Buffalo Grove Bankruptcy Lawyer Dispenses Chapter 7 Advice

This case involves Mr. & Mrs. Vimatello who live in Buffalo Grove, IL, which is in Cook County, IL. They have never filed a bankruptcy before. They own 3 properties, the one they live in, with one mortgage that they are behind in their monthly payments, and behind in their property taxes. Two homes that are in a short sale right now or they just want to surrender. They have 2 autos that they own outright, which might be a potential asset problem. They have a checking account with about a $2,000.00 balance. Husband works as a Quality Assistance clerk for about 1 year and makes about $2,625.00 a month. Wife does not work. She is a homemaker, mother of 2 and she has no income. Husband’s wages are being garnished at this time. Let’s look at their monthly expenses. Mortgage is about $1,400, property taxes, $450, homeowner’s insurance, $25, utilities is about $325, association $325, food, clothing, laundry $450, and gas, tolls about $100.00. It ends up that their expenses that are not that high, but exceed their monthly income. They sold a home within the last 2 years which they made a profit of $19,000, which they have been living on. So far they only have 1 medical judgment against them. They owe back taxes to the IRS for the year 2006 in the amount of $500.00. They have about $100,000.00 in credit card debt which can be easily eliminated in a Chapter 7. My strongest recommendation would be to file a Chapter 7 bankruptcy case and eliminated all of their unsecured debts.