This is the bankruptcy case study for Michael M., who resides in Aurora, DuPage County, Illinois. Michael is currently being garnished for a hospital bill and is seeking protection under the bankruptcy code. He is inquiring as to whether or not he can file a Chapter 7 to stop the garnishment and yet keep […]
Category Archives: Chapter 7 Bankruptcy
Chapter 13 bankruptcy cases are difficult for the debtor as well as the attorney. The debtor has to fulfill a series of requirements prior to filing as well as additional requirements subsequent to filing. The attorney does the bulk of his work upfront and fights to get paid as the case progresses. In recent weeks, […]
There are five major areas of concern when considering filing for Chapter 13 bankruptcy. 1) The first concern is the type of debt. There are certain debts that can be eliminated in a Chapter 13 at less than 100% payback. There are other debts that cannot be eliminated and must be paid back […]
A Chapter 13 debtor filed for bankruptcy on September 11, 2014. Within the Chapter 13 case, he planned on repaying approximately $4,700 worth of parking tickets owed to the city of Chicago. The proposed plan was going to pay back approximately 10% to 20% of those parking tickets over a 3 to 5 year term. […]
If your car was recently repossessed by the finance company, you have the ability under Chapter 13 bankruptcy law to recover that vehicle. You do so by filing a Chapter 13 bankruptcy case and proposing a plan to reorganize or repay that auto debt over time. You can reduce the interest rate owed to the […]
In recent memory, the city of Chicago had a slogan that was plastered all over town. You would see it in campaign ads, hear it on the radio, see it written in the newspaper and talked about in City Hall. Chicago was declared the “city that worked.” It was the model case, the shining example […]
Bankruptcy Attorneys Must Ask Personal Questions: Bankruptcy Is Personal Attorneys Ask Questions If you are someone who is considering bankruptcy, you may have already spoken to or met with a bankruptcy attorney about your situation. Whether you had an initial consultation over the telephone or whether you appeared in the attorney’s office, you will recall […]
Bankruptcy Is More Difficult It’s a lot harder to file for bankruptcy now than it was prior to 2005. That was the year the federal government passed sweeping changes and reforms to the then existing bankruptcy laws. Since then, there are pre-requisites to filing as well as financial documentation that must be submitted contemporaneously with […]
I have noticed a rush of Chapter 13 filings lately that never make it past the starting gate. The client gets the relief of the automatic stay, but not for very long. It seems that lately there is a lack of sincerity with regard to Chapter 13 filings. This trend is counterproductive to realizing the […]
If a debtor does not know the true value of his home, he may find himself in an asset case under chapter 7 bankruptcy. This was almost the case for a recent client who was seeking a fresh start under Chapter 7 bankruptcy law. The debtor purchased his home slightly over three years ago for […]