Bankruptcy Basics

Here’s how different debts are treated in bankruptcy: Debts Dischargeable in Chapter 7: Personal loans – such as money borrowed from friends Credit cards Repossession deficiencies Auto accident claims Health care bills Judgments Debts from a Business Leases Guaranties Negligence claims Tax penalties over 3 years old Non priority taxes Possibly Dischargeable in Chapter 7: [...]

MISTAKE #1: Taking out a second mortgage against your home, often called a home equity loan. You can’t borrow your way out of debt. Many people hope to avoid Illinois bankruptcy by getting a home equity loan to pay off medical bills, credit card debt, and other obligations. And, not surprisingly, banks and other lenders [...]

So what’s it like being a bankruptcy attorney?  Well, you’re going to be meeting with a lot of people who are struggling financially.  You’re going to be meeting with a lot of people who are down and out on their luck.  You’re going to be meeting with a lot of people who are at their [...]

Before a case can go to discharge the debtor must go to a two hour financial management class.  This two hour financial manager class can be done online, in person or over the telephone.  If the debtor does not complete the two hour financial management class the bankruptcy case will close without the debtor receiving [...]

If you or someone you know is struggling financially help is available.  Title XI in the United States code has two specific chapters that gear towards individuals who are struggling financially.  The first chapter is Chapter 7 and the second chapter is Chapter 13.  They both have specific purposes, procedures and remedies available for people [...]