Chicago Bankruptcy Lawyer

Blog Posts in February, 2013

  • Common Bankruptcy Questions, Part V

    Our final installment covering commonly asked bankruptcy questions begins with a discussion of credit counseling. Most debtors wonder why, if they're already going to file bankruptcy, they must take a credit counseling course before they file. The credit counseling requirement was brought into existence with the 2005 amendments to the Bankruptcy Code. The class is required to be completed by each ...
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  • Common Bankruptcy Questions, Part IV

    Continuing our discussion on common bankruptcy questions, we begin with the age-old question of whether you will ever get credit again. This answer is, of course, always asked in every bankruptcy consultation and subsequent case. The answer is yes. Just by filing the bankruptcy, you are freeing yourself of debt that had been dragging your credit score down to begin with. Because you remove that ...
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  • Common Bankruptcy Questions, Part III

    Continuing with our series of common bankruptcy questions, we pick up with perhaps the most commonly asked question of all in bankruptcy cases: whether you get to keep your house and car. Like we've discussed previous times in this space, the primary determining factor behind this comes down to equity. Because a Chapter 7 bankruptcy is a liquidation of your assets, the liquidation analysis begins ...
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  • Common Bankruptcy Questions, Part II

    Picking up where we left off yesterday, we continue our discussion of common bankruptcy questions by discussing the concept of pro se bankruptcy filings. What pro se means in common English is filing a case by yourself. The question is, then, whether someone can get the bankruptcy forms themselves and file their own case. While this is always an option for anyone, I would highly recommend that you ...
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  • Common Bankruptcy Questions, Part I

    Bankruptcy filing is a process that is unfamiliar to most and yet still carries an unfair stigma. As a result, there are all sorts of various questions that commonly come up when a person begins the bankruptcy process. It is helpful to begin a discussion today of those questions. The question asked the most, and the one at the central of every single case, is whether a person should file ...
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  • Anticipating Questions at the 341 Meeting

    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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  • The Business Debt Exception to the Means Test

    The means test is the requirement under the 2005 Bankruptcy Code Amendments that individual debtors fill out to determine if they qualify for a Chapter 7 bankruptcy. Under this form of the bankruptcy petition, an individual debtor enters their income against their own and standard IRS deductions to project an average monthly income that determines if they qualify. Normally, most individual debtors ...
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  • Navigating the 341 Meeting of Creditors

    The thought of attending a meeting of creditors can be daunting to those unfamiliar with the process. In reality, however, the process of the meeting is usually straightforward and relatively brief. You should discuss the specifics of the meeting in regards to your particular case with your attorney prior to attending the meeting, but the framework of the meeting is usually along the same lines ...
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