Chicago Bankruptcy Lawyer

Recent Posts in Assets Category

  • 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 ...
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  • 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) ...
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  • 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 ...
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  • 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 ...
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  • Winning the Lottery in Bankruptcy

    Bankruptcy deals, in large part, with assets. Before each Chapter 7 and Chapter 13 case, there is a determination of what assets the debtor has. In Chapter 7 cases, this is largely to determine which exemptions are needed to protect those assets and whether they are able to be protected at all. In Chapter 13 cases, a large amount of assets can determine how much you will pay back to unsecured ...
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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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  • Chapter 13 Basics

    When most people think of bankruptcy , they think of Chapter 7's. Bankruptcies filed under that chapter are far more common than any other, as it involves discharging unsecured debt and liquidating assets. Chapter 13, however, is also available to consumer debtors. This form of bankruptcy is a debt consolidation/repayment plan. People may choose to file this chapter if they cannot qualify for a ...
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  • Selling Real Estate in an Active Bankruptcy

    In any bankruptcy, whether it be a Chapter 7 or Chapter 13, the issue of real estate is nearly always at the forefront. In Chapter 7 liquidations, the amount owed on any liens on the property, together with what the value is of the home, go a long way to determining whether it will be shielded from liquidation. In a Chapter 13, numerous real estate assets can drive up the percentage to be paid to ...
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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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  • 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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  • 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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