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Supreme Court in the Driver’s Seat in Ransom v. FIA Card Services

01/15/11

In a significant decision affecting bankruptcy cases throughout the United States, the Supreme Court of the United States has determined that a debtor, who does not make a loan or lease payment, may not take the car ownership deduction. This case has impact on all Chapter 7 and Chapter 13 bankruptcy cases currently being administered by David M. Siegel & Associates, throughout Chicago and the surrounding suburbs.

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Confusion Between Credit Counseling & Debtor Education in Bankruptcy

10/19/10

Some things are inevitable. If an error can be made, it will be. Take for example, when filing for bankruptcy, the requirement of both credit counseling and debtor education. There is a particular sequence or order in which those requirements must be satisfied. Further, there is a proper timing for each requirement.

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Evidence of Foreclosure on a Credit Report

10/18/10

There has been a recent question as to when the fact of foreclosure hits a credit report. The question arose in the context of doing a short sale, after a bankruptcy, to avoid the blemish of a foreclosure as well as a bankruptcy. After research, exploration and after speaking with the credit bureaus, I submit the following:

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Can I Keep My House and Car and Still File Bankruptcy?

09/23/10

“If I file for bankruptcy, will I get to keep my house and car?” This is an excellent question. One of the main jobs a bankruptcy attorney does is to analyze whether or not the property an individual has can be protected while still filing for bankruptcy.

In Illinois, an individual can protect up to $15,000 worth of equity in real estate property. In joint cases, where spouses are filing together, you can combine $15,000 per each spouse and protect up to $30,000 worth of real estate property.

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Can You File Bankruptcy On Your Own?

09/21/10

Often I’m asked whether or not someone can file a bankruptcy on their own? The answer is yes, but I will never recommend it. When the law changed on October 17, 2005, bankruptcy became much more complicated than it already was.
Before, an individual could get the forms, fill them out to the best of their ability, file it with the court, appear at the meeting, and the trustee would help them make any needed amendments.

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If You Are Married, Can One Person File?

09/10/10

“If a couple is married, can only one individual file for bankruptcy?” The answer, simply, is yes. Married couples do not have to file for bankruptcy together – One person may file individually, or both individuals may file together.
When filing individually, bankruptcy will not affect the non-filing spouses’ credit, provided there aren’t any joint debts. Joint debts are debts shared between both individuals. So, if a debt is shared by both individuals, the creditor can look at either person, or both, to pay the debt.

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Requirement’s for Filing a Chapter 13 Bankruptcy Case

07/24/10

The requirements for filing a Chapter 13 bankruptcy case are as follows:

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How Long Will a Typical Chapter 7 Bankruptcy Case Take?

07/21/10

A bankruptcy case from filing until discharge, otherwise, from start to finish is approximately, 90 to 120 days. It is a relatively simple process from the consumer’s standpoint. The consumer provides information to his attorney who prepares the documents, acquires the required signatures, and advises the client on what steps need to be taken. For the most part, the client only has to appear before a trustee on one occasion.

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Brief Update: Lenders Prevail in Philadelphia Newspapers Auction

04/29/10

After much litigation and legal maneuvering, the Senior Secured Lenders prevailed at the auction for Philadelphia Newspapers.  The Lender’s winning bid is for approximately $139 million, and the parties expect to close on the sale by late June.  To read a summary of the sale, click here and here.

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Brief Update: Lenders Prevail in Philadelphia Newspapers Auction

04/29/10

After much litigation and legal maneuvering, the Senior Secured Lenders prevailed at the auction for Philadelphia Newspapers.  The Lender’s winning bid is for approximately $139 million, and the parties expect to close on the sale by late June.  To read a summary of the sale, click here and here.

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