Chapter 7 Bankruptcy

Discharging Condo and Co-op Fees in Bankruptcy

09/30/11

Discharging Condo and Co-op Fees in BankruptcyWritten by Craig D. Robins, Esq.

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Des Plaines Bankruptcy Law Advice: Can I borrow money before I file bankruptcy?

09/28/11

I as a bankruptcy attorney cannot under the law advise you to borrow money, to take out a loan, to acquire any property on credit.  I am obligated to follow the bankruptcy code and am I prohibited from advising a client to take out credit or obtain a loan prior to filing bankruptcy.  You as [...]

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Life After Bankruptcy

09/26/11

The good news is there is life after bankruptcy!  Although filing a bankruptcy, either Chapter 7 or Chapter 13, will have a negative initial impact on your credit score, filing a bankruptcy case does not mean that you will never be extended credit again.  You will be able to re-establish and re-build your credit after [...]

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8 Eye-Opening Secrets That Reduce the Pain of Bankruptcy

09/26/11

SECRET #1: Most people keep all their property. Illinois law allows you to keep your home, cars, furniture, appliances, employer sponsored retirement and other things you need to get a fresh start. While there are limits to the values of what you can keep, typically you are not required to give up anything. In general, [...]

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Debts You Can & Cannot Erase with Bankruptcy

09/26/11

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: [...]

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11 Tragic Misconceptions About Bankruptcy

09/26/11

MISCONCEPTION #1: Bankruptcy is dishonest. Not true. Most people honestly want to pay their bills, but sometimes things happen that make it impossible. These things include an unexpected lawsuit, judgment or income tax bill – a fine that was considered excessive or in dispute – and more. Bankruptcy is a legal right that is provided [...]

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20 Costly Mistakes to Avoid When Thinking About Filing for Bankruptcy

09/26/11

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 [...]

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Jefferson County Trying to Avoid Bankruptcy

09/16/11

Jefferson County, Alabama, has been on the brink of bankruptcy for months now.   The County Commission voted recently to hire two bankruptcy attorneys to handle a potential filing, and has projected that a Chapter 9 filing would cost the county about 1 million dollars a month. The county has not made full payments to bond [...]

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Tucson Mayoral Candidate Arrested for Bankruptcy Fraud

09/12/11

A fringe candidate for mayor of Tucson was arrested for bankruptcy fraud a few months ago.  The 81 year old Marshall Home after filing on March 16, 2011, in United States Bankruptcy Court in Tucson an Involuntary Petition in Bankruptcy, seeking to place the United States in bankruptcy. Home claimed to have a claim for [...]

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