All Creditors Must Be Listed If you are filing bankruptcy, then all of your creditors must be listed. This includes credit cards, personal loans, auto payments, mortgage payments and any other debt, including debts owed to family members. I understand that many people have lived off credit cards, they love the convenience of credit cards […]
Case Overview This is the case of Gary Kaplan from St. Charles, Illinois. Mr. Kaplan filed a Chapter 7 bankruptcy back in 2001 so he is eligible to file another Chapter 7 should the facts dictate that he file. He has a townhouse that has a market value of $188,000 and he owes approximately $46,000 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]