The co-debtor stay applies in chapter 13 of the United States Bankruptcy Code and goes into effect immediately upon the filing of the case. The co-debtor stay will prohibit any action or continued action to collect on a consumer debt from an individual who secured such debt or who is liable on such debt with […]
Category Archives: Chapter 7 Bankruptcy
Gas Prices Drop As gas prices continue to drop, the yearly benefit to the average consumer can approach $750.00 or more per year. This precipitous drop in prices may help many that are on the fence about filing for bankruptcy. For a married couple, the savings can approach $1,500.00 or more. Here are the details: […]
Below is a partial transcript of David M. Siegel as he talks bankruptcy law for the Legal Action television show which airs on Comcast Cable throughout Chicago and its suburbs: Interviewer: Let me ask you this. I work at a bank so is my employer going to find out if I do a bankruptcy? David Siegel: Your […]
Bankruptcy Form Changes On December 1, 2015, almost all of the bankruptcy forms and schedules were amended. Many clients who had already signed earlier versions of the forms and were awaiting filing, had their filings delayed because they had to re-sign and reread new forms. In certain circumstances, the forms had to be emailed or […]
Consistency Lacking If you are looking for consistency among the bankruptcy judges and the bankruptcy trustees in the Northern District of Illinois, you will be hard pressed to find it. Let’s start by examining the bankruptcy judges in Chicago. Each bankruptcy judge comes from a different background, has a different viewpoint with regard to debtors […]
Resolve To Get Out OF Debt If you are struggling financially, you likely have been struggling for a number of years. It is very easy to fall behind on credit cards, get hit with unexpected medical expenses, and experience a job loss or other traumatic event in your life which could lead to debt. For […]
From a recent episode of Legal Action which airs on Comcast Cable in the Chicago area, David M. Siegel discusses two common, but important questions regarding filing for bankruptcy. The first is the financial management instruction requirement that must be completed post-filing. The second is the typical range of fees that one could expect to […]
Debt Relief Offered By The City of Chicago Every once in a while the City of Chicago will offer a debt relief program or amnesty program with regard to parking tickets and red light tickets. The most recent version of this program is going to last from November 15, 2015 through December 31, 2015. However, […]
In a recent chapter 13 bankruptcy filing, a debtor was attempting to recover his towed and impounded vehicle. The vehicle was impounded due to unpaid parking tickets owed to a village. The tow company towed the vehicle and was unwilling to release the vehicle back to the debtor. The tow company would not provide simple […]
The thought of losing one’s credit cards is a terrifying idea for some that are struggling with debt. In fact, such a fear prevents many people from actually filing for bankruptcy. The big fear is that bankruptcy will haunt them for life and prevent them from obtaining credit in the future. Everyone dreams of purchasing […]