This is the case of Willie Banister from Chicago, Illinois who was appearing for a Chapter 13 bankruptcy consultation. Mr. Banister has never filed a bankruptcy before. He is not a homeowner. He is renting on a month to month lease from a landlord in Chicago. He does not own a motor vehicle. In terms […]
Category Archives: Chapter 7 Bankruptcy
Well, all of your assets must be listed on a bankruptcy petition and this is true under chapter 7 or under chapter 13. If you are joint on a bank account, that basically means that you and the other party on the account both have equal rights to that money. If the sum is in […]
If you are behind on your second mortgage, you technically can be foreclosed upon by that second mortgage and eventually lose the home. The second mortgage might not be the one who gets paid or made whole but they can push the issue and actually do the bidding for the first mortgage company in a […]
The simple answer is yes, the condo associations can be put in a Chapter 13 bankruptcy and be repaid over a 3 to 5 year period. Much like a mortgage that you fell behind on, the condo association is a secured debt, secured by your property that you need to pay in order to keep […]
Taxes can be eliminated in certain circumstances and in certain circumstances your attorney will be able to advise you. For example, if you have tax debt that is more than three years old and if you filed a return for those years and if you did not commit any type of fraud, then the debt […]
A Chapter 7 Bankruptcy is advantageous to a consumer because it offers a “fresh start”. Throughout a consumer’s lifetime, bills are accrued by means of credit cards, medical visits, automobile purchases, etc. Through a Chapter 7 Bankruptcy, a debtor can ultimately be discharged from these obligations, which is known as the “fresh start”. Furthermore, there […]