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Posted By
Chicago Bankruptcy Lawyer
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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Posted By
Attorney Joseph P. Doyle
Pursuant to 11 USC 362, the filing of a bankruptcy petition serves to automatically stay certain activities against the debtor. These activities, outlined in 362(a), include any judicial action that can be taken against the debtor in terms of debt collection, the enforcement of a pre-petition judgment, or any action to collect property of the bankruptcy estate or things along those lines. The stay ...
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Posted By
Chicago Bankruptcy Lawyer
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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Posted By
Chicago Bankruptcy Attorney
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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Posted By
Chicago Bankruptcy Lawyer
When most people think of bankruptcy , they think of Chapter 7's. Bankruptcies filed under that chapter are far more common than any other, as it involves discharging unsecured debt and liquidating assets. Chapter 13, however, is also available to consumer debtors. This form of bankruptcy is a debt consolidation/repayment plan. People may choose to file this chapter if they cannot qualify for a ...
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Posted By
Chicago Bankruptcy Lawyer
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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Posted By
Chicago Bankruptcy Attorney
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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Posted By
Chicago Bankruptcy Lawyer
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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Posted By
Chicago Bankruptcy Lawyer
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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Posted By
Attorney Joseph P. Doyle
During the years leading up to the mortgage crisis and collapse of late 2008, second mortgages borrowed against the equity of a home were common. People felt comfortable taking them out because home values continued to soar, meaning that there was a low perceived risk at the time of using that extra equity to pay for college, home remodeling, or other various expenses. Only after the bottom ...
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