Chapter 7 Bankruptcy

Hoffman Estates Bankruptcy Lawyer Tells About When To File

07/23/11

How do you know when it’s the right time to file bankruptcy?  Should you continue to make minimum payments and tread water?  Should you throw in the towel and demand a fresh start provided for in the U.S. Constitution in the way of bankruptcy protection?  For many Americans, the decision is not made quickly.  Most [...]

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Will Bankruptcy Affect My Loan Modification?

07/22/11

Whether a debtor files Chapter 7 or Chapter 13, her bankruptcy should have no effect on an already completed loan modification, whether the homeowner is making payments under a trial modification or a permanent one as long as the homeowner continues to make his or her payments. One potential pitfall that may arise, however, is [...]

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Why So Many Sports Franchises Have Filed Bankruptcy

07/22/11

Although bankruptcy filings by sports teams have been historically rare, a recent smattering of filings have turned into a trend.  The Los Angeles Dodgers have recently joined the Phoenix Coyotes, the Chicago Cubs, the Texas Rangers and several other sports teams that have filed for bankruptcy within the last 20 years.  Why is this becoming [...]

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Detroit Bankruptcy Lawyer: Can Bankruptcy Stop A Garnishment?

07/22/11

Most people don’t realize that filing bankruptcy can stop a garnishment. The conventional thinking is, “Well, they got the judgment in court, so nothing I can do”. Nothing can be further from the truth. Bankruptcy can and will stop the garnishment, even after your creditor has received their judgment. Your Detroit Bankruptcy Lawyer can stop [...]

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Bankruptcy Discharge

07/21/11

A bankruptcy discharge is one of the most common reasons for filing for bankruptcy.  A discharge releases you from personal liability for debts that qualify under federal law.  It is a permanent order granted by a bankruptcy court.  Any debts you successfully discharge in bankruptcy will basically disappear and your creditors can never come after [...]

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Prospect Heights Bankruptcy Lawyer Saves Vehicles From Sale

07/19/11

If your vehicle has been repossessed and not yet sold an auction, I may very well be able to help you get that vehicle back. Under Chapter 13 bankruptcy laws, that vehicle is still yours until such time that it is sold at auction. That means that the vehicle can be recovered and reorganized through [...]

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How Much Money Can I Save by Filing Bankruptcy Without a Lawyer?

07/18/11

When a business or consumer needs to file for bankruptcy, they’re often wondering: how much does bankruptcy cost? This shouldn’t come as a big surprise. After all, those facing financial hardship are counting every penny and relatively high attorney’s fees to get out of debt can seem like a tough pill to swallow. It can [...]

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Can I get rid of Criminal Fines and Traffic Tickets in Bankruptcy?

07/18/11

Millions of tickets are dolled out every year, not to mention government penalties and fines.  Government tickets and fines are one of the most common forms of debt.  Can these be discharged through a bankruptcy filing?  In Chapter 7 bankruptcy, section 523(a)(7) of the Bankruptcy Code specifically states that fines and penalties owed to or [...]

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But I Thought I Surrendered My House in Bankruptcy!

07/17/11

I already gave up the house, why am I being billed by my HOA? As bankruptcy attorneys, we are all hearing this complaint from clients with increasing frequency these days. As counter intuitive as it may seem, we are today often asking mortgage lenders to hurry up and follow through with a foreclosure in a [...]

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Do I have to reaffirm my car loan in chapter 7 bankruptcy?

07/16/11

I generally try to talk clients out of reaffirming a car loan in most cases but it is ultimately the client’s choice.  Reaffirmation is risky because if the car is destroyed in an accident or you lose your job you still have to keep up the payments, you just cannot walk away.  There seldom is [...]

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