Chicago Bankruptcy Lawyer

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  • How Often Can You File for Bankruptcy?
    Debts can pile up out of nowhere and become insurmountable before you have time to count your finances. Sometimes the only reasonable solution is to file for bankruptcy and have the debts discharged, either partially or entirely. But what happens if you file for bankruptcy and only a short while later you are blindsided by new debt? Can you file for bankruptcy again? Restrictions on Multiple ...
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  • When Should I File for Bankruptcy?
    Are you struggling to make ends meet under the weight of crippling debt? Are you constantly being harassed by creditors? If so, bankruptcy may be the source of relief you need. While many people shy away from the term “bankruptcy” due to its negative stigma, bankruptcy is an honorable and completely legitimate method for individuals to achieve a fresh financial start. But how do you know when it ...
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  • Giving Back to Those in Need: Dawg Squad Donations
    Our law firm is excited to say that we have recently donated to The Dawg Squad, an animal rescue organization run by volunteers in Los Angeles, California. When we heard about how they have helped close to 2,000 abandoned dogs find forever homes, we knew we had to do our part and show our appreciation for all the hard and caring work they do. We also believe it is important to help spread the word ...
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  • Tips for Avoiding Holiday Debt
    As the gift-giving rush of the holiday season draws near, it is important that people remember to spend within their means and avoid accumulating amounts of debt that they cannot afford. Irresistible Black Friday deals and the pressure to purchase gifts can lead a person to spend more than they should. To ensure a financially prosperous holiday season, our firm has come up with some holiday ...
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  • Four Important Steps to Take After Bankruptcy
    Thanks to portrayals in movies, television shows, and news reports, bankruptcy in our society has become overshadowed by a black cloud of negativity. People assume that you can never buy a home or car again, and that your credit is shot for the rest of your life. While bankruptcy is a serious situation, thankfully these myths remain simply untrue . Financial woes can sneak up on the best of us ...
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  • New Office Opens in Naperville, Illinois
    In an effort to better serve the residents of Chicago and the surrounding areas, our firm is proud to announce the opening of our newest office in Naperville! We pride ourselves on consistently being available to our clients and we believe that this will further our goal in a very real way. Our Naperville office can be found at the following location: 116 S. Webster Street Suite 100 Naperville, IL ...
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  • Why Hire a Chicago Bankruptcy Lawyer?
    Do you really need an attorney to help you file for bankruptcy? If you are struggling to pay bills and make ends meet, filing for bankruptcy may be your best option. The question is—do you hire a bankruptcy lawyer to help you through this process? While it may seem like a waste of much-needed money, hiring a Chicago bankruptcy attorney can actually help you save money in the long run. Not only do ...
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  • Property of the Estate & Inherited Property
    11 USC 541(a) dictates that upon the filing of a bankruptcy case, an estate is created. This estate includes all legal and equitable interests of the debtor at the time of filing, and in certain instances, interests in property that arise after the filing of a bankruptcy within a certain period of time. Essentially, once the bankruptcy is filed, the resulting estate is comprised of everything the ...
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  • Motion to Extend the Automatic Stay
    One of the most important protections bankruptcy affords - and one could make the argument that it is the most important - is the protection afforded debtors in the form of the automatic stay. Pursuant to 11 U.S.C. 362, the filing of a bankruptcy case automatically operates as a stay to almost all debt collection proceedings. These include (all listed in 362(a)(1)), lawsuits or other actions ...
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  • Handling a Trustee's Motion to Dismiss
    Bankruptcy can be a stressful time in someone's life. They're dealing with financial terms and issues they're not overtly familiar with, creditors are calling almost nonstop, and they're worried about the impact that bankruptcy will have on their lives. These stressors are, for the most part, alleviated when a debtor actively seeks bankruptcy protection, including Chapter 13 repayment plans. The ...
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  • Cramming Down a Vehicle in Chapter 13 Bankruptcy
    A Chapter 13 bankruptcy affords a debtor the opportunity to cram down certain secured debts to their actual value, not merely the principal balance owed. This concept essentially takes the principal balance owed on a secured debt that is "underwater" and reduces the secured amount of the debt to what the value of the collateral actually is. This concept has its foundation in basic secured ...
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  • Avoiding Judicial Liens
    When you are preparing to file bankruptcy, it is best to discuss with your bankruptcy attorney whether you have any judicial liens against your property. These liens, even if the debt is included in your bankruptcy and discharged, can survive the bankruptcy and stay levied against your home. A judicial lien is secured through a legal process of securing a memorandum of judgment. It can be for ...
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  • Detroit Officially Enters Chapter 9 Bankruptcy
    On Tuesday, Federal Bankruptcy Judge Stephen Rhodes determined that the City of Detroit is eligible for Chapter 9 bankruptcy, ushering in a legal process that could have landmark decision written all over it. The city, with billions of dollars in outstanding debt owed, simply does not have the means to pay its creditors and is for all intents and purposes, insolvent. Judge Rhodes issued this ...
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  • Preparing for the 341 Meeting of Creditors
    The idea of going to court can bring trepidation to even the calmest individuals. This is especially true in bankruptcy situations, where financial issues are in play for those who might not be accustomed to the legal arena. At the same time, however, most Chapter 7 bankruptcies only involve one court-like proceeding, and that is the 341 meeting. We've covered the 341 meeting at length in previous ...
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  • Chicago Foreclosures Spike in October 2013
    According to a story published in the Chicago Tribune on November 13, 2013, Chicago-area foreclosure filings rose nearly 30% in October 2013. This number, while lower than this past summer and the past few years of extreme foreclosure rates, signals that the economic recovery is far from complete. A spike in foreclosure filings as winter comes indicates that for some, household income has gone ...
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