Song Captures the Frustration Many Facing Bankruptcy and Foreclosure Feel.

Posted April 9th, 2012 in Blog by admin

As a Bankruptcy Attorney, I am in position to see many people during the most difficult and trying time of their lives.  The frustration that they feel can be difficult to put into words at times, but it is certainly palpable in many instances.  Many of the people I meet with have been fighting very hard to save their home.  However, after so much effort, they often find it has been in vain.  The bank ends up refusing to modify their loan (or the process takes too long), and they find themselves facing foreclosure. Continue Reading »

What Your Chicago Bankruptcy Attorney needs to Tell You about Property Transfers before You File Bankruptcy.

Posted September 8th, 2011 in Blog by admin

There are many things that your Chicago Bankruptcy Attorney needs to take into account when you begin working of filing Bankruptcy.  A big part of your attorney’s analysis will deal with transfers of property that you have made during the last 4 years in particular.  These transfers can have a dramatic effect on your Bankruptcy filing and you should make sure that you discuss them with your Chicago Bankruptcy Attorney so you know what to expect once the case is filed. Continue Reading »

Posted August 30th, 2011 in Blog by admin

In 2005 Congress enacted a new Bankruptcy Code, and although it is more work to file Chapter 7 Bankruptcy in Chicago , it is not impossible.  Many people fear that they may earn too much to file, but the truth is that a skilled Chicago Bankruptcy Attorney may be able to help you file despite your income.

Income is Certainly a Factor to Determine if You Qualify to File Chapter 7 Bankruptcy in Chicago.

The new Bankruptcy Code includes a test meant to determine your ability to repay your creditors:  the .  As I’ve discussed in past posts, this test compares your last 6 months’ pre-tax income to the median income for the State of Illinois.  If your income is lower than the number provided by the State of Illinois, then you have passed the test and you are eligible to file Chapter 7 Bankruptcy in Chicago .  Of course, there are additional concerns regarding your budget and exemptions that must be accounted for, and you should discuss any issues with your Chicago Bankruptcy Attorney.

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Posted July 8th, 2011 in Blog by admin

When your Chicago Bankruptcy Attorney files your case, there are many different debts that you must account for in the Schedules.  One such debt is a deficiency judgment.  Deficiency judgments can arise in many different ways.  To understand them, we have to begin by discussing the different types of debts that you will work on with your Chicago Bankruptcy Attorney.

Chapter 7 vs. Chapter 13

Posted June 28th, 2011 in Blog by admin

So, you’ve done the research into each, but still aren’t sure if you should file Chapter 7 vs. a Chapter 13 .  That is a pretty understandable problem to have.  There can be so many factors that go into determining whether you should file Chapter 7 vs. Chapter 13 that even an experienced Bankruptcy Attorney may have trouble figuring it out sometimes. Continue Reading »