Chicago Bankruptcy Lawyer

Blog Posts in November, 2012

  • Chapter 7 Bankruptcy - Mandatory Requirements

    Yesterday we discussed the documentation that is required from a debtor prior to filing bankruptcy. This documentation includes paystubs, tax returns, and completion of the pre-filing credit counseling course. Today, we discuss two other major requirements prior to filing a Chapter 7 bankruptcy: paying your attorney fees in full and a review of your completed bankruptcy petition with your ...
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  • What Does the Chapter 7 Trustee Do?

    We discussed previously that the primary role of the Chapter 7 trustee is to administer your bankruptcy case. The key question, then, is what does that specifically mean? At the onset, the trustee will review your bankruptcy petition and schedules. His primary role in this regard is to review the schedules where you have listed property to see if there is unexempt property that can be distributed ...
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  • Secured Creditors and the Automatic Stay

    We discussed yesterday the basic concepts of the automatic stay in a bankruptcy case. The automatic stay stops all debt collection efforts from the onset of the filing of the bankruptcy case. This also includes any efforts by a secured creditor, such as your mortgage or car company, to collect on their debt with you. In certain situations, including if the debtor is late on payments to their ...
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  • Credit Card Usage Prior to Bankruptcy

    There are various requirements that must be completed before you file your bankruptcy case. The first of these is to stop using your credit cards and to stop incurring any additional debt. In reality, the decision to stop using credit cards and incur debt should come once the decision to file bankruptcy is made. The concern with the bankruptcy court is fraudulent activity. If you use your credit ...
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  • If I File Bankruptcy Will I Lose All of My Property?

    Perhaps the biggest misconception regarding filing bankruptcy is the notion that upon filing, you will lose all of your property. This couldn't be further from the truth, as in most Chapter 7 bankruptcies you will get to keep all of your property. When you file a bankruptcy, a bankruptcy estate is created. All of your property is technically included in this estate. In a Chapter 7 bankruptcy, it ...
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  • Who Appears at My 341 Meeting of Creditors?

    Although notice of your meeting is creditors is mailed to all of your creditors, in the majority of Chapter 7 bankruptcies, the only people present at your trustee meeting are yourself, the bankruptcy trustee, and your bankruptcy attorney. Most unsecured creditors, like credit card companies, unsecured loan companies, and medical services companies, are so commonly included in Chapter 7 ...
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