As a bankruptcy attorney in Chicago, I meet with countless people every year who are often more concerned about their credit scores then actually getting out of debt. There is a fear that filing bankruptcy will take the credit score to the point where the person will not be able to obtain credit in the future. It is at that point where I looked the client directly in the eye and ask, “How good is your credit score right now?” Most often, they reply that their credit is not very good. Thus, filing a bankruptcy and eliminating debt should be more of a priority then wondering whether credit will be available in the near future. The Calculations Most people have no idea how their credit score + Click Here For Read More

It is true that filing bankruptcy in some instances will allow you to regain your driver’s license. There are a few scenarios where this is definitely the case. The first of which is driving with no insurance. If you are caught driving with no insurance and your license is subsequently suspended, you can have that situation reversed by filing either a chapter 7 or chapter 13 bankruptcy case. The same is true if your license is suspended for failure to pay parking tickets. You could either file a chapter 7 and have your license unsuspended for approximately 4 months and then work out a payment plan with the city or municipality that you owe the money to or you can file a chapter 13 and repay + Click Here For Read More

Searching for a bankruptcy lawyer can be a lot tougher than one might think. One of the main reasons for this is that people do not readily refer bankruptcy attorneys to other people because they don't want to advertise to their friends, family, and co-workers that they had to file for bankruptcy. Thus, people are often left to their own means when searching for a bankruptcy attorney. I have come across several obstacles throughout my 23 years of practice that clients have expressed to me over the years. Number one: Do not go with a bankruptcy attorney simply based on the lowest price quoted. When you're hiring a bankruptcy attorney, you are hiring that person's knowledge, skill, + Click Here For Read More

Bankruptcy Provides Instant Relief When you file chapter 7 bankruptcy, the relief is instant. An automatic stay is created which is then sent to all of your creditors notifying them that you have filed for bankruptcy protection. Most collection efforts must cease from that point forward. You will have a meeting of creditors also referred to as your court date which you must attend approximately 4 to 6 weeks after your bankruptcy case is filed. Your attorney will appear with you as you answer a series of simple, yes/no questions from your chapter 7 panel trustee. The trustee's duty is to determine whether or not you have any non-exempt assets which can be sold for the benefit of your + Click Here For Read More

It seems that just about every month or so a lender or a towing company is withholding the debtor's vehicle despite the fact that a chapter 13 bankruptcy case had been filed. Most lenders are now up to speed on the Thompson case which governs cases in the state of Illinois with regard to repossessed autos and chapter 13 bankruptcy law. However, it seems that certain towing companies and repossession companies are still getting up to speed. This is true in a most recent case where the towing company actually had the advice of counsel. The towing company was claiming that they had a possessory interest or possessory lien in the debtor's vehicle. The towing company also claimed that the + Click Here For Read More

This Friday will mark nine years since the bankruptcy laws were last changed. That law known as BAPCPA which stands for Bankruptcy Abuse Prevention and Consumer Protection Act was really designed to prevent those who have the ability to pay from getting out of their obligations under chapter 7 bankruptcy. The credit card companies lobbied Congress for years to get some reform in place. Congress was basically fooled into thinking that bankruptcy was actually being abused. Unfortunately, the Congress was really only hearing one side and that was the credit card lobby. They really didn't take the time to learn all that was going on in the trenches or at least give as much weight on what they + Click Here For Read More

There are so many people that claim that they want to get out of debt, yet they don't make the first step. They lament over their financial situation. They complain that they're being held back and there's nothing that they can do about it. They've heard about bankruptcy, but they really don't want to go down that road. Many will do research online. Others will actually come in for an appointment and gain a ton of useful information about the process. Regrettably, only a small percentage of those people actually get the help that they need. Unfortunately, there are many reasons for this reluctance. First, many people think that their financial situation will somehow change without taking + Click Here For Read More

As a chapter 13 bankruptcy lawyer in Chicago, my goal is to help people reorganize their debt or to eliminate their debt so that they can improve their financial situation. This often means saving a home from foreclosure. It also may mean saving a vehicle from repossession. It also could mean stopping a wage garnishment and agreeing to repay a small portion of a debt over a three to five-year period. To make all of this happen, many things have to line up in place perfectly. One of the things that I found most helpful, yet not without its difficulties, is to have my clients be set up on payroll control. This means, in theory, that the chapter 13 plan payment will be deducted from the + Click Here For Read More

Chapter 13 Bankruptcy The amount that you pay back in a chapter 13 per month is dictated by your income and your expenses. The trustee is going to scrutinize your budget to make sure that you are putting all of your disposable income towards the repayment of creditors in your chapter 13 case. This means that you are limited to IRS standard allowances for things like food, clothing, transportation, and other necessary expenses. There is some leeway if you can prove that you have a reason for a higher-than-expected expense for let's say medical or housing or utilities. Reasons To Budget The reason why you have to budget and pay all that you can in a chapter 13 is that you are asking the + Click Here For Read More

Believe it or not, there are certain circumstances where you are too broke to file. You simply don't have the means to even come up with the filing fee which is $335. Just yesterday, a potential client walked 45 minutes to see me in my office. Not only was he unemployed, but he had his driver’s license suspended due to dui.  Worse yet, he had an upcoming court date whereby he had to pay the court $4000 for his fine. Of course, he does not have the $4000 and will be begging and pleading for additional time to come up with the money. The judge may not grant his request. In that case, he will likely be incarcerated. Another gentleman recently came to see me and he is also unemployed. He is a + Click Here For Read More