Chicago Bankruptcy Lawyer

Recent Posts in Liquidation Category

  • 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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  • 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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  • 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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  • 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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  • Stockton, California and Chapter 9 Bankruptcy

    Chapter 9 Bankruptcy, reserved for municipalities, is a relatively rare and murky area of bankruptcy law. The concept of an entire city or municipality filing for bankruptcy seems strange to most, and in the area of bankruptcy law, pales in comparison to the amount of filings under other chapters in the bankruptcy code. Chapter 9 bankruptcy has its roots in the economic collapse of the Great ...
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  • The Bankruptcy Petition and Schedules, Part I

    Successfully understanding and completing the bankruptcy petition is the key to achieving a complete discharge in your bankruptcy. No matter which Chapter you file your bankruptcy in, you will need to complete your petition. Understanding it and doing it correctly the first time will ensure a smooth process until you are discharged. We will outline in a few posts the various schedules and sections ...
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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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  • 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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  • 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 of your property. This couldn't be further from the truth, as in most Chapter 7 bankruptcies you will get to keep all of your property. When you file a bankruptcy, a bankruptcy estate is created. All of your property is technically included in this estate. In a Chapter 7 bankruptcy, it ...
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