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
What are the Differences Between Chapter 7 and Chapter 13 Bankruptcy?
July 25, 2022 by
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
August 17, 2021 by
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
Paying The Chapter 13 Bankruptcy Trustee
June 14, 2017 by
If you are gainfully employed, the payment will most likely come directly from your wages in the form of a payroll control order. If you are self-employed or do not receive a regular pay check, then you will have to make the payment directly to the Chapter 13 Trustee. If you fall behind on your payments, the Trustee or a creditor can bring a motion to dismiss your case. + Click Here For Read More
Chapter 13: There Are Times When Not To Pay Off Your Case
October 14, 2014 by
Chapter 13 Question: The question arose recently as to whether or not a person should pay off their chapter 13 with inherited money that was received after the case was filed. The answer to that really depends upon whether or not the person is in a 100% paid back or whether or not the person is in a less than 100% pay back. If you are paying back less than 100%, then your case needs to last at least 36 months. If you make the mistake of prepaying or overpaying in a 10% case, you will be forced to pay in additional funds which were not actually required. If, on the other hand, you are in a 100% repayment plan, then you can pay off the case at any time with inherited funds at no detriment to + Click Here For Read More
Interesting Development in Some Chapter 13 Bankruptcy Cases
September 24, 2014 by
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
Will My Employer Know About My Chapter 13?
August 2, 2014 by
This video talks about your employer as it relates to your Chapter 13 bankruptcy filing. Jesse Barrientes: Well, Dave, what happens – you’d mentioned before about payroll control where the money is coming out. If I didn’t do payroll control, would my employer find out? Obviously if I’m doing payroll control, they’re going to know. But if I didn’t want to do that? David Siegel: Well, your employer only needs to find out if you are either on payroll control or if there’s a garnishment pending and therefore we need to send proof of your Chapter 13 bankruptcy filing to your employer to stop the garnishment. Otherwise your employer does not need to know. Your neighbors don’t need to know. + Click Here For Read More
What Are The Costs Associated With Filing Chapter 13?
August 2, 2014 by
This video talks about the costs associated with filing a Chapter 13 bankruptcy case. David Siegel: What is it, other than paying the stuff back, what is it going to cost me in terms of attorney’s fees, court filing fees and I’m just guessing that the trustee is going to have to be paid. Jesse Barrientes: Right. The way it works right now and this is forever changing, the filing fee for a Chapter 13, anywhere in the country, the court cost is $281. The attorney’s fees are going to vary by jurisdiction. But here in the northern district of Illinois, the judges have adopted what’s known as a model retention agreement which provides for a flat fee of $4000 over + Click Here For Read More
Dismissing A Chapter 13 Bankruptcy Case To Re-File
August 2, 2014 by
This video talks about the ability, at times, to dismiss a Chapter 13 bankruptcy case in order to re-file another Chapter 13 bankruptcy case. Jesse Barrientes: Let’s take the situation that we were talking about before about getting credit. So if we are getting credit for an automobile, let’s say that it becomes difficult for me because of the reasons you said. Can I dismiss my 13 and refile it? David Siegel: You can. Jesse Barrientes: And include that automobile that before was post petition? David Siegel: Yes, if you dismiss your case and then refile, you are basically starting over. That new filing date controls. However, if you + Click Here For Read More
Paying Off A Chapter 13 Bankruptcy Plan Early
August 2, 2014 by
This video talks about the ability to pay off a Chapter 13 bankruptcy case early. There are times when this is not a good idea. Jesse Barrientes: Well, Dave, what happens if we are in this plan here for a couple years and let’s just say that I have inherited some money. And you know what? I never wanted to do a bankruptcy in the first place. I just didn’t have much of a choice. But now I find myself in a position where hey, guess what. I can pay everybody off. David Siegel: If your case is paying back 100% anyway, then you can go ahead and pay it off, just like you are prepaying a mortgage or paying off your vehicle. If however you are in a 10% or 20% plan + Click Here For Read More
