Chapter 7 Will Work According To Calumet City Bankruptcy Lawyer

This is the example of Kim Wallace.  She lives on Sibley Boulevard in Calumet City, Illinois.  She’s interested in filing a fresh-start Chapter 7.  She owns no real estate, she is renting; she’s got a yearly lease, which expires in March.  Her vehicle’s a 2006 Chevy Malibu.  It’s financed by GMAC.  She is current on her auto payment at $341.00 per month, and it’s got 30,000 miles on it, so she wants to keep that and reaffirm that debt.  In terms of personal property, she’s got a checking account at Chase Bank.  She’s got a security deposit of $825.00.  She has normal household goods worth about $2,000.00.  She does have a child support order, but she’s currently not receiving it, and she does expect a tax refund this year of about $3,000.00. 

She’s single with one minor child, a son, and she is working for the City of Chicago as a legal assistant, and she is paid every other week.  Her monthly net income is $2,400.00 per month.  Her expenses exceed that at $2,900.00 per month.  Again, rent is $825.00.  She’s got electric and gas at $150.00.  Cable television is $65.00 a month.  Food is $350.00 a month.  Clothing is $200.00 a month.  Medical expenses are $20.00 a month.  Transportation costs are $120.00 a month, and she has childcare tuition of $550.00 a month for her minor child, and, of course, the auto payment of $341.00 a month, so she doesn’t have any available money per month to put away towards her creditors. 

So she is the perfect candidate for a Chapter 7 fresh start, which can eliminate a lot of her unsecured debt, like medical bills, credit cards, and personal loans, and she can reaffirm the debt (in other words, keep the debt) on her auto as long as she continues to make those payments.  The approximate cost for this type of case would be $1,450.00, and, of course, there’s always a payment plan.  That is the case of Miss Wallace, again, living on Sibley Boulevard in Calumet City, Illinois. 

 See Calumet City Bankuptcy Lawyer for more information about Chapter 7.