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Posted By
Chicago Bankruptcy Lawyer
Bankruptcy, by definition, is a legal process that deals in large part with numbers. Debt figures, income levels, number of people in a household, trustee payments - you name it - all deal with numbers. An extension of this is in deadlines. Most stages of the bankruptcy process deal with dates set in advance, with requirements that must met by those dates. This can include a meeting of creditors ...
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Posted By
Chicago Bankruptcy Lawyer
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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Posted By
Chicago Bankruptcy Attorney
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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Posted By
Dave Johnsen
Chapter 13 bankruptcy is available to consumer debtors as a way of individually restructuring and reorganizing their debts without liquidation. If people qualify, most choose to file a Chapter 7 to discharge their unsecured debt. But if that individual or joint case cannot qualify for a Chapter 7 (whether because of income, a previous Chapter 7 filing, or a large equity or asset issue that would ...
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Posted By
Dave Johnsen
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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Posted By
Dave Johnsen
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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Posted By
Chicago Bankruptcy Attorney
At the Law Office of Joseph P. Doyle, we are committed to making our clients' lives easier in any way that we can. Although we are able to do so by assisting them through the complex process of filing for bankruptcy , we believe that there is always room to improve on the level of personalized service that we provide. For this reason, our Chicago bankruptcy lawyer has recently decided to purchase ...
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Posted By
Dave Johnsen
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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Posted By
Dave Johnsen
Chapter 13 bankruptcy consists of a 3 or 5 year plan that has been submitted to, and approved by, the bankruptcy court. During this time period, you are making regular monthly payments to the bankruptcy trustee to pay off anywhere from 10%-100% of your unsecured debt, as well as any secured debt or arrearages you are paying through the plan. Debtors often wonder, because their financial lives are ...
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