Chicago Bankruptcy Lawyer

Recent Posts in Foreclosure Defense 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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  • 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 ...
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  • 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 ...
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  • Foreclosures in Bankruptcy

    In today's financial climate, an increasing number of people are having difficulties keeping up with a tumultuous real estate market. In the bankruptcy sense, this involves a spike in foreclosure rates. Foreclosure, or the possibility of such, can happen for many different reasons. Maybe someone lost their job, their mortgage rate readjusted, or they simply got in over their head at a time when ...
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  • The Bankruptcy Petition and Schedules, Part III

    Our final discussion on the Bankruptcy Petition and schedules looks mostly at income, expenses, and an overview of your financial affairs. This would complete a petition, in conjunction with the schedules covering real and personal property and secured and unsecured debt. Schedule G This schedule is used to list all of your co-debtors that aren't also filing. For instance, if you had cosigned on a ...
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  • Common Causes of Bankruptcy

    Every situation is different, and each bankruptcy case is unique in the circumstances that precipitated its filing. This is one of the things that makes bankruptcy a complex area of law, as each individual has a different situation that must be addressed in their bankruptcy petition. At the same time, however, there are several common causes leading to bankruptcy that seem to encompass most cases. ...
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  • Secured Creditors and the Automatic Stay

    We discussed yesterday the basic concepts of the automatic stay in a bankruptcy case. The automatic stay stops all debt collection efforts from the onset of the filing of the bankruptcy case. This also includes any efforts by a secured creditor, such as your mortgage or car company, to collect on their debt with you. In certain situations, including if the debtor is late on payments to their ...
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