A successful chapter 13 requires you to make timely, monthly payments to a chapter 13 trustee over the life of your plan. The plan could last anywhere from 36 to 60 months typically. Your plan may run less than that provided you pay off the debt in full. If you fall behind on your trustee […]
Category Archives: Chapter 7 Bankruptcy
If you’re struggling from debts that arose from gambling, chapter 7 very well may be your answer. There has been an increase over the last 25 years in the state of Illinois with gambling institutions. These so-called boats have led many addicted people to lose their life savings, their families, their jobs, and their dignity […]
Student loans are generally an unsecured debt that is non-dischargeable in a bankruptcy case. This means that under chapter 7 fresh start bankruptcy, a student loan must be listed however it is not eliminated. There are some circumstances where a student loan may be discharged however that involves an extreme hardship case and I’ve never […]
When you file Chapter 7 bankruptcy, not all of your debts may be eliminated. For example, student loans, recent taxes, parking tickets, child support and debts incurred through fraud are not eliminated. The video below talks about how some people will run up the balance on a credit card in anticipation of filing Chapter 7 […]
Most clients who call seeking chapter 7 bankruptcy relief do not have significant equity in their real estate. In fact, most clients who call today have no equity in their real estate. Since the real estate market plummeted several years ago, most clients are in a situation where they owe more on the property than […]
There are secured creditors that must be treated a certain way in a bankruptcy case. The transcription below touches the surface on what a secured creditor is and what types of decisions have to be made with regard to those secured creditors. Jesse Barrientes: You said there were secured and unsecured creditors. So then unsecured creditor […]
There are specific time restrictions on when you can file certain bankruptcy cases. For Chapter 7, you can only receive a discharge of certain debts every eight years. There are also complex rules for filing Chapter 13 subsequently to a Chapter 7. In the video below, we talk about Chapter 7 in particular and how […]
Protecting Life Insurance When filing a chapter 7 bankruptcy, you are allowed to protect a certain amount of personal property. One of those items of personal property is life insurance. Life insurance is treated two different ways when filing bankruptcy. The first involves term life insurance. Term life insurance provides for a death benefit. What […]
Chicago clients are concerned about utility bills and how a bankruptcy filing affects their services. They are happy to know that they can get service to continue to or have it turned back on if it was disconnected. The video below talks about ComEd in particular, but it applies to gas service and telephone service […]
Depending on the budget, you might have to pay back 100% to your unsecured creditors in a chapter 13 bankruptcy case. The trustee appointed for your case is going to interview you at a 341 meeting of creditors. One of the main purposes of this meeting is to determine whether or not you are putting […]