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We just passed the seven year anniversary for bankruptcy reform.  It is hard to believe that October 17 made for the seventh year since reform.  Most bankruptcy professionals would agree that reform has been a disaster.  There is such a greater cost and burden to a debtor who is simply trying to avail himself of a fresh start.  Adding insult to injury is the consumer protection element that has caused for strict scrutiny of reaffirmation agreement; unless your lender is a credit union, of course.  In that case, there is zero consumer protection.  That is unfortunately how the law is laid ou

Whether you are filing a Chapter 7 or a Chapter 13 bankruptcy case in Chicago, you will have to go to at least one court date known as a 341 Meeting of Creditors.  The 341 Meeting of Creditors is a meeting where the trustee will swear you when, examine your photo ID and your Social Security card and ask you a series of yes/no questions under oath.  The entire meeting should take anywhere from 5 to 10 min.

Many people wonder whether or not there will be able to receive credit after filing a bankruptcy and receiving a discharge.  The answer to this question is yes, a person will be able to receive credit after filing a bankruptcy and receiving a discharge.  In order for a person to rebuild their credit after bankruptcy, that person must apply for credit, receive credit, and try to pay off the balance of that credit every month if needed.  If a person pays off their credit card balance or a balance for any kind of debt that is owed every month, that person’s credit rating will skyrocket.<

1. I owe back child support.  Will my bankruptcy eliminate that debt?

Child support is one debt which is never dischargeable.  Filing Chapter 7 will not eliminate your obligation to pay that back child support.  This is absolute.

2. Are you sure that I will not lose my home?

Joliet bankruptcy attorney David Siegel states that the primary question is whether or not the person should file for bankruptcy protection.  Really, that’s a case by case basis which is an important decision to explore with an attorney.  I think in this country we have somewhat of a disdain for bankruptcy.  We don’t like the word bankruptcy so I think that one big mistake that people make is that they don’t pursue bankruptcy as an option and any time when you get in a bad situation, you should explore all your options and make the best decision.