Chicago Bankruptcy Lawyer

Recent Posts in Bankruptcy Estate Category

  • 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 ...
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  • 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 ...
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  • 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 ...
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  • Key Differences Between Chapter 7 and Chapter 13

    One question that is asked, at nearly every single 341 Meeting of Creditors, is whether the debtor has reviewed the bankruptcy information sheet. This document, included in the bankruptcy petition, in large part explains some of the differences between the various chapters of the bankruptcy code. It briefly mentions what a Chapter 11 is (large-scale reorganization) and a Chapter 12 (bankruptcy for ...
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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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  • 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 ...
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  • The Casey Anthony Bankruptcy: A Case Study of a Bankruptcy Trustee's Power

    Pursuant to various sections of the bankruptcy code, the interim trustee assigned to a Chapter 7 bankruptcy case has the right to assume the role of the debtor in nearly all forms. The Trustee can step into the debtor's shoes to avoid fraudulent or preferential transfers, pursue claims that the debtor can collect on, take and sell property, administer and liquidate assets, and generally pursue any ...
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  • Secured Property and Bankruptcy

    A common misconception, one routinely brought up by clients when interviewing with their bankruptcy attorney for the first time, is that they think they're going to lose all of their property. Whatever the reason the myth originated, it is simply not true in the majority of cases. Most of the time, a debtor will be able to keep their secured property when filing Chapter 7 bankruptcy. Secured ...
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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 your property. This couldn't be further from the truth. Filing a Chapter 7 bankruptcy does not automatically result in the loss of all your property. When you file for bankruptcy, a bankruptcy estate is created. All your property is technically included in this estate. In a Chapter 7 ...
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