Chicago Bankruptcy Lawyer

Blog Posts in December, 2012

  • Secured Property and Bankruptcy

    A common misconception, one routinely brought up by clients when interviewing with their bankruptcy attorney for the first time, is that they think they're going to lose all of their property. Whatever the reason the myth originated, it is simply not true in the majority of cases. Most of the time, a debtor will be able to keep their secured property when filing Chapter 7 bankruptcy. Secured ...
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  • Should You Wait to File?

    Most of the time, obtaining a Chapter 7 bankruptcy discharge is an urgent manner for you. You have grown sick of the creditor calls, the attempts to collect on your debts, the struggles in maintaining your finances, and perhaps even lawsuits being filed against you. There are times, however, where it is best to wait to file your case. It is probably best to wait to file your case if you've repaid ...
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  • How Does a Chapter 7 Bankruptcy Work?

    Think of a Chapter 7 bankruptcy as a fresh start. In this type of filing, all of your debt is listed on the schedules of your bankruptcy petition. There is a schedule for secured debts, like your house and car, as well as a schedule for your unsecured debts, like medical bills and credit cards. These unsecured debts, if the case is successful, are all discharged in the Chapter 7 bankruptcy, which ...
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  • What is the Means Test?

    In 2005, the US Bankruptcy Code was amended to incorporate a means test. The design of the means test is to establish a way to ensure that those who can afford to pay back a portion of their debt are ineligible to file a Chapter 7 bankruptcy. The means test is a complex mathematical process that determines basic eligibility based upon income. The test involves taking the debtor's current monthly ...
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  • Statutes of Limitation and Bankruptcy

    One of the reasons that people file for bankruptcy is because of attempts by creditors to collect on their debt. One way that these creditors can attempt to collect on that debt is by eventually filing a lawsuit in state court to secure a judgment for the debt amount, if the debt collection proceeds to that point. When the bankruptcy is filed, an automatic stay is put into effect, stopping any ...
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  • Common Causes of Bankruptcy

    Every situation is different, and each bankruptcy case is unique in the circumstances that precipitated its filing. This is one of the things that makes bankruptcy a complex area of law, as each individual has a different situation that must be addressed in their bankruptcy petition. At the same time, however, there are several common causes leading to bankruptcy that seem to encompass most cases. ...
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  • Waiting for the Bankruptcy Discharge

    The final stretch before your Chapter 7 Bankruptcy case is completed is waiting for the discharge. This period comes after your initial 341 Meeting of Creditors. After your meeting, creditors will have an opportunity to object. This is standard procedure and the primary reason that your case takes approximately 60 additional days after the trustee meeting to be closed out. Assuming that no one ...
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