Chicago Bankruptcy Lawyer

Blog Posts in June, 2013

  • Can an Immigrant File Bankruptcy?

    Section 109 of the bankruptcy code delineates who may or may not be a debtor. In detail, this section provides that a person may be a Chapter 7 debtor unless they are a railroad or a certain financial institution. Nowhere in the section is there a requirement that a debtor be a US Citizen. This means that any properly, legally admitted immigrant to the United States can file bankruptcy. This ...
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  • Converting From a Chapter 13 to a Chapter 7

    With the advent of the income median level and the means test, debtors who previously might have been able to file a Chapter 7 bankruptcy have been forced to file Chapter 13. These debtors most often fulfill their bankruptcy case en route to a successful discharge. And yet there are those, along with those who needed to file Chapter 13 anyways, who encounter situations during their active Chapter ...
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  • What Happens in a Chapter 7 Asset Case?

    The basis of every Chapter 7 case is a liquidation. The analysis involved looks at the assets listed by the debtor on the bankruptcy petition, along with any liens, encumbrances, or exemptions, to determine if there is any equity in property that would be worth liquidating for the benefit of the debtor's unsecured creditors. The appointed interim trustee also examines the debtor at the 341 Meeting ...
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  • Chapter 13 Debt Limits

    In Chapter 7 bankruptcies, the amount of the debt owed by the debtor isn't as vital a consideration in the case because the obligation is going to be discharged 100% and not paid back. Thus, a debtor filing a Chapter 7 bankruptcy must only focus their analysis on whether they qualify because of income, assets, or other issues. This isn't necessarily the case in a Chapter 13 . Chapter 13's, you'll ...
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  • The Chapter 13 Meeting of Creditors

    On a fundamental level, the 341 Meeting of Creditors is the same regardless of chapter. The meeting presents an opportunity for creditors to be present while the debtor or debtors is being examined under oath by the trustee administering the case. Most of the time, creditors do not show. In Chapter 7 341 Meetings, the meeting is driven by the trustee's examination of the debtor to determine ...
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