This is the Joliet bankruptcy case study for a Mr. Foster. Mr. Foster filed a chapter 7 bankruptcy back seven years ago so he is technically eligible to file another bankruptcy case. He is not a homeowner, he does rent and he lives with family. In terms of personal property, he has a 2006 Chrysler 300C with a market value of $8000 and a debt owed of $6800. He is paying approximately $455 per month and he is up to date on that payment. In terms of personal property, he has a checking account at Chase bank with a balance of approximately $16. He does have minor household goods valued at $1200, clothing valued at $500, and an IRA worth $4000. His family situation is that he is single, he has two dependent children ages 14 and 15 and he is currently unemployed. He is receiving zero income per month from all sources.
In terms of his monthly expenses, he is obligated to pay $800 per month for rent, however he does not have the ability to pay anything at this time. He contributes $50 towards the electric bill when he has funds and he has a cellular phone bill with an expense of $100 per month. His auto payment is 455 per month and his support to others is $150 per month.
He has student loans owed to the US Department of Education totaling $75,000. He also has IRS debt of over $20,000 for the tax years 2008, 2009, 2010. He also owes the Illinois Department of Revenue approximately $300 for tax years 2008, 2009, and 2010. In terms of debt, he has credit card debt valued at $5000, payday loans of $2000, medical bills totaling $10,000 and a prior auto repossession at $4000.
My recommendation for Mr. Foster from Joliet, Illinois would be a chapter 7 fresh start bankruptcy. He will still have his auto debt as well as his child support obligations. However, he will be able to eliminate all of the miscellaneous debt associated with credit cards, payday loans, medical bills, and repossessed autos.
