Glenview Bankruptcy Attorney Case Study

This is the case of Mr. Vega who lives in Glenview, Illinois which is in Cook County, IL.  At this moment he is married and filing jointly.  He owns his property and has 2 mortgages. He is current on both mortgages, but he is upside down with regard to the value of the property.  He has two autos which he owns outright.                                 

For property and assets, he has two checking accounts.  He also has an IRA which is ERISA Qualified.                                                

Mr. Vega is currently working as a machine operator for the past 9 years; his spouse is now retired from working, but gets social security. 

Let’s look at their monthly expenses.  First Mortgage is about $2,079.00, second mortgage is about $389.00, utilities (power, cell phones) is about $215.00, food, clothing, laundry, and medical expense total $525.00, and gas, tolls, auto, health and homeowner insurance and taxes reach about $500.00.                                                                                        

They have about $60,000.00 credit card debt.  This case will wind up being a Chapter 7 with the majority of the debt being eliminated.  The mortgage debt will remain if the debtor wishes to keep the property.  The vehicles are not very valuable so there will not be any question that the debtor can keep the vehicle.