Chicago Bankruptcy Lawyer

Latest Blog Posts By Category

  • 341 Meeting

    The latest posts for 341 Meeting are listed below.
    • 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 ...
    • The Role of the Chapter 7 Trustee

      The primary role of the Chapter 7 trustee is to administer your bankruptcy case. Once you file your Chapter 7 bankruptcy, a trustee is appointed to your case. This trustee is an impartial administrator appointed by the United States Trustee's office. This trustee is assigned to both administer your case and also liquidate any unexempt assets you have for distribution to your unsecured creditors. ...
    • Social Security and Personal Injury in Bankruptcy

      If you recall, a major theme of these posts, and bankruptcy in general, is the fact that assets can make a major difference not only in what chapter you file your case in, but the success that the case can have in general. Two major assets, social security cases and personal injury cases, are considered in this same analysis but also treated differently at the same time. Social security has a ...

    Assets

    The latest posts for Assets are listed below.
    • 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 ...
    • Objecting to Proof of Claims

      In some Chapter 7 bankruptcies, particularly those where assets are found and thus available for distribution to unsecured creditors, and all Chapter 13 bankruptcies, creditors get paid by filing proof of claims. These proof of claims. These claims are governed by Bankruptcy Rule 3001, which states on a basic level that it is "is a written statement setting forth a creditor’s claim." Rule 3001(c) ...
    • Social Security and Personal Injury in Bankruptcy

      If you recall, a major theme of these posts, and bankruptcy in general, is the fact that assets can make a major difference not only in what chapter you file your case in, but the success that the case can have in general. Two major assets, social security cases and personal injury cases, are considered in this same analysis but also treated differently at the same time. Social security has a ...

    Attorney Fees

    The latest posts for Attorney Fees are listed below.
    • Meeting With Your Attorney

      Bankruptcy law is complex and difficult to understand. Attempting to navigate the various rules, laws, and legal framework, not to mention completing and filing the necessary schedules, paperwork, and documents, is a difficult task. For this reason, the first step in filing a bankruptcy is to consult an experienced and competent attorney. When you initially meet with your attorney, it is important ...
    • Chapter 7 Bankruptcy - Prefiling Requirements

      Prior to filing for Chapter 7 Bankruptcy, there are various documents that must be provided to your attorney in order to be able to complete your bankruptcy petition. Above anything else, you must provide your most recent 4 years of tax returns, the previous 6 months of paystubs, and statements from your bill collectors. In addition to these, those filing bankruptcy must complete a credit ...
    • Joseph P. Doyle Now Accepting all Major Credit Cards

      At the Law Office of Joseph P. Doyle, we are committed to making our clients' lives easier in any way that we can. Although we are able to do so by assisting them through the complex process of filing for bankruptcy , we believe that there is always room to improve on the level of personalized service that we provide. For this reason, our Chicago bankruptcy lawyer has recently decided to purchase ...

    Automatic Stay

    The latest posts for Automatic Stay are listed below.
    • 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 ...
    • 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 ...
    • What is the Automatic Stay?

      Once a bankruptcy case is filed, a bankruptcy restraining order is automatically issued. This restraining order, which functions much like a typical restraining order, is formally known as the automatic stay. This automatic stay prevents creditors from proceeding in collection actions against you. What this means is that creditors can't call you at home, at work, or on your cell phone; they can't ...

    Bankruptcy

    The latest posts for Bankruptcy are listed below.
    • 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 ...
    • 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 ...
    • 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 ...

    Bankruptcy Estate

    The latest posts for Bankruptcy Estate are listed below.
    • 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 ...
    • Does Chapter 7 Bankruptcy Wipe Out Credit Card Debt?

      As you may know, it is far too easy to fall behind on your credit card bills. After paying the minimum each month, expecting to slowly chip away at these expenses, you may discover that the debt has started to pile up. It is for this reason that you, and countless others, have been left wondering what you can do to regain control of unruly credit card debt. Depending on the level of debt that you ...
    • Extending or Imposing the Automatic Stay

      Pursuant to 11 USC 362, the filing of a bankruptcy petition serves to automatically stay certain activities against the debtor. These activities, outlined in 362(a), include any judicial action that can be taken against the debtor in terms of debt collection, the enforcement of a pre-petition judgment, or any action to collect property of the bankruptcy estate or things along those lines. The stay ...

    Bankruptcy Misconceptions

    The latest posts for Bankruptcy Misconceptions are listed below.
    • 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 ...
    • Five Things to Avoid When Preparing for Bankruptcy

      Although most people assume that the bankruptcy process begins when they file their petition with the court, it is important to understand that preparation is crucial to the success of your case. For this reason, our Chicago bankruptcy attorney encourages you to plan ahead as early as 180 days before filing. Not only will this help the process to move along as smoothly as possible, but it is an ...
    • Surrendering Property in Bankruptcy

      A common misconception about bankruptcy, especially Chapter 7 bankruptcy, is that you lose all of your property upon filing. This isn't true; we've discussed in this space how bankruptcy exemptions and a lack of equity in property can protect your property and allow you to keep most, if not all, of it throughout your bankruptcy. On the flip side of that, though, Chapter 7 can be a convenient ...

    Bankruptcy Petition

    The latest posts for Bankruptcy Petition are listed below.
    • 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 ...
    • 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 ...
    • 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 ...

    Bankruptcy Rules

    The latest posts for Bankruptcy Rules are listed below.
    • 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 ...
    • Detroit Files for Chapter 9 Bankruptcy

      In a major, potentially precedent setting move, the City of Detroit filed for Bankruptcy protection under Chapter 9 of the Bankruptcy Code yesterday afternoon. Upon the filing, Detroit becomes the largest municipality to file Chapter 9 in United States history. Much like the Stockton Chapter 9 filing earlier this year, this is a move that could potentially see precedent set for other struggling ...
    • Car Repossession and Bankruptcy

      A common preceding cause of a bankruptcy filing is a car repossession. On a basic level, a car loan is a secured debt. This means that unlike failure to make your credit card payments, which can result in lawsuits and judgments down the road, failure to make a car payment gives the holder of that secured interest the right to repossess the vehicle in order to pay off the debt. Bankruptcy offers a ...

    Bankruptcy Trustee

    The latest posts for Bankruptcy Trustee are listed below.
    • 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 ...
    • 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 ...
    • 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 ...

    Chapter 13

    The latest posts for Chapter 13 are listed below.
    • 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 ...
    • 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 ...
    • 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 ...

    Chapter 7

    The latest posts for Chapter 7 are listed below.
    • 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 ...
    • 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 ...
    • 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 ...

    Chapter 9

    The latest posts for Chapter 9 are listed below.
    • 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 ...
    • Detroit Files for Chapter 9 Bankruptcy

      In a major, potentially precedent setting move, the City of Detroit filed for Bankruptcy protection under Chapter 9 of the Bankruptcy Code yesterday afternoon. Upon the filing, Detroit becomes the largest municipality to file Chapter 9 in United States history. Much like the Stockton Chapter 9 filing earlier this year, this is a move that could potentially see precedent set for other struggling ...
    • Stockton, California and Chapter 9 Bankruptcy

      Chapter 9 Bankruptcy, reserved for municipalities, is a relatively rare and murky area of bankruptcy law. The concept of an entire city or municipality filing for bankruptcy seems strange to most, and in the area of bankruptcy law, pales in comparison to the amount of filings under other chapters in the bankruptcy code. Chapter 9 bankruptcy has its roots in the economic collapse of the Great ...

    Child Support

    The latest posts for Child Support are listed below.
    • The Chapter 7 Discharge

      The primary goal in any bankruptcy, including a Chapter 7, is to obtain a discharge. The discharge is the order by the court that eliminates the liabilities of that particular debtor. In Chapter 7 cases , this is governed by 11 USC 727. The way that this statutory provision is structured is such to favor a discharge unless certain things exist in the case that can hinder them. The language of the ...
    • Reopening a Bankruptcy Case

      Bankruptcy, by definition, is a legal process that deals in large part with numbers. Debt figures, income levels, number of people in a household, trustee payments - you name it - all deal with numbers. An extension of this is in deadlines. Most stages of the bankruptcy process deal with dates set in advance, with requirements that must met by those dates. This can include a meeting of creditors ...
    • Common Bankruptcy Misconceptions

      Perhaps the biggest misconception about filing bankruptcy is that you will lose all of your property. We've discussed that previously here, with it being important to note that you will not lose all of your property if you file. Beyond that, however, there are still misconceptions regarding filing bankruptcy - some would even say stigmas - that can be easily addressed. The first of these is that ...

    Common Bankruptcy Questions

    The latest posts for Common Bankruptcy Questions are listed below.
    • 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 ...
    • Who is Eligible to File for Chapter 7 Bankruptcy?

      Unlike Chapter 13 bankruptcy , which is available to everyone, you must be eligible to file under Chapter 7 of the U.S. Bankruptcy Code. Since this process eliminates most, if not all, of your debt in a very short period of time, certain measures have been taken to limit the amount of people that qualify. In fact, this form of bankruptcy has been strictly reserved for those who truly cannot repay ...
    • Can You Keep Property in a Chapter 7 Bankruptcy?

      A common misconception in Chapter 7 bankruptcy is that the debtor's property will be lost when they file their case. For the majority of cases, this is not true for a couple reasons. First, if a person has a lot of assets they probably won't be filing in the first place. Secondly, though, even if a person does have assets when they file a Chapter 7 bankruptcy there are exemptions that can shield ...

    Credit Cards

    The latest posts for Credit Cards are listed below.
    • 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 ...
    • Does Chapter 7 Bankruptcy Wipe Out Credit Card Debt?

      As you may know, it is far too easy to fall behind on your credit card bills. After paying the minimum each month, expecting to slowly chip away at these expenses, you may discover that the debt has started to pile up. It is for this reason that you, and countless others, have been left wondering what you can do to regain control of unruly credit card debt. Depending on the level of debt that you ...
    • Income Median Levels & Bankruptcy

      One of the driving thrusts behind the 2005 Bankruptcy Reform laws (known as BAPCPA) was an effort to make it more "difficult" to file for Chapter 7 bankruptcy. There were several reasons and rationales behind this, not the least of which were credit card lobbying efforts, but the end result was the desired result: it has become more difficult to file for Chapter 7 bankruptcy because of income ...

    Credit Counseling

    The latest posts for Credit Counseling are listed below.
    • 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 ...
    • Chapter 7 Bankruptcy - Prefiling Requirements

      Prior to filing for Chapter 7 Bankruptcy, there are various documents that must be provided to your attorney in order to be able to complete your bankruptcy petition. Above anything else, you must provide your most recent 4 years of tax returns, the previous 6 months of paystubs, and statements from your bill collectors. In addition to these, those filing bankruptcy must complete a credit ...
    • Five Things to Avoid When Preparing for Bankruptcy

      Although most people assume that the bankruptcy process begins when they file their petition with the court, it is important to understand that preparation is crucial to the success of your case. For this reason, our Chicago bankruptcy attorney encourages you to plan ahead as early as 180 days before filing. Not only will this help the process to move along as smoothly as possible, but it is an ...

    Debt Collection

    The latest posts for Debt Collection are listed below.
    • What is the Automatic Stay?

      Once a bankruptcy case is filed, a bankruptcy restraining order is automatically issued. This restraining order, which functions much like a typical restraining order, is formally known as the automatic stay. This automatic stay prevents creditors from proceeding in collection actions against you. What this means is that creditors can't call you at home, at work, or on your cell phone; they can't ...
    • Extending or Imposing the Automatic Stay

      Pursuant to 11 USC 362, the filing of a bankruptcy petition serves to automatically stay certain activities against the debtor. These activities, outlined in 362(a), include any judicial action that can be taken against the debtor in terms of debt collection, the enforcement of a pre-petition judgment, or any action to collect property of the bankruptcy estate or things along those lines. The stay ...
    • The Automatic Stay and Repetitive Filings

      Normally, the bankruptcy automatic stay goes into effect immediately upon filing the bankruptcy case. This automatic stay prevents most attempts to collect on debt and also is effective in stopping garnishments, frozen bank accounts, and harassing creditors. Problems arise, though, if a person has repetitive bankruptcy filings. After the BAPCPA reforms to the Bankruptcy Code in 2005, the automatic ...

    Debtor's Education

    The latest posts for Debtor's Education are listed below.
    • The Chapter 7 Discharge

      The primary goal in any bankruptcy, including a Chapter 7, is to obtain a discharge. The discharge is the order by the court that eliminates the liabilities of that particular debtor. In Chapter 7 cases , this is governed by 11 USC 727. The way that this statutory provision is structured is such to favor a discharge unless certain things exist in the case that can hinder them. The language of the ...
    • Reopening a Bankruptcy Case

      Bankruptcy, by definition, is a legal process that deals in large part with numbers. Debt figures, income levels, number of people in a household, trustee payments - you name it - all deal with numbers. An extension of this is in deadlines. Most stages of the bankruptcy process deal with dates set in advance, with requirements that must met by those dates. This can include a meeting of creditors ...
    • Death of a Debtor in Bankruptcy

      As if the process of filing bankruptcy and going through the bankruptcy procedures aren't stressful enough for some debtors, circumstances can arise if there is a death of a debtor in an active bankruptcy case. Questions arise at that point as to what procedures need to be filed, and much of it depends on which stage the bankruptcy is in at the time of the death of the debtor. Federal Bankruptcy ...

    Discharge

    The latest posts for Discharge are listed below.
    • 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 ...
    • 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 ...
    • 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 ...

    Firm News

    The latest posts for Firm News are listed below.
    • 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 ...
    • Joseph P. Doyle Now Accepting all Major Credit Cards

      At the Law Office of Joseph P. Doyle, we are committed to making our clients' lives easier in any way that we can. Although we are able to do so by assisting them through the complex process of filing for bankruptcy , we believe that there is always room to improve on the level of personalized service that we provide. For this reason, our Chicago bankruptcy lawyer has recently decided to purchase ...
    • Get to Know Attorney Joseph P. Doyle

      Finances can be tough, and when you are in a precarious position with debt and finances, you need a wise and calculating attorney to come alongside you. You deserve a knowledgeable legal assistant who can help you to organize your debts and determine which route you should take to debt elimination. If you choose to ignore your debt situation because of the costs, then you may have your home seized ...

    Foreclosure Defense

    The latest posts for Foreclosure Defense are listed below.
    • 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 ...
    • 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 ...
    • Surrendering Property in Bankruptcy

      A common misconception about bankruptcy, especially Chapter 7 bankruptcy, is that you lose all of your property upon filing. This isn't true; we've discussed in this space how bankruptcy exemptions and a lack of equity in property can protect your property and allow you to keep most, if not all, of it throughout your bankruptcy. On the flip side of that, though, Chapter 7 can be a convenient ...

    Judgments

    The latest posts for Judgments are listed below.
    • 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 ...
    • Wage Garnishments and Lawsuits

      Most of the time, there's a stage prior to filing bankrutpcy that can adequately described as "preparing for bankruptcy." This usually involves gathering the necessary documents, fees, and other information to hand over to your bankruptcy attorney to begin the process of filing. This is a process that can take some time and is usually up to the prospective debtor as to how fast they'd like to ...
    • Car Repossession and Bankruptcy

      A common preceding cause of a bankruptcy filing is a car repossession. On a basic level, a car loan is a secured debt. This means that unlike failure to make your credit card payments, which can result in lawsuits and judgments down the road, failure to make a car payment gives the holder of that secured interest the right to repossess the vehicle in order to pay off the debt. Bankruptcy offers a ...

    Lien

    The latest posts for Lien are listed below.
    • 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 ...
    • 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 ...
    • 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 ...

    Liquidation

    The latest posts for Liquidation are listed below.
    • Can You Keep Property in a Chapter 7 Bankruptcy?

      A common misconception in Chapter 7 bankruptcy is that the debtor's property will be lost when they file their case. For the majority of cases, this is not true for a couple reasons. First, if a person has a lot of assets they probably won't be filing in the first place. Secondly, though, even if a person does have assets when they file a Chapter 7 bankruptcy there are exemptions that can shield ...
    • 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 ...
    • Issues that Could Delay Bankruptcy

      There's a big difference between preparing for bankruptcy and fraudulent activity prior to filing bankruptcy. Preparing for bankruptcy may entail waiting until the appropriate time to file, spending down certain funds that could possibly be liquidated, or generally deciding through cooperation with your attorney when the best time for filing is. On the other hand, if you engage in fraudulent ...

    Means Test

    The latest posts for Means Test are listed below.
    • Who is Eligible to File for Chapter 7 Bankruptcy?

      Unlike Chapter 13 bankruptcy , which is available to everyone, you must be eligible to file under Chapter 7 of the U.S. Bankruptcy Code. Since this process eliminates most, if not all, of your debt in a very short period of time, certain measures have been taken to limit the amount of people that qualify. In fact, this form of bankruptcy has been strictly reserved for those who truly cannot repay ...
    • Income Median Levels & Bankruptcy

      One of the driving thrusts behind the 2005 Bankruptcy Reform laws (known as BAPCPA) was an effort to make it more "difficult" to file for Chapter 7 bankruptcy. There were several reasons and rationales behind this, not the least of which were credit card lobbying efforts, but the end result was the desired result: it has become more difficult to file for Chapter 7 bankruptcy because of income ...
    • 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 ...

    Mortgage

    The latest posts for Mortgage are listed below.
    • 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 ...
    • 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 ...
    • Missing Mortgage or Association Payments During Bankruptcy

      The filing of a Chapter 13 has an interesting effect. It consolidates and reorganizes all of your personal debt into one payment to the trustee each month. The analysis that goes into this deals with all of your expenses, income, assets, and debt to determine the payment. The payment can go up if it includes payment for certain secured debt in the plan, like a car of mortgage. This can help ...

    Motions

    The latest posts for Motions are listed below.
    • 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 ...
    • 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 ...
    • Objecting to Proof of Claims

      In some Chapter 7 bankruptcies, particularly those where assets are found and thus available for distribution to unsecured creditors, and all Chapter 13 bankruptcies, creditors get paid by filing proof of claims. These proof of claims. These claims are governed by Bankruptcy Rule 3001, which states on a basic level that it is "is a written statement setting forth a creditor’s claim." Rule 3001(c) ...

    Real Estate

    The latest posts for Real Estate are listed below.
    • 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 ...
    • 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 ...
    • Bankruptcy and a Second Mortgage

      During the years leading up to the mortgage crisis and collapse of late 2008, second mortgages borrowed against the equity of a home were common. People felt comfortable taking them out because home values continued to soar, meaning that there was a low perceived risk at the time of using that extra equity to pay for college, home remodeling, or other various expenses. Only after the bottom ...

    Repossession

    The latest posts for Repossession are listed below.
    • Car Repossession and Bankruptcy

      A common preceding cause of a bankruptcy filing is a car repossession. On a basic level, a car loan is a secured debt. This means that unlike failure to make your credit card payments, which can result in lawsuits and judgments down the road, failure to make a car payment gives the holder of that secured interest the right to repossess the vehicle in order to pay off the debt. Bankruptcy offers a ...
    • Surrendering Property in Bankruptcy

      A common misconception about bankruptcy, especially Chapter 7 bankruptcy, is that you lose all of your property upon filing. This isn't true; we've discussed in this space how bankruptcy exemptions and a lack of equity in property can protect your property and allow you to keep most, if not all, of it throughout your bankruptcy. On the flip side of that, though, Chapter 7 can be a convenient ...
    • The Fair Debt Collection Practices Act, Part I

      The Fair Debt Collection Practices Act is a federal statute originally signed into law in the late 1970s that is designed to provide protection to consumers from unethical and/or illegal actions by debt collectors. At the time of the promulgation of the act, Congress stated that it had substantial evidence of bad practices by so-called debt collectors, including abuse of consumers, deception, and ...

    Secured Creditor

    The latest posts for Secured Creditor are listed below.
    • 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 ...
    • 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 ...
    • Missing Mortgage or Association Payments During Bankruptcy

      The filing of a Chapter 13 has an interesting effect. It consolidates and reorganizes all of your personal debt into one payment to the trustee each month. The analysis that goes into this deals with all of your expenses, income, assets, and debt to determine the payment. The payment can go up if it includes payment for certain secured debt in the plan, like a car of mortgage. This can help ...

    Unsecured Creditor

    The latest posts for Unsecured Creditor are listed below.
    • 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 ...
    • 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 ...
    • Objecting to Proof of Claims

      In some Chapter 7 bankruptcies, particularly those where assets are found and thus available for distribution to unsecured creditors, and all Chapter 13 bankruptcies, creditors get paid by filing proof of claims. These proof of claims. These claims are governed by Bankruptcy Rule 3001, which states on a basic level that it is "is a written statement setting forth a creditor’s claim." Rule 3001(c) ...
Page 0 of Infinity