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
June 15, 2023 by
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
April 15, 2023 by
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
With bankruptcies expected to surge, here are 5 tips to stay solvent
February 28, 2023 by
Question: What do Akorn Pharmaceuticals and the Corner Bakery Café have in common? Answer: Both recently declared bankruptcy. The economic uncertainty brought on by the global pandemic has led to an increase in bankruptcy filings, with companies and individuals alike struggling to stay afloat. Meanwhile, the Chicago Loop Alliance says office occupancy is only about half of what was pre-pandemic. Corner Bakery Café, which has several restaurants along The Loop, is just one of many businesses there that are still struggling to keep their doors open. Headquartered in Dallas, Corner Baker Café recently filed for Chapter 11 bankruptcy protection. And then there's Gurnee-based Akorn, + Click Here For Read More
Everything You Need to Know About Bankruptcy and Child Support
July 25, 2022 by
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
Can We Save Our Home With Bankruptcy?
September 23, 2014 by
This is the bankruptcy case study for Todd, from Steger, Illinois, and his wife Emily. The couple is considering chapter 7 or chapter 13 bankruptcy, but is not sure which chapter is best for them. Let's explore the details. The couple owns a home in Steger, Illinois with a market value of approximately $110,000. The debt owed on the property to pay it off in full is $103,000. The problem is that they are $27,000 behind on their mortgage payment and close to losing the property to a foreclosure sale. The couple owns one vehicle, a 2003 Nissan Frontier which has 114,000 miles on it. The vehicle is paid in full with a value of approximately $3000. The couple has a + Click Here For Read More
I Have One Huge Medical Debt. Is Bankruptcy The Answer?
June 28, 2014 by
Medical Debt There is no question that a chapter 7 bankruptcy case will eliminate medical debt. However, if you only have one debt, you may not need to file bankruptcy at all. This is all going to depend upon the aggressiveness of the debt collector as well as your tolerance for ongoing collection efforts. In many cases, a medical provider will not pursue collecting the debt to the fullest under the law. In other words, the creditor may not actually file a lawsuit in an effort to obtain a judgment against you. They very well may continue to call you on the phone, send you letters, even contact you at work, but that does not mean that they are going to pursue a judgment. Without a judgment, + Click Here For Read More
Private School Withholding Transcripts Despite A Bankruptcy Filing
June 12, 2014 by
The Facts A former client contacted me recently in an effort to obtain an official transcript for her daughter’s first year of high school at a private school. The facts of the case are undisputed. The debtor filed a chapter 7 bankruptcy in 2010. Later that year, the debtor's daughter attended her first year at the private high school. The daughter later transferred to a public school and is graduating now. The public high school wants to obtain the official transcripts from the debtor's daughters first year at the private school. The debtor owes that private school $3800. The private school is withholding the transcripts until receipt of funds. The real issue here is whether or not the + Click Here For Read More
Credit Card Spending Can Lead To Bankruptcy Filing
May 9, 2014 by
In Chicago and around the country, people are over spending on their credit cards. Maybe it’s the have it now, pay for it later mentality. Maybe it’s the convenience of not having to carry cash. Maybe it’s the enticements of rewards by using the card. Whatever the reason, folks have become too reliant on credit cards in their lives. The video below talks about how using your credit card instead of cash can actually increase to the total dollars that you spend. In many cases, this will lead to an eventual bankruptcy filing. Jesse Barrientes: I find that a lot of folks are simply using the credit card to live. They are paying – they are buying groceries or they are buying things that they + Click Here For Read More
Why Do People Hesitate To File Bankruptcy?
January 24, 2014 by
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 wear around town notifying everybody in the city that they filed for bankruptcy. There should not be the shame associated with bankruptcy that some people have. Fear Of the Unknown The second reason people are afraid of bankruptcy is they really don’t know what around the corner. Many people think that if you file bankruptcy, you will never get credit again. + Click Here For Read More
