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 debts for just about any other type of service or procedure. There are some debts that are unsecured debt and are not eliminated by filing a chapter 7 bankruptcy. These debts include recent taxes, student loans, child support, debts incurred by fraud, and debts owed to a municipal entity for a fine or other fee. Most people are struggling today due to credit cards and medical + Click Here For Read More

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. You want to make sure that you find an attorney that you can trust, which you have faith in and can follow the advice of. One of the things that you're going to want to get together is information concerning your bankruptcy filing. You should collect all of the information regarding your debts. This includes creditors from all sources. If you have a mortgage, you + Click Here For Read More

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 debt in the first place. The concern is real and it's understandable. We live in a world consisting of runaway credit. This includes credit cards, auto loans, home mortgages, installment payment plans, payday loans and all kinds of other types of credit institutions. One simply cannot imagine being able to survive without having access to credit cards in their wallet. People worry + Click Here For Read More

The answer depends on what is the situation in your life right now. You may be struggling with credit cards, medical bills, personal loans or any other type of debt. Sometimes you have creditors calling you on the phone, harassing you at work or just sending you letters making your life miserable. At other times, the creditor can actually be taking money out of your pocket in a way of garnishment, bank seizure, or straight payment plan. If the amount being taken out of your pay depletes your resources to the point where you cannot support yourself or your family, then bankruptcy is probably your best option. If you are someone who is struggling financially and need a fresh start, a chapter 7 + Click Here For Read More

This is the case of Jeffrey and Debra Miller who live in Gilberts, Illinois which is in Kane County Illinois.  They were here for a consultation on either Chapter 7 or Chapter 13 bankruptcy.  As we run through the facts here, they have not filed a bankruptcy before.  They do own a home with a first and a second mortgage on it.  The houses valued at approximately $165,000.  They owe $135,000 to the first mortgage and $63,000 to the second mortgage so there is effectively no equity in the property.  They are not renting from anybody and nobody is renting from them.  They have three vehicles, a 2003 Toyota Siena which is paid in full valued at approximately $2000.  They have a 2006 Hyundai + Click Here For Read More

This is the case of Brian and Lori Shearing who reside in Plainfield, Illinois, Will County, Illinois.  They were in my office today to discuss the possibility of a Chapter 7 fresh start.  Let’s go through the particulars of their case. They had a prior Chapter 13 back almost 20 years ago.  So they are eligible from the standpoint for either Chapter.  They have a single-family home in Plainfield with an approximate value of $165,000.  They owe $165,000 to their first mortgage company Green Tree and they have a second mortgage through Great Lakes Credit Union of approximately $60,000.  They currently are in the process of doing a short sale so if they can eliminate that debt, they don’t + Click Here For Read More

This is the case of Duane Comersky who comes to me for a bankruptcy consultation.  Duane is currently residing on Laura Lai Street in Zion, Illinois, Lake County Illinois.  Duane has never filed for bankruptcy before; this is his first consultation with an attorney.  He does not own any real estate.  He is currently living with his uncle and paying rent, he is on a month to month lease.  In terms of assets, he has a 2007 Dodge Magnum which is financed through Baxter Credit Union.  He owes approximately $5400 to pay off the vehicle, he pays $450 per month and the vehicle is worth a little bit more than $5400 on the market. In terms of property and assets, he has a checking and savings + Click Here For Read More

Americans are used to handling debt.  Most people carry debt of some sort in their daily lives.  Even ones that are handling or managing the debt still feel the stress that comes with that debt.  Despite this fact, most people carry on and seem to get by.  That is, of course, until a creditor begins to get aggressive.  Now I’m not talking about harassing phone calls from creditors at your home and at your work.  I’m talking about filing suit, obtaining judgments and continuing with post-judgment efforts to collect on the debt.  This could lead to bank seizures, wage garnishments and further court appearances requiring the production of certain documents.  Those documents can include bank + Click Here For Read More

Last week, Nancy H. came to my office looking to file a Chapter 7 bankruptcy case.  She had $20,000.00 or so on credit cards and no other unsecured debt.  She had a condominium that had a value of $89,000.00 and a mortgage debt of approximately $80,000.00.  Thus, there was some equity in her condominium, but not an amount that exceeded the amount that she could protect with her Illinois homestead exemption.  The only issue or potential asset problem dealt with her auto.  She had a 2010 vehicle that was paid in full.  A look at the KBB website indicated that the vehicle was worth approximately $8,000.00 as a trade-in value.  At this value, there would be $2,500.00 - $3,500.00 exposed beyond + Click Here For Read More

A recent potential client called the office and wanted to get started with a filing.  At the meeting, we talked about a greater likelihood of Chapter 13 based upon the income of the debtor and his spouse.  Today, the talk came up about Chapter7 once again.  Here is what I do in these situations: I will start the document preparation out as a Chapter7.  I will put the client through the means test if necessary to determine if Chapter7 will work.  If not, I will contact the client and advise as to why Chapter7 is not going to work.  In the Northern District of Illinois, the Trustee’s office is very good about reviewing the cases for abuse.  If the Trustee’s office feels that the person + Click Here For Read More