Chapter 7 Bankruptcy

Tinley Park Bankruptcy Attorney Addresses The Tendency To Wait To File

08/19/11

Bankruptcy is a tough thing to do.  For many people, it’s a mental thing to do.  But, what I found is most people, once they go through the process, they will tell me, “I wish I had done it sooner.  I wish I didn’t wait 2-1/2 years to make this fresh start transition.  I wish [...]

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The Chapter 7 Bankruptcy Life Cycle

08/19/11

The whole purpose of chapter 7 bankruptcy, under the United States Bankruptcy Code, is to provide a fresh start to individuals that are honest debtors who need a fresh start and who otherwise do not have the ability to repay their debts.  Chapter 7 involves the filing of a petition under the United States Bankruptcy [...]

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Chapter 7 Explained By An Oak Brook Bankruptcy Lawyer

08/18/11

Chapter 7 bankruptcy cases come in many varieties.  The most difficult chapter 7 bankruptcy case is one where a person has credit card debt that they do not have the ability to repay.  For many years, they might have incurred debt on the credit cards, and they may have been paying the minimum payments for [...]

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Seeking Mortgage Modification? The Federal HAMP Program Explained

08/17/11

In response to the nationwide real estate crisis, the Obama Administration unveiled the Homes Affordable Modification Program (HAMP) in 2009 as part of the more comprehensive Making Home Affordable (MHA) Program. HAMP was initially funded with $50 billion in Wall Street bailout money and $25 billion from taxpayer-owned Fannie Mae and Freddie Mac. According to [...]

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7 Mistakes Lawyers Make That Could Put Your Confidential Information Into The Hands of Identity Thieves

08/14/11

In each of the following mistakes, ask yourself whether you think a receptionist, delivery person, or cleaning crew could get their hands on your confidential legal documents. I think you’ll agree that any one of these mistakes could result in your Social Security Number and other secret information falling into the hands of someone who [...]

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WARNING TO California and Florida Residents

08/14/11

If you live in California or Florida, your financial problems are probably more serious than if you lived in other states. The large number of residents in these states – combined with home values that skyrocketed and then collapsed – resulted in many people owing far more on their homes than their homes are worth. [...]

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Appropriate Use of Available Exemptions Will Protect a Debtor’s Property in Chapter 7 Bankruptcy

08/13/11

For those who are considering filing Chapter 7 bankruptcy in San Jose, or elsewhere in California, a common misconception is that the bankruptcy trustee will seize or take away all of a debtor’s existing property.  This is not true. Debtors are entitled to certain exemptions when a bankruptcy is filed.  An exemption allows a debtor [...]

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Aurora Bankruptcy Attorney Discusses Property Issues In Chapter 7

08/12/11

As attorneys, we need to know everything that debtors own. This is not the time where they should be hiding anything from us. We need to know so we can give them the best advice. Checking accounts and savings accounts are pretty much protected since most people don’t have much in them.  Cash on hand. [...]

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Feds For Foreclosures into Rentals, Hey! How About Stopping Foreclosures?

08/11/11

Today was a most interesting read of the newspaper. Financial stories abound each day, the news is filled with tales of the stock market crash and the double dip recession (was there ever a rise to double dip?). Here are a smattering of headlines that caught my eye: Student Loans: A Crisis in Waiting? Americans [...]

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The Bankruptcy Process

08/09/11

What steps need to be taken when you file for bankruptcy?  How will the thing pan out?  To avoid the fear of the unknown, here is a general run-down of the basic steps of filing for bankruptcy and receiving a discharge. Before you file your petition, you are required to complete the counseling requirement.  This [...]

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