5 Signs You Need to Find a Local Bankruptcy Attorney

By Law Offices of David M. Siegel Bankruptcy Attorney Chicago Feeling like you’re sinking in a sea of debt, juggling bills, and losing sleep over your financial situation? It might be time to consider seeking help from a local bankruptcy attorney. Here are five signs that it’s time to take action. Skyrocketing Credit Card Balance Credit cards can be a lifesaver in a pinch, but they can quickly turn into a financial nightmare if not managed properly. If you’re only making minimum payments and your balance is spiraling out of control, it’s a clear sign you need to consult a bankruptcy attorney. They can guide you through the process of filing for Chapter 7 bankruptcy, which can + Click Here For Read More

How To Navigate Chapter 7 Bankruptcy in Chicago

Imagine getting stuck in a financial storm. Debt is swirling around you, creditors are knocking at your door, and it feels like there’s no way out. Then, you catch a glimmer of something in the distance. Could it be a lifeline? You’ve heard of Chapter 7 Bankruptcy, but is it the right choice for your situation? Let’s dive into the specifics and explore the pathway through Chapter 7 Bankruptcy in Chicago.   Nationwide and state statistics The good news? Bankruptcy cases have steadily dropped the past couple of years as the country continues to rebound from the global pandemic. Now comes the bad news: Illinois remains a hotspot for bankruptcy filings. Here’s a snapshot of the + Click Here For Read More

Fear you’re going to lose your house? Debunking the top 10 bankruptcy myths

You’re drowning in debt, and you’ve been struggling to keep your head above water for months. Every time the phone rings, you feel a knot in your stomach, wondering if it’s another creditor demanding payment. And forget about bankruptcy. There’s no way you would qualify, and even if you did, you’re afraid of what you’d have to give up – mainly your house. Does this sound familiar? Before you throw in the towel, you should dive deeper into some of the common myths surrounding bankruptcy. After all, your lack of knowledge may be holding you back from a fresh start. Let’s look at the facts and debunk the top 10 myths about bankruptcy in Illinois. Myth No.1: Filing Bankruptcy in + Click Here For Read More

Why is Personal Bankruptcy on the Rise After the Pandemic?

Despite what logic might have told us, the two years following the COVID-19 pandemic had record-low numbers of personal bankruptcy filings. As people tightened their purse strings and relied on government and charity programs to make it through difficult times, fewer families needed the help of the bankruptcy court. However, the trend has turned around in 2022 – and looks likely to continue doing so in the years to come. Here’s how the continuing fallout from the coronavirus pandemic has made for a personal bankruptcy rebound: + Click Here For Read More

Everything You Need to Know About Bankruptcy and Child Support

For those who are owed or paying child support prior to filing for bankruptcy, the idea of discharge can be either terrifying or welcome. Regardless of which one applies to you, though, the truth of the matter might be altogether different than you imagined. + Click Here For Read More

What are the Differences Between Chapter 7 and Chapter 13 Bankruptcy?

When filing for personal bankruptcy, it can sometimes be difficult to determine which bankruptcy chapter is the right one for you. Many factors are at play when making this decision, but the first priority for anyone considering either is to learn more about bankruptcy itself. While there are technically more than two types of personal bankruptcy, the most common options are Chapter 7 bankruptcy and Chapter 13 bankruptcy. These two types of bankruptcy encompass the vast majority of personal bankruptcy cases filed in the United States. What is the difference between these two bankruptcy chapters? How can you be sure which chapter is the right one for your unique situation? Here is a + Click Here For Read More

Finding a Trustworthy Bankruptcy Attorney in Illinois

The decision to file for bankruptcy is one that may take a lot of time and thought.  It often comes at a very difficult time in one’s life.  The stress and uncertainty about the anticipated results as well as the fear of what the future will look like only adds to the difficulty.  Without the right attorney, your case can turn into a nightmare.  Do not make that mistake. Find the right bankruptcy attorney in Illinois. A firm specializing in bankruptcy law is the best bet to fight for one’s legal rights aggressively.  The right firm can help eliminate debt while maintaining one’s property and dignity. + Click Here For Read More

How To Stop A Wage Garnishment?

There are several ways to stop a wage garnishment. One of the ways that I deal with on a daily basis is by filing chapter 7 or chapter 13 bankruptcy for individuals and families struggling with debt. Chapter 7 bankruptcy filing involves the creation of an automatic stay. The automatic stay prohibits collection activities after your case is filed. There are some exceptions to the automatic stay, however most collection efforts have to cease. Once you file a chapter 7 bankruptcy, your attorney will send a notice to your employer advising them or instructing them to stop taking deductions out. Your bankruptcy attorney may also fax proof of filing to the creditor so that they are aware that + Click Here For Read More

I Provide Solutions, But I Can’t Make You Follow Through

I just got a recent call from a woman who has been a client for approximately 9 months. She was set up on a payment plan, however has not made a payment in over five months. It turns out that one of the creditors has obtained a judgment and has now served her employer with a wage garnishment. She is obviously concerned because she feels that her wages are going to be garnished and she will not have enough funds to make her rent payment. She wanted to know what I could do about it. So,  I checked her file. I found out that she has not taken the credit counseling session as of yet. Until she takes the credit counseling session, there is no possible way to file her case and get an automatic + Click Here For Read More

Interesting Development in Some Chapter 13 Bankruptcy Cases

When the bankruptcy laws were changed on October 17, 2005, there was an effort to curb abusive filings. To do so, a means test was authored utilizing IRS standards for acceptable expenses. In addition to the means test, there were requirements such as having completed a credit counseling session before a case can be filed and financial management instruction completion before a case can be discharged. There were also measures aimed at curbing repetitive filings. This all centered around the creation of and the existence of the automatic stay. If someone was filing a chapter 13 bankruptcy within one year after a prior case was dismissed, then the automatic stay would only last in the new + Click Here For Read More

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