According to Joliet Bankruptcy Lawyer, David Siegel, Joliet has always been a tough, blue-collar, hard-working town in Will County, Illinois. When times are tough in the state of Illinois, they are especially tough in Joliet. And times have been really tough lately. The housing market has not recovered in this area. The job market certainly […]
Tag Archives: bankruptcy
When the bankruptcy laws were changed on October 17, 2005, there was an effort to curb abusive filings. To do so, a means test was authored utilizing IRS standards for acceptable expenses. In addition to the means test, there were requirements such as having completed a credit counseling session before a case can be filed […]
This is the bankruptcy case study for Todd, from Steger, Illinois, and his wife Emily. The couple is considering chapter 7 or chapter 13 bankruptcy, but is not sure which chapter is best for them. Let’s explore the details. The couple owns a home in Steger, Illinois with a market value of approximately […]
Many people who are considering filing bankruptcy are interested in knowing how long the fact that they file bankruptcy will stay on a credit report. The answer is that proof of bankruptcy filing can last up to 10 years on a credit report. However, this fact should not dissuade one from filing for bankruptcy if […]
Chapter 7 bankruptcy is known as liquidation bankruptcy. However, in most cases, there is nothing to liquidate. The debtor gets to keep a large portion of personal property while going through the process. The Illinois law that allows the debtor to keep property while filing for bankruptcy is known as exemptions. They apply to homes, […]
Chapter 7 & Foreclosure Filing bankruptcy can go a long way toward saving a home that’s in foreclosure. Each chapter of the bankruptcy code will affect the outcome or the continuation of a foreclosure case differently. Under chapter 7 bankruptcy law, and automatic stay will kick in which will temporarily halt a foreclosure case. In […]
One of the many benefits of filing a chapter 13 bankruptcy case is the ability to repay creditors less than what’s owed in many cases. Some cases don’t require a full payment to unsecured creditors. This all depends upon the income and expenses of the debtor as well as the debtor’s ability to repay the […]
In Chicago and around the country, people are over spending on their credit cards. Maybe it’s the have it now, pay for it later mentality. Maybe it’s the convenience of not having to carry cash. Maybe it’s the enticements of rewards by using the card. Whatever the reason, folks have become too reliant on credit […]
The Typical Co-Debtor Protection In most circumstances, when only one co-debtor files for bankruptcy protection, the non-filing co-debtor usually can maintain the property provided that the co-debtor continues to make timely payments. An interesting situation arose in a recent case. The particular property is a boat. Husband and wife both signed for and are responsible […]
It’s easy to be confused when talking about the different types of bankruptcy. Most people are aware that bankruptcy is a way to eliminate debt. What they are not sure of, is whether it’s really in their best interest to file at all. There are some cases where it’s a tough decision. The person may […]
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