Chicago Bankruptcy Lawyer

Recent Posts in Common Bankruptcy Questions Category

  • 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 ...
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  • 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 ...
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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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  • 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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  • Will Bankruptcy Significantly Affect My Credit?

    If you have considered filing for bankruptcy in Chicago, IL, you have probably heard someone say that it could permanently ruin your credit. While this is no more than an exaggerated misconception, it is important to understand that bankruptcy will have somewhat of an impact on your credit score. Since the bankruptcy will appear on your credit report for seven to ten years after filing, it could ...
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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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  • Common Bankruptcy Questions, Part V

    Our final installment covering commonly asked bankruptcy questions begins with a discussion of credit counseling. Most debtors wonder why, if they're already going to file bankruptcy, they must take a credit counseling course before they file. The credit counseling requirement was brought into existence with the 2005 amendments to the Bankruptcy Code. The class is required to be completed by each ...
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  • Common Bankruptcy Questions, Part IV

    Continuing our discussion on common bankruptcy questions, we begin with the age-old question of whether you will ever get credit again. This answer is, of course, always asked in every bankruptcy consultation and subsequent case. The answer is yes. Just by filing the bankruptcy, you are freeing yourself of debt that had been dragging your credit score down to begin with. Because you remove that ...
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  • Common Bankruptcy Questions, Part III

    Continuing with our series of common bankruptcy questions, we pick up with perhaps the most commonly asked question of all in bankruptcy cases: whether you get to keep your house and car. Like we've discussed previous times in this space, the primary determining factor behind this comes down to equity. Because a Chapter 7 bankruptcy is a liquidation of your assets, the liquidation analysis begins ...
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  • Common Bankruptcy Questions, Part II

    Picking up where we left off yesterday, we continue our discussion of common bankruptcy questions by discussing the concept of pro se bankruptcy filings. What pro se means in common English is filing a case by yourself. The question is, then, whether someone can get the bankruptcy forms themselves and file their own case. While this is always an option for anyone, I would highly recommend that you ...
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  • Common Bankruptcy Questions, Part I

    Bankruptcy filing is a process that is unfamiliar to most and yet still carries an unfair stigma. As a result, there are all sorts of various questions that commonly come up when a person begins the bankruptcy process. It is helpful to begin a discussion today of those questions. The question asked the most, and the one at the central of every single case, is whether a person should file ...
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