In the past, if you were behind on your mortgage payments and did not want to keep your home, you had the ability to surrender it without much concern. Everything changed however at the start of 2014. The mortgage debt forgiveness relief act was not extended into 2014. This means that if you surrender your […]
Category Archives: Chapter 7 Bankruptcy
Chapter 7 bankruptcy is known as liquidation bankruptcy. However, in most cases, there is nothing to liquidate. The debtor gets to keep a large portion of personal property while going through the process. The Illinois law that allows the debtor to keep property while filing for bankruptcy is known as exemptions. They apply to homes, […]
In every Chapter 7 bankruptcy case, there is a Trustee appointment by the court to oversee the administration of your case. In most cases, there are no assets to be administered. However, the Trustee still needs to do an investigation to make certain. The investigation typically involves him asking several questions at the 341 meeting […]
Chapter 7 & Foreclosure Filing bankruptcy can go a long way toward saving a home that’s in foreclosure. Each chapter of the bankruptcy code will affect the outcome or the continuation of a foreclosure case differently. Under chapter 7 bankruptcy law, and automatic stay will kick in which will temporarily halt a foreclosure case. In […]
You don’t have to be employed to file Chapter 13 bankruptcy. However, you do need a steady source of income to be able to fund the chapter 13 plan. This income could be Social Security, disability, rental income, investment income, unemployment benefits and other sources of income such as family assistance. There is a misconception […]
When a business files for bankruptcy and closes its doors, it is filing a chapter 7 bankruptcy. This means that the company or corporation will no longer operate under that name and will no longer transact any business whatsoever under that name. Provided the corporation has no assets, creditors are unable to collect on their […]
Everyone typically wants to know how long a bankruptcy case is going to take from start to finish. There is so much uncertainty about the process and about what a client must do to make it work. The transcript from the Video below outlines some of the keys points regarding timing. Please keep in mind […]
If you are struggling financially, please know that help is available. You do not have to go through another spring and another summer with financial problems. Have you looked into filing bankruptcy? Have you looked into reorganizing under chapter 13? Have you explored all of your options to get out of this debt? If not, […]
One of the many benefits of filing a chapter 13 bankruptcy case is the ability to repay creditors less than what’s owed in many cases. Some cases don’t require a full payment to unsecured creditors. This all depends upon the income and expenses of the debtor as well as the debtor’s ability to repay the […]
In Chicago and around the country, people are over spending on their credit cards. Maybe it’s the have it now, pay for it later mentality. Maybe it’s the convenience of not having to carry cash. Maybe it’s the enticements of rewards by using the card. Whatever the reason, folks have become too reliant on credit […]