Chicago Bankruptcy Lawyer
as printed in the Sun Times:
Students and loans: 'Til death do us part
May 6, 2007
BY DAVE NEWBART Staff Reporter dnewbart@suntimes.com
They liken it to a financial death sentence.
They can't get a car loan, a home mortgage or any other type of loan. They've lost jobs and even spouses over it.
They are so humiliated they don't want any of their friends or family to know.
And for most, there is no way out.
They are former students trapped under the weight of student loans. The same...
Greetings. I just wanted to announce that we are now open for business in Arlington Heights, IL. We have a part time weekend office at Arlington Heights Rd. Ste. 113 Arlington Heights, IL 60005 Map and driving directionsWe have struck a deal with Platinum Financial Mortgage Corporation They will be happy to help place you in a mortgage for the home of your dreams. Our firm handles real estate transactions - from home buyers to commercial property deals.We have also teamed with a real...
I am here to provide useful tips and tricks to help my clients, and those who can take certain steps to help avoid bankruptcy. Top 10 Fuel Saving TipsFrom Aaron Gold,Your Guide to Cars.(as posted on About.com)http://cars.about.com/od/helpforcarbuyers/tp/ag_top_fuelsave.htmWhether you drive a two-seat hybrid or a three-ton SUV, chances are you can squeeze a bit more distance out of each gallon of fuel. These ten fuel saving tips have served me well over the years, and they can help you...
"A Purchase Money Security Interest Is Not Refinanced When the Original Security Interest Is Terminated and New Financing Is Used By a New Debtor to Acquire the Same Collateral"
The case of Lewiston State Bank v. Greenline Equipment, LLC, 147 P.3d 951, 61 UCC Rep. Serv. 2d 195 (Ut. App. 2006), holds that a purchase money security interest (pmsi) does not survive its termination when the same collateral is used by a different debtor to obtain new financing.
What happened: a secondary loan...
As a bankruptcy attorney in Chicago, I see many different people come through my office. It amazes me on the amount of money people spend on a day to day basis. Routinely people put down that they spend $500 a month on food, then make a point of putting down $300 'dining out' in addition!! My God! If people learn how to cook, they would save $300-500 a month. While I know that people like to go out with family and friends, but when did dining out turn from a 'special treat' to a...
Recently, I received an email asking about filing a chapter 7 bankruptcy The writer asks:
"Do I choose which debts I want to include in my bankruptcy or does the trustee do this? I have a bank loan for my truck which I pay on time and I want to keep my truck and keep making payments. Do I have to include this loan in my paperwork for a bankruptcy? What happens if I don't include it?"Answer: All debts must be listed in the bankruptcy petition. You can select to 'reaffirm' certain debts. ...
I received an email today from a prospective client asking if a spouse could file bankruptcy without her spouse. Excellent question.
Although both spouses are not required to file bankruptcy jointly, the Bankruptcy Code does require both spouses income to be included in the means test analysis for CMI - current monthly income. However, most people 'pass' the means test analysis and can file for Chapter 7 bankruptcy protection. See previous posts for the median income level in Illinois. As...
What does one have to do, or in this case from Wisconsin, NOT DO, to create substantial abuse ?RECENT CASES: Feb. 6. 2007Chapter 7 Debtor who fails to aggressively seek out work before the case is subject to dismissal based on the totality of the circumstances. 'Substantial abuse' is now just 'abuse.'The court noted: " ... this Court concludes that a debtor who lacks the ability to pay because she has not engaged in a broad employment search, does not wish to work outside her chosen field,...
Northern District of Illinois - Eastern Division Chicago Bankruptcy Judge Squires recently ruled in the chapter 13 case of Linda J. Blanco, 06B 13223, where debtor tried to surrender a vehicle in full satisfaction of the claim owed. Judge SquiresThe Court held that "the Debtor may not surrender the collateral in full satisfaction of the debt to the Creditor. The Creditor is entitled to seek its available state law remedies, including its right to an unsecured deficiency claim after...
Although this is a bankruptcy forum, my clients and visitors can all use a 'freebie' now and then. We'll, I have been using this site for a while now...and they offer some cool things! Check it out!
Terry
Giveaway of the Day