Waukegan Bankruptcy Lawyer’s Case Study For Mr. & Mrs. Vegas

This is the case study for Mr. & Mrs. Vegas who live in Waukegan, which is located in Lake County, IL.  At this moment they are married and filing jointly.  They own 2 properties and they are currently 8 months behind.  They own 2 autos with liens on both.  There is no equity in either vehicle.
 
As far as property and assets, they have checking and savings accounts.  They have life insurance that has a death benefit only; they have an IRA which is ERISA Qualified.  They do have a lawsuit pending against them and they are subject to a garnishment at any moment. 

Mr. Vegas is currently working as a department specialist and she has been there for the past 9 years; his spouse is not working, but gets unemployment.  They do have some rental income also at this time.
 
Let’s look at their monthly expenses.  The first mortgage is about $1,395.00 and the utilities are approximately $400.00 per month, including power, water, sewer, trash, home phone, cell phones, cable & internet. 

Since their expenses exceed their income, they do not have the ability to repay their debts under chapter 13.  Thus, chapter 7 is the best option in this case.  A fresh start will stop the current lawsuit and will allow for a new financial start.  Provided the parties have not filed a chapter 7 within the past 8 years, they will be able to take advantage of their constitutional right to file bankruptcy.

For more information, call David Siegel at (847) 520-8100 or visit Waukegan Bankruptcy Lawyers.