News Topic: BankruptcyQuestionsNationalBankruptcyForum

After the bankruptcy case is filed but before it is over, the individual must submit to a two-hour financial management class.  This is very important.  If they don’t take this class, they do not receive a discharge, which is a fresh start.  They will ... Read full article

We need to know what potential clients are spending per month.  Some people have high rent, some people have high auto payment, other people have to spend a lot on medication, other people have high transportation costs if they’re driving a long way to ... Read full article

The first thing that you need to ask of a potential client seeking bankruptcy advice is what do they own?  Are they homeowners?  If so, is there equity in the home?  Do they own a vehicle?  Is there equity in the vehicle?  Do they have a bank account?  Do ... Read full article

The Type of Debts You Have Affect Your Bankruptcy OK, this post appears in the National Bankruptcy Forum, Bankruptcy Basics category, so I’ll keep this short sweet and simple. As bankruptcy attorneys, we need to know what our clients owe.  What are the ... Read full article

Let’s talk about people on Social Security and their ability to file for Chapter 13 bankruptcy protection.  We can do a 13 for people on Social Security.  For a Chapter 13, you just have to have steady income from any source.  It could be child-support, ... Read full article

You may have heard many times that the one thing that is untouchable in bankruptcy is the loan on the principal residence.  You cannot touch the mortgage, but you can cure it.  That is true for Chapter 13 and Chapter 11 but the exception is Chapter 12 ... Read full article

Regretfully a Pennsylvania woman tried to kill herself and her son due to the foreclosure of their home.   It is said that people are brought to such despair.  Many people if they can afford their regular monthly mortgage payment could cure their mortgage ... Read full article

Certain tax debt has to be paid 100%, certain tax debt we can pay less than 100%.  Cars are treated a little differently too, depending upon how old they are.  So when we look at their income minus expenses, we know approximately what it’s going to take in ... Read full article

Most lawyers in the area utilize the $3500 flat fee through the length of the case option.  One other thing that I would like to do is when they’re actually ready to file a case and let’s say the plan payment is going to be $800; $800 is the amount that I ... Read full article

Chapter 13 will only succeed if you have the ability to repay.  So, just like we calculate the income and expenses for a Chapter 7 for Schedule I and Schedule J of the petition, we have to see as attorneys the ability to repay.  So let’s say you do an ... Read full article

Let’s review the case study for Mrs. Williams.  Miss Williams lives on Wells Street in Chicago.  She comes to us with no prior bankruptcy filings.  She’s interested in a Chapter 13 repayment plan.  Let’s see if that works for her.  She does not own any ... Read full article

Let’s talk about what the job of being a bankruptcy attorney is all about.  One of the things you’re going to find about being a bankruptcy attorney is the unbelievable ability to help people get out of a very stressful time in their life.  People are ... Read full article

Let’s talk about the case of Miss Wright, who comes to us from Maywood, Illinois.  That’s Cook County, Illinois.  She has not filed a bankruptcy before.  She does have a single-family home in Maywood, which is paid for, which is going to cause a problem ... Read full article

This is the bankruptcy case study for Miss Wilson.  Miss Wilson lives on Steamboat Circle in Plainfield, Illinois.  That’s Will County, Illinois.  She comes to us with no prior bankruptcy.  She’s interested in Chapter 7.  She does not own any real estate, ... Read full article

This is the case study for Miss David.  Miss David lives in Highland Park, Illinois, which is in Lake County, Illinois.  There’s a home involved worth about $600,000.00 and two mortgages on it, one for $480,000.00 and one for $200,000.00, so negative ... Read full article

This case study involves Miss Weiss.  Miss Weiss lives in Arlington Heights, Illinois.  She comes to us with a prior bankruptcy back in 2004, a Chapter 7 fresh start.  She owns no real estate.  She’s renting an apartment in Arlington Heights.  She’s got a ... Read full article

Let’s talk about Mrs. Wiley.  She lives on Loomis Avenue in Chicago.  That’s Cook County, Illinois.  No prior bankruptcy.  There is a single-family home involved worth $126,000.00, and she owes about $140,000.00, so no equity in that single-family home.  ... Read full article

This is the bankruptcy case study for Mr. Winston.  Mr. Winston lives on Gladys Avenue in Chicago, Illinois, which is in Cook County, Illinois.  No prior bankruptcy.  He does own a single-family home worth approximately $150,000.00.  His balance on it is ... Read full article