The Code Dictates The bankruptcy code is what governs every issue of a bankruptcy filing. Under chapter 7 bankruptcy law, the bankruptcy code dictates as to what must be done with regard to particular, secured property. For example, if you have a financed vehicle in a chapter 7 bankruptcy case, the bankruptcy code mandates that […]
Category Archives: Chapter 7 Bankruptcy
If you file bankruptcy with an attorney, you’re going to get assistance throughout the process. Your attorney is going to know exactly what needs to be done with your case. This all starts with the very first consultation. The attorney is going to be able to interview you, advise you, and notify you of potential […]
If you’re looking to save a home from foreclosure, chapter 13 will help you provided you file your bankruptcy case before a Sheriff sale has taken place. Chapter 13 will allow for you to pay back your mortgage arrearages over a three to five-year period. You also have to make your regular mortgage payment each […]
This is the case of Melika Murray who comes to me from North Chicago which is Lake County, Illinois for a bankruptcy consultation. Ms. Murray has never filed for bankruptcy before, even though she states that she has been struggling for debt for over 20 years. She owns no real estate. She is renting and […]
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 […]
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 […]