In order to file for Chapter 7 bankruptcy, you must provide a copy of your most recent Federal tax return.  If you are going to be receiving a sizable refund, then you want to time your bankruptcy filing so that you do not have the refund forthcoming after your filing date.  This way, you are able to protect your refund from the long arm of the Chapter 7 trustee.  This video talks about the importance of timing as it relates to tax refunds.  Jesse Barrientes: Right now we are in the end of January here.  So taxes are kind of going to be fresh, a lot of people have kind of filed because they want to get their money if they are getting a refund and if you have to pay, then people wait till + Click Here For Read More

Chicago Bankruptcy  City violations in Chicago, incurred after filing for a Chicago bankruptcy are not eliminated. One such example is where someone who surrenders a home in foreclosure yet owes city violations and then files chapter 7, the debt to the city is not wiped out. You would think that once you give up a home in foreclosure, that you would no longer be responsible for any debt associated with the property. However, in a case where the city has to demolish the property post-filing, there is a cost to the city for handling the demolition. Since the demolition technically occurs after the case is filed, the debtor is still on the hook for the cost of the demolition. I refer to + Click Here For Read More

Homeowners very often wind up filing for bankruptcy. Before filing, homeowners wonder whether or not they will be able to keep their house through the bankruptcy process. For most homeowners, there is not sufficient equity in the property which would cause them to lose the property. In other words, the property has no administrative value for a chapter 7 trustee to attempt to sell the property and pay creditors a pro rata share.  Now each state is different in terms of how much equity you can have in real estate and still keep that property free and clear when going through the bankruptcy process. In the state of Illinois, you are entitled to a $15,000 exemption in your homestead, real + Click Here For Read More

Jesse Barrientes: What are the requirements for filing a Chapter 7, the pre-filing requirements? David Siegel: Yeah, before a case can be filed, the individual has to go through certain requirements and the first of which is they must take a credit counseling session. Jesse Barrientes: What does that consist of? David Siegel: The credit counseling session is basically a one hour session which can be done on the computer or in person or over the Internet. The cost is approximately $15 these days. And it basically runs you through a series of questions about your income, your assets, and your liabilities and gives you some other ideas of how to get out of debt other than filing a + Click Here For Read More

My Recent Client I recently had the opportunity to speak with a chapter 13 debtor. This debtor had done a prior chapter 13, where the plan payment was $350 per month. The debtor was unable to make his monthly payment to the trustee and his case was soon dismissed. The debtor then came to my office to talk about re-filing chapter 13. This debtor had parking tickets owed to the city of Chicago which were causing his license to be suspended. He did have some other debt but the significant debt was that owed to the city of Chicago. We went through a confidential bankruptcy intake questionnaire, we agreed on a contract price, and we began to prepare his petition for filing. Upon further review, + Click Here For Read More

Protecting Your Assets In A Chapter 7 Bankruptcy Filing There are two main goals in filing a chapter 7 bankruptcy. The first goal is to eliminate as much debt as possible in order to get a fresh start. The second goal is to protect either all or as much of your personal property as possible while going through the process. The state of Illinois provides for specific property exemptions. These exemptions allow you to protect equity in real estate, equity in personal property, and otherwise protect assets from creditors. The bankruptcy trustee, who is assigned to your case, has the duty of examining all of your assets to determine whether or not there is anything available for + Click Here For Read More

Chapter 7 bankruptcy can be confusing for many people.  There are different scenarios where Chapter 7 comes into play to change lives.  In the latest Legal Action show, we discuss the basics of Chapter 7 and how it can be used.  A partial transcription of the show is listed below.  You can also view the Chapter 7 video that accompanies the transcription.  You will learn that Chapter 7 bankruptcy provides a fresh start and a discharge for all of one's dischargeable debt.  For more information, please contact the office to learn your rights. David Siegel: Hello, welcome.  My name is David Siegel.  Thanks for joining me.  Today were going to be talking about Chapter 7 bankruptcy.  Once + Click Here For Read More