Chapter 7 Bankruptcy

What is My “Current Monthly Income” and How Does it Affect My Filing of Bankruptcy?

07/27/11

Your Current Monthly Income Affects Eligibility for Chapter 7 Bankruptcy The term “current monthly income” (CMI) is an important concept in bankruptcy that courts use in several “bankruptcy tests”. For example, your “current monthly income” is important because it can effect whether you are eligible to file in a Chapter 7 bankruptcy, and in a [...]

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Real Estate Often Protected In current Market Says Braidwood Bankruptcy Attorney

07/27/11

Decline in Real Estate Values Impacts Trustee Behavior The biggest asset that most people have is real estate. Believe me, this used to be more of a problem because real estate used to always go up in value. So, if there was any option for the trustee to try and grab onto something, they would [...]

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Minooka Bankruptcy Lawyer On How Often One Can File Chapter 7

07/27/11

Chapter 7 Bankruptcy Every Eight Years You can file a Chapter 7 bankruptcy case once every eight years. So oftentimes, we will see somebody where the eight years has not elapsed yet.  But, it may be coming up soon, six months or a year or something like that. We will still take their case.  We [...]

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Crest Hill Bankruptcy Attorney Discusses Inheritances & Bankruptcy

07/26/11

Can you protect your inheritance that your receive after filing for bankruptcy?  This is kind of an interesting circumstance. If you know or if the debtor knows that they are going to inherit something coming up pretty soon, it could be subject to being taken by the trustee. Up to six months after filing, if [...]

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Letter to judge in bankruptcy case accusing debtor of bankruptcy fraud leads to libel suit

07/25/11

Be careful what you accuse a bankruptcy debtor of in public because it can lead to a libel law suit.   This includes letters to the bankruptcy judge.  Just that happened in one North Carolina bankruptcy case.  Read the documents here including the docket sheet and a letter.

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Chapter 7 Bankruptcy Can Erase Lawyers’ Fees In Family Law & Divorce Cases

07/25/11

If you owe your family law attorney money for your divorce or another domestic relations matter, you may think you’re stuck with the lawyer’s bill, even if you file a Chapter 7 bankruptcy. Here’s good news. The debts you can discharge in bankruptcy include legal fees owed to family law and divorce attorneys because they [...]

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Lockport Bankruptcy Attorney Describes Protecting Equity In Property When Filing Bankruptcy

07/25/11

In addition to the value of property, we obviously need to know the balance owed because that’s going to be our equity determination. The current value minus what is owed is the equity.   As with all the property that the clients have, it is Illinois law that is going to govern how much property they [...]

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How A Tampa Bankruptcy Lawyer Can Prevent A Home Foreclosure With A Bankruptcy Petition

07/25/11

The stagnant economy and depressed housing market has created a huge financial burden for millions of Americans. Many Americans are unemployed and having a difficult time keeping up with their debt obligations. Furthermore, declining home values are exacerbating the financial strain put on families. Millions of homeowners now owe more on their mortgage than the [...]

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Channahon Bankruptcy Lawyer On Chapter 7

07/25/11

Chapter 7 is known as the fresh start case. It doesn’t mean everything on the Chapter 7 bankruptcy is going to be eliminated, but the overwhelming reason for filing a bankruptcy Chapter 7 is someone who doesn’t have a lot in terms of money, doesn’t make a lot of money, and doesn’t have a lot [...]

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Married Same-Sex Couples Can Now File Joint Bankruptcy Petitions

07/23/11

Federal Position Shifts on Same-Sex Joint Bankruptcy Filings The Associated Press published an article July 8, 2011 stating “Federal officials no longer plan to contest joint bankruptcy pleadings brought by legally married same-sex couples…” the article then goes on to explain the position shift and the story of the married men in California that were [...]

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