Chicago Bankruptcy Lawyer

Recent Posts in Bankruptcy Rules Category

  • 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 ...
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  • 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 ...
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  • 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 ...
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  • 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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  • 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 ...
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  • Is Pre-Bankruptcy Credit Counseling Mandatory?

    As of 2005, pre-bankruptcy credit counseling is a mandatory requirement when filing for bankruptcy in Illinois. This means that you will need to enroll in a counseling program that has been approved by the Department of Justice's U.S. Trustee Program before you can file your petition with the court. Should you fail to do so within the 180 days leading up to your personal bankruptcy, your case ...
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  • Filing a Second Bankruptcy

    Obviously, the goal in any bankruptcy filing is to make it the only one you file. That's the reason that filing for bankruptcy can also be referred to as obtaining a fresh start. You file either a Chapter 7 or Chapter 13 bankruptcy, discharge all of your debt in either, and move on to begin your financial life with a fresh start. Of course, though, life can still get in the way even after a ...
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  • 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 ...
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  • 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 ...
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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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