $500, minor clothing worth $500.  He does have some minor stock worth about $100 and he has a dog.  He is currently married, he has two dependent children; two daughters, 12 years old and one six + Click Here For Read More

Choosing The Right Bankruptcy Attorney In Illinois

When you are struggling with your bills and in need of a bankruptcy attorney, where do you turn first?  For most people, they will search the internet to gather information.  There is a wealth of information available regarding the different Chapters under the bankruptcy code as well as a plethora of attorneys ready, willing and able to take your case.  The problem lies in just which attorney is suited for you and your particular case.  Is your case extremely complicated that would require a seasoned, well-experienced attorney?  Is your case a typical, simple Chapter 7 that should go off without a hitch?  How do you make a decision on which attorney to hire? My advice to anyone seeking an + Click Here For Read More

Bankruptcy – Chapter 7 Recommended – Case Study

This is the case of Randolph Booker who lives in Warrenville, Illinois, DuPage County Illinois.  Mr. Booker has never filed a bankruptcy before.  He is not a homeowner and he lives with family so technical no landlord/tenant situation.  He has a 2011 Nissan Pathfinder that is financed by Nissan Motor Acceptance.  He is current on the vehicle.  He owes approximately $35,000 on it.  It’s worth about the same.  And his monthly payment is very high at $752 per month. He has a checking account at Bank of America, no savings account; minor household goods worth approximately $1000 and minor clothing worth about $400.  He does have three shotguns and some golf clubs with a garage sale value of + Click Here For Read More

What Is The Cost To File Bankruptcy In Illinois?

There are several factors that can affect the cost to file for bankruptcy in Illinois.  The first factor is which Chapter of the bankruptcy code are you filing under?  If you are considering filing a Chapter 7, then you are going to have a fixed cost known as the filing fee.  At the time of this writing, the filing fee for Chapter 7 bankruptcy is $306.00.  This fee gets paid directly to the Clerk of the United States Bankruptcy Court and is mandated unless a waiver is granted.  If you are considering filing under Chapter 13 of the bankruptcy code, then the mandatory filing fee with the court at the time of this writing is $281.00.  Again, there are waivers in particular cases based upon the + Click Here For Read More

Do I have to list everyone that I owe money to? – Bankruptcy

Under either chapter 7 bankruptcy or chapter 13 bankruptcy, you must list all of the people that you owe money to.  This includes credit cards that you want to keep, friends that lent you money, family members that lent you money and anybody else that you owe.  The one exception to this would be with regard to credit cards that have a zero balance.  If you have a zero balance, then technically you do not owe any money; therefore, that creditor does not have to be listed.  However, I want to cautious you that you are likely to receive a letter from that credit card company terminating your charging privileges going forward.  So don’t plan on being able to keep any type of credit card after + Click Here For Read More

Filed for Chapter7 bankruptcy recently. Why must I pay back creditors?

Each case is different.  Under Chapter7 bankruptcy, the debtor gets a fresh start.  Under chapter 13 bankruptcy, the creditors get paid a certain percentage on the dollar over a three to five-year payment plan. The reason why one person would have to back a creditor and another would not is based on equity, income, assets and liabilities.  Let’s take the case of someone who has disposable income per month in excess of their expenses.  That person is typically going to be required to file a chapter 13 and put all of his or her disposable income each month towards a chapter 13 repayment plan which could last anywhere from 3 to 5 years.  If, on the other hand, you have someone who does not + Click Here For Read More

What Property Will I Lose When I File For Bankruptcy

Chapter 7 bankruptcy allows for a fresh start.  It also allows for you to keep a certain amount of property known as exempt property free and clear from creditors and from the long arm of the trustee.  In terms of real estate, you can protect up to $15,000 worth of equity.  In the case of a joint case, husband and wife, you can protect up to $30,000 worth of equity in a piece of real estate. In terms of other property, there is a $2400 auto exemption and a $4000 miscellaneous personal property exemption that can be sprinkled over any type of personal property.  When you have a joint case, the exemptions are doubled.  So when you ask am I going to lose my property whether it be a house or + Click Here For Read More

Bankruptcy – I Share a Bank Account, Is That Money At Risk?

Well, all of your assets must be listed on a bankruptcy petition and this is true under chapter 7 or under chapter 13.  If you are joint on a bank account, that basically means that you and the other party on the account both have equal rights to that money.  If the sum is in excess of the state exemption amounts, then a portion of that fund or account may be touchable or attachable by the trustee in order to administer it for the benefit of creditors. Now, in a chapter 13 bankruptcy case, your property is completely protected so it wouldn’t matter if you had a joint account that had nonexempt equity.  In a 13, you simply must pay back at least as much as creditors would get in a chapter + Click Here For Read More

Foreclosure -Can I lose my house if I am behind on my second mortgage?

If you are behind on your second mortgage, you technically can be foreclosed upon by that second mortgage and eventually lose the home.  The second mortgage might not be the one who gets paid or made whole but they can push the issue and actually do the bidding for the first mortgage company in a foreclosure action.  My advice to consumers and those that are going through bankruptcy is to maintain current payments on both the first and second mortgage holders.  If you fail to make either the first or the second mortgage payment, then either one of those vendors can institute a foreclosure action if you fall far enough behind. In some cases, you can fail to make the second mortgage payment + Click Here For Read More

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