Tag Archives: Chapter 13 Bankruptcy
Protecting Cash In Bankruptcy
Both Illinois and Indiana have wildcard exemptions that can be used on any otherwise non-exempt property, like savings accounts, rental property, vacation homes, boats, and so on. Although the dollar values are relatively high ($4,000 in Illinois and $9,350 in Indiana), they may be insufficient to cover a large amount of inherited cash, which… Read More »
Repossessions and Errant Stolen Car Reports
When a car is repossessed, owners often mistakenly think that the car was stolen and file an errant stolen car report. This can cause big problems later down the line when the repossessed car is resold and the new owner is driving a vehicle that is still tagged as “stolen” in the Law Enforcement… Read More »
Bankruptcy And Student Loan Debt
Until recently, it has been widely accepted that student loan-related debt can only be cancelled in a bankruptcy proceeding if the borrower is able to show that paying the debt would impose an ‘undue hardship’. Successfully showing an undue hardship in a bankruptcy case is hard to do and rarely happens. However, this may… Read More »
Has Your Driver’s License Been Suspended For Too Many Parking Tickets? Filing For Bankruptcy Can Help
Driving in Chicago can be tricky, but parking in Chicago can be an absolute nightmare. Although the city is crowded and parking is limited, think twice before parking illegally because if you do you’ll likely end up with a hefty fine to pay. What’s more, if you end up accumulating too many unpaid parking… Read More »
What Is Chapter 7? What Is Chapter 13?
If you are struggling with mounting and unpayable debts in the Chicago area, discuss your circumstances and your options with an experienced Chicago bankruptcy lawyer. If you conclude that bankruptcy is the best option in your situation, then you’ll need to determine whether a Chapter 7 bankruptcy or a Chapter 13 bankruptcy is best…. Read More »
Bankruptcy In Illinois: Where And How Long?
The traditional form of personal bankruptcy is Chapter 7, where the court sells most of your assets and uses that money to pay off as much of your debt as possible. Anything not paid is discharged or erased. Under a Chapter 13 bankruptcy, you draft a plan to pay off secured debts and as… Read More »
Bankruptcy In Illinois
The typical personal bankruptcy is a Chapter 7 bankruptcy, where the court sells off most of your assets and uses the funds to pay as much of your debt as possible. Anything not paid is discharged or erased. However, under a Chapter 13 bankruptcy, you develop a plan to pay off important and secured… Read More »
Passing The Means Test
When you prepare to file a Chapter 7 bankruptcy in Illinois, your “average household income” will be determined by averaging your monthly income over the last six calendar months. Once your average monthly income is determined, it’s multiplied by 12 to determine your annual income for the purpose of the Illinois means test. You… Read More »
Bankruptcy Is Nothing To Fear
Bankruptcy is nothing to fear. After a bankruptcy, you’ll be able to start rebuilding your credit. Many are able to buy a car, a home, and rebuild their finances and lives. If your debts are spinning out of control, don’t be dissuaded from considering bankruptcy before you have all the facts. If you’re in… Read More »
You Won’t Lose Everything
When your debts are mounting and you simply see no way to pay them, you’ll probably consider bankruptcy. You’ll also probably worry about what you’re allowed to keep when you declare bankruptcy. Whether you file for Chapter 7 or Chapter 13 bankruptcy, the list of exemptions is the same; instead, the difference is what… Read More »
