Bankruptcy Case Study For T.C., From Geneva, Illinois.

This is the bankruptcy case study for Mr. C., who resides in Geneva, Kane County, Illinois. He is in the office to determine whether or not chapter 7 bankruptcy will provide the relief that he is seeking. Let's look at the facts of this particular case. He is currently the owner of a piece of real estate which has a market value of $167,000. The outstanding debt on the property is $135,000 and he currently does not reside in the property. It is a townhome located in Bloomingdale, Illinois. He does have a paid off vehicle valued at $8000. It is a 2006 Lexus with 130,000 miles on it. In terms of personal property, he has a checking account with $1300 on hand, normal household items valued at + Click Here For Read More

Bankruptcy Case Study

This is the bankruptcy case study for Ms. W., who resides in Chicago, Illinois. She is here to discuss filing for Chapter 7 bankruptcy. She recently lost her job. Her previous income was insufficient to cover her expenses after she became divorced. Let's examine the facts of her case: She currently resides in Chicago and has resided at that address for the past six years. It is a single-family home worth approximately $164,000. There are two mortgages against the property. The first mortgage is with NationStar, with a balance of $70,000 and a monthly payment of $894. The second mortgage is BMO Harris, with an outstanding balance of $47,000 which is a balloon mortgage. She is currently + Click Here For Read More

Chapter 7 Debtor Brings Motion To Reopen In Aurora

Fear Of Failure To List Creditors There is a fear that many chapter 7 debtors have with regard to failing to properly list creditors. The bankruptcy code provides that creditors be given due process with regard to the bankruptcy filing. This means that creditors must be given notice of the bankruptcy so that they have an opportunity to object to the discharge, object to the particular debt and seek specific other relief with regard to the case. In the event that a creditor is unaware of the bankruptcy filing, then there is a split among the judges and districts with regard to the dischargeability of that creditor’s debt. Aurora Bankruptcy Case In the current bankruptcy case in Aurora, the + Click Here For Read More

Bankruptcy Case Study 1/5/17

Overview This is the bankruptcy case study for Mr. M., who resides in Chicago, Illinois. He is seeking advice on whether or not chapter 7 bankruptcy will provide relief. Let's go through and look at the particulars of his case. For starters, he has no significant assets whatsoever. He is not a homeowner; He does not own his own vehicle; He has no retirement accounts; He has no assets which can be taken by a Chapter 7 trustee, administered, and paid pro rata to his creditors. Thus, right from the outset, we are looking at a clear chapter 7 eligibility case. Financial Picture In terms of his household, he is single with no dependent children. He is currently working as a driver and has been + Click Here For Read More

Bankruptcy Case Study

Introduction Of Debtor This is the bankruptcy case study for Ms. R., who resides in Berwyn, Illinois. She is here to seek bankruptcy protection and to eliminate the struggle that she has been in for some time regarding debt. To determine whether or not she can file and get the relief needed, we need to conduct a thorough intake examination to learn all of the details. We begin with the fact that she has never filed for bankruptcy protection in the past. This opens the door to availability for chapter 7 and Chapter 13. In terms of real estate, she is not an owner of any such property. She is currently renting on a month-to-month basis. She is current on her rent and she would like to + Click Here For Read More

Case Study For Mrs. C. From Wheeling, Illinois

  Nature Of The Debtor This is the chapter 7 bankruptcy case study for Mrs. C., who resides in Wheeling, Illinois. She has come to the office with the simple thought in mind to eliminate her outstanding credit card debt and medical debt. She has been struggling for approximately three years. Although she has been able to maintain the minimum monthly payments on her credit cards, she is no longer able to sustain herself based upon her newfound rental obligations. Let's examine the facts of her case. Current Outlook She is currently separated from her spouse and they are living in two separate states. She has no minor children. She is currently working as an instructor and has been + Click Here For Read More

Bankruptcy Case Study For D. L.

This is the bankruptcy case study for D.L. who resides in Prospect Heights, Illinois. She is here to get some advice and help regarding bankruptcy. She has a lot of creditors and she realizes that she must take some action to improve her situation. With that in mind, she has appeared at the office to learn more about bankruptcy and how she could be helped. Let's look at the particular facts of her case. Assets In terms of major assets, she does not own a home. Instead, she is currently renting an apartment. She does have two vehicles. The first vehicle is paid outright, which is a 1990 Honda which has very little value. The other vehicle is a 2011 Toyota Camry, financed by BMO Harris, and + Click Here For Read More

Bankruptcy Case Study For May, 2016

Overview This is the bankruptcy case study for Mr. and Mrs. C., who reside in Addison, Illinois. Although the case will be filed in DuPage County, the majority of the assets reside in another county. Let’s begin with the fact that the couple rents their current home in Addison. Their former home was foreclosed upon and went to a short sale back in April, 2015. There is a large deficiency judgment in the amount of approximately $200,000 from that sale. Their current rental will expire in April, 2017 as they are on a yearly lease. In terms of other personal property, the couple has three vehicles which are all paid in full. They own a 1999 Lexus with 170,000 miles on it. They own a 2006 + Click Here For Read More

Bankruptcy Case Study – April, 2016

Facts: This is the bankruptcy case study for Miss Y., who resides in Lake County, Illinois. We are going to examine whether or not this person qualifies for bankruptcy and whether or not this person should file for bankruptcy relief. Let's look at the specific fact pattern. The first thing to note is that the debtor filed a prior chapter 7 bankruptcy in 2006. Thus, we have an individual who is not only aware of the relief that chapter 7 provides, but is familiar with all of the requirements which have been in place since prior to her initial case filing. With that in mind, let's see what she owns and owes. Property In terms of real estate, she does not own any property. She is currently + Click Here For Read More

Bankruptcy Case Study For J.W. From Chicago, Illinois

Bankruptcy Case This is the bankruptcy case study for JW from Chicago Illinois who is seeking bankruptcy protection. There is no real estate involved in this case. There is no rental situation in this case. The client owns a 2014 Nissan Versa which is financed through Nissan Acceptance Corporation. The vehicle is worth $17,000 and the outstanding balance on the vehicle is $16,000. Thus, there is very little equity in that vehicle and if the debtor wishes to keep paying for that vehicle at $327 per month, he will be allowed to do so. In terms of personal property, he has a checking account and a savings account with an approximate balance of $100. He has minor household goods which include + Click Here For Read More

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