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 […]
Category Archives: Bankruptcy Questions
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 […]
Chapter 7 bankruptcy, known as the fresh start bankruptcy, is a way to get out of debt. However, student loans are not eliminated under a Chapter 7 except in extreme hardship cases. In my experience, an extreme hardship case is almost impossible to find. You must be in a position where you can no longer […]