How To Navigate Chapter 7 Bankruptcy in Chicago

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

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

Everything You Need to Know About Bankruptcy and Child Support

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

What are the Differences Between Chapter 7 and Chapter 13 Bankruptcy?

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

Bankruptcy Matters For The Collar Counties To Be Heard In Chicago

A new announcement has just been submitted by the Clerk of the United States bankruptcy Court for the Northern District of Illinois. Going forward in the post-Covid future, the outlying collar county court calls will no longer be heard in those collar counties. The matters will be heard via Zoom for Government or a party may appear at the Dirksen Federal Building in Chicago. Importantly, the Judges will be hearing the collar county matters from his or her bench in Chicago. This will eliminate the need to travel to the collar counties and will eliminate the need to acquire court space in those counties. Everything will be taking place in Chicago with regard to court for the Northern + Click Here For Read More

Finding a Trustworthy Bankruptcy Attorney in Illinois

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

American Bankruptcy Institute’s Recommendation For Student Loans In Bankruptcy

  Dischargeability of Student Loans The American Bankruptcy Institute recently released their final report on consumer bankruptcy. This report took place from 2017-2019 and analyzed dozens of issues as they relate to Chapter seven and Chapter 13 bankruptcy. The first issue that I would like to address is the non-dischargeability in general of student loans. As the law currently stands, student loans or any loans for an educational purpose are deemed to be non-dischargeable.  This is the case unless a debtor can successfully bring an adversarial complaint proving that the student loan imposes an undue hardship on the debtor and thus should be dischargeable. Because those + Click Here For Read More

Bankruptcy Filings Are Up In 2019

As the new year has begun, it is time to look at the bankruptcy filing statistics from the first part of 2019 as compared to the first part of 2018. This fact will dictate where we may be heading for the rest of 2019. As expected, total bankruptcy filings in January 2019 increased 5 percent from January 2018’s total of 54,650 filings. Importantly to consumer bankruptcy attorneys as well as to the general public, consumer filings increased 6 percent in January 2019 to 54,711 from the January 2018 consumer filing total of 51,758. Although we see a significant increase by way of percentage, this actually shows that lending has loosened up and people are gainfully employed to a + Click Here For Read More

City of Chicago’s New Ordinance Regarding Parking Tickets

When: Effective January 1st, there is new help for Chapter 7 debtors who owe money to the City of Chicago for  parking tickets and related fines.  A new Ordinance, sponsored by Mayor Emanuel provides in part that: Payment Plan: An eligible bankruptcy debtor may establish a payment plan to repay fines that were incurred within three years of the Chapter 7 bankruptcy filing.  These fines will be reduced to the principal only and can be paid over a series of 6-12 months. Waiver of Fines & Penalites: If the debtor completes the payment plan and receives a discharge in bankruptcy, the City of Chicago will waive any fines, penalties and fees that were incurred more than three years prior + Click Here For Read More

Chicago Chapter 13 Trustee’s Squeezing Debtors Into Dismissal

Taxes, Refunds & Dismissals During the past several years, there has been a huge increase in Chicago trustees under Chapter 13 demanding taxes and refunds of the debtors. The bankruptcy code requires that a debtor provide to the trustee, annually, a copy of his or her tax return. This statutory requirement was primarily to ensure that a debtor being afforded protection under Chapter 13 of the bankruptcy code concurrently complied with federal tax law. Surprisingly, most debtors proved to be in compliance and simply provided a copy of the return when requested by the trustee. However, as time passed, this simple turnover of the proof of return didn't satisfy the trustees. When reviewing + Click Here For Read More

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