Case Set-Up This is the bankruptcy case study for Darius from Chicago, Illinois who was in my office to determine whether or not chapter 7 or chapter 13 will help him. He currently resides in Chicago and he has a spouse who will not be filing with him. He has filed a chapter 13 bankruptcy in the past which was not successful. In terms of real estate, he owns a single-family home which he wishes to surrender. The house is worth $150,000 and he owes $210,000 on the home. He has not made a mortgage payment in several months and realizes that the best thing to do would be to let the house go into foreclosure and eliminate that debt through bankruptcy. In terms of vehicles, he has a 2013 Chevy + Click Here For Read More

You always have the ability to switch bankruptcy attorneys if you are not satisfied with your current attorney. Depending upon which type of bankruptcy case you have filed will determine whether or not it makes good sense to make the switch. For example, if you have already filed a chapter 7, fresh start bankruptcy, then there probably is not going to be a significant benefit to switching attorneys. First, you've already paid your first attorney and you have to pay a second attorney to jump in on your existing chapter 7 case. Second, absent an adversarial complaint, there should be nothing that the first attorney can't take care of under the original contract with him or her. Switching + Click Here For Read More

People often wonder what percentage creditors are going to be paid back in a chapter 13 bankruptcy. As a bankruptcy attorney in Chicago, I can only estimate what the approximate amount may be. The reason why I cannot provide a definitive answer is because I do not know what type and amount of claims are going to be filed in the case. I can tell the debtor that based upon their income, their expenses, their assets and liabilities, the approximate monthly payment to the chapter 13 trustee. This video talks about the different scenarios and the different types of questions that debtors ask with regard to percentage pay back on debt. + Click Here For Read More

One of the things most people want to know when considering bankruptcy is how soon after filing bankruptcy can they obtain credit. The answer to this will vary from case to case but there is a relatively simple formula to follow. After your case is filed, you can apply immediately for a secured credit card. A secured credit card is where you put a certain dollar amount on account at a bank in exchange for charging privileges up to that amount. The advantage of secured credit card is that it will start to report positively to the credit bureaus. It also gets you to focus on exactly how much you can spend because your credit limit is going to be relatively small at the outset. Another good + Click Here For Read More

Dismissing and Re-filing a Chapter 13 There are certain circumstances where you may want to dismiss your chapter 13 case and refile. You do have the ability to do this. There are certain circumstances where you may have to wait six months to refile. This would be the case where you want to dismiss the case on your own and there has already been a motion to modify the automatic stay filed in your case. If you bring a motion to dismiss in that type of case, then you must wait out the six-month filing waiting period On the other hand, if the trustee brings a motion to dismiss, you have the ability to refile at any time unless you are barred from refiling. We typically only see a bar to + Click Here For Read More

This post is specifically directed to consumer bankruptcy attorneys located in the Chicago area. The American bankruptcy Institute is holding their seventh annual Chicago consumer bankruptcy conference to be held on November 11, 2014. The conference will take place at the University of Chicago Gleacher center. The conference will focus on current issues affecting debtors and creditors and consumer bankruptcy cases. Faculty members will include bankruptcy Judges Janet S. Baer, Donald R. Cassling, Catherine J for Furay, Thomas M. Lynch and Eugene R. Wedoff as well as experienced local chapter 7 and chapter 13 consumer attorneys and panel trustee's. You can click the link below for more + Click Here For Read More

Chicago Bankruptcy Lawyers Chicago bankruptcy lawyers want to have their clients’ bankruptcy cases be determined to be no asset cases by the panel trustees. This rather simple expression means that the debtor is not going to lose any property while going through the bankruptcy process. As a bankruptcy lawyer, my goal is to get a person out of debt without having that person give up any property. When the trustee makes a finding of no assets, he is closing the book on the case and is seeking no other interest in the debtor's estate.  Fear Of Losing Property Many people are afraid to file for bankruptcy because they think that they are going to lose their property. It's a very + Click Here For Read More