The automatic stay in bankruptcy is the notice that puts creditors on notice that they cannot take certain actions against you in terms of collecting the debt.  The automatic stay is created immediately upon filing of the bankruptcy case whether or not official notice has been received by that creditor or not.  The automatic stay is exactly what you are the bankruptcy case.  It is the protection that tells creditors you have to stop calling, to stop trying to collect the debt, to stop most court appearances and you must obey the bankruptcy rules and filed the bankruptcy process with regard to this individual debtor. When someone files in my office, we obtain a case number.  The case + Click Here For Read More

You Can Protect Most Property You can file bankruptcy and protect a certain amount of personal property. If you are filing a chapter 7 bankruptcy, then you have certain exemption amounts under Illinois law that allows you to protect a certain amount of property. For example, you can protect up to $15,000 worth of equity in real estate. You can also protect up to $2400 worth of equity in a motor vehicle. You can also protect $4000 of miscellaneous personal property that can be put over any type of personal property that you may have. If you are above and beyond the exemption amount, your attorney will advise you that some of your property might be at risk in exchange for your fresh start. If + Click Here For Read More

One of the great things that chapter 13 bankruptcy can accomplish is the return of a vehicle that was repossessed. Your vehicle remains your property until such time that it is sold at auction. Thus, until such time that vehicle is actually sold, you still own it and you have the ability to propose a repayment plan. Chapter 13 bankruptcy provides for that very plan. The Plan Under chapter 13 law, you can repay a vehicle debt over a 60 month period of time. During this 60 month period of time, you have to make regular, consistent payments to a chapter 13 trustee. The chapter 13 trustee will divide out a certain portion per month to go towards your creditors including your auto finance + Click Here For Read More

Follow Advice For A Smooth Chapter 7 If you want a chapter 7 bankruptcy case to go smoothly, then you want to follow all of the advice of your attorney. This advice starts with being open and honest regarding your financial situation. Your attorney is going to want to know everything that you have in terms of property, assets, liabilities, and debt. Your attorney is going to want you to disclose whether or not you have given away or sold anything in the last year to a family member or two years to anybody else. Your attorney is going to want to make sure that all of your assets are protectable under Illinois exemption laws. If for some reason your property is not going to be fully + Click Here For Read More

The Bankruptcy Court Date When you file for Chapter 7 or Chapter 13 bankruptcy, you're going to have to appear at a 341 meeting of creditors. It is called a 341 meeting of creditors because section 341 of the bankruptcy code requires a debtor to appear and be examined under oath. This 341 meeting of creditors is commonly referred to as the court date. At this date, you will appear along with your attorney in front of either a chapter 7 trustee or a chapter 13 trustee. The purpose of the meeting is to make sure that the information that you listed on your bankruptcy petition and schedules is true and accurate. However, depending upon which chapter of bankruptcy you file, the purpose of the + Click Here For Read More

Chapter 13 Bankruptcy Attorney And Saving Property Being a Chapter 13 bankruptcy attorney puts me in a unique situation.  It allows me to help somebody either save a home from foreclosure or save a vehicle from repossession or otherwise reorganize unsecured and secured debt over a period of 3 to 5 years.  When people come to see me for Chapter 13, they are either in the process of losing property that they wish to keep or they are being sued, harassed, garnished or otherwise involved with a creditor who is making their life miserable.  Clients really don’t know that there’s a solution out there.  And they certainly don’t know about the 3 to 5 year payment plan under Chapter 13.  They really + Click Here For Read More

The Automatic Stay Stops The Wage Garnishment When you file for bankruptcy, you obtain an automatic stay. The automatic stay is the instrument which basically tells creditors that they can no longer take certain actions in an effort to collect a debt from you. If you are being garnished and you decide to file bankruptcy, the date of filing and the creation of the automatic stay is what is going to stop your wages from being garnished. Immediately upon the filing of the bankruptcy case, you will be issued a case number as well as a date of filing. This date of filing is the controlling date which dictates when collection is stopped and what happens to garnishment proceeds collected before + Click Here For Read More

Positive Experience After Filing Bankruptcy The overwhelming majority of my clients who go through filing bankruptcy through my office find it to be a very positive and rewarding experience.  They get to start over again financially.  They are allowed to obtain credit immediately after filing and that might take the place of a credit card or vehicle or even a mortgage.  They get the sense of relief that they no longer owe a particular creditor and that that creditor cannot seek them anytime in the future to collect on that debt.  They realize that they have made a misstep.  Sometimes it’s self-inflicted, such as overspending on credit cards and sometimes it’s not self-inflicted such as + Click Here For Read More

Information For You Bankruptcy Attorney When you are filing for bankruptcy, your attorney is going to want to know a series of information from you.  Most importantly, he’s going to want to know what you own, what you owe, what you earn and what you spend.  In my office, we have developed a confidential bankruptcy questionnaire.  The questionnaire will ask you information about yourself, your name, your address, your Social Security number and where you live.  We want to know your phone number, your email address and if you’ve ever filed for bankruptcy before.  We’re going to want to know if you own any real estate property whether it be a single family home, a two flat, condominium, a + Click Here For Read More

The Percentage Will Depend Many clients want to know what percentage is going to get paid back to creditors if they file chapter 13 bankruptcy. The answer to this question depends on a number of different factors. First, the debtor's income is factored into the equation right from the start. Second, we have to take a look at the debtor's monthly expenses or budget items. The difference between the income and expenses is typically what is paid back through a chapter 13 repayment plan. That difference is known as disposable monthly income or DMI. How The Percentage Is Calculated Now the amount that needs to get paid is the disposable monthly income over a period of anywhere from 3 to 5 + Click Here For Read More