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Chicago Bankruptcy Attorney, husband, father, Cubs fan.
Chapter 13
| Chapter 13 Stop mortgage foreclosure |
| Keywords: chapter 13, bankruptcy, foreclosure, consolidation, chapter 7, mortgage, mortgage default, credit cards, medical bills, interest rate, ARM, adjustable rate mortgage |
| Stop Foreclosure Yes, you can save your home! Using the chapter 13 can strategically help you cure your mortgage default, protect your equity and eliminate your other debts to help you right the... |
Feb 1 – Updated census bureau median income in Illinois
For Illinois Bankruptcy filings: Census Bureau Median Family Income By Family Size
(Cases Filed On and After February 1, 2007)
The following are the for ease of use in completing Bankruptcy Forms B22A and B22C.ILLINOIS<div...
Foreclosure and bankruptcy
My clients often call and ask me how long does a foreclosure take?
How much time do I have in my house?
Or how much time do I have to file Chapter 13 to stop the foreclosure?
Excellent questions. The generic answer is anywhere from 6-9 months from the time the foreclosure started. The party being foreclosed upon will get notices and timelines of events as they occur to get specific dates. The foreclosure attorney's office can also provide the dates to you...if they will even take your...
Bankruptcy Chapter 13 Law update
Projected Disposable Income is the Same as Disposable Income(Form B22C Controls)In re Farrar-Johnson, WL 2662709 (Bankr. N. D. Ill. 9/15/06.)Under Chapter 13 where a debtor is above the median income, section 1325(b)(3) makes clear that Schedule J has no role in calculating disposable income when determining what the monthly plan payment will be. Line 58 multiplied by 60 will give you the amount needed to be paid to the unsecured creditors when calculating the plan.Another, possibly bigger...
Divorce, bankruptcy and real estate
Divorce.
Bankruptcy.
Real Estate.
These 3 areas of law are often intertwined.
Yes, it's true, my office handles all three practice areas.
But for each client, these issues all come together. Divorce clients, who have racked up the debt before splitting apart often file bankruptcy to relieve the pressure & stress that the debts cause on top of their already stressful lives. Bankruptcy eliminates the unsecured debt for each party, thereby helping each party to truely get the fresh...
Launching Spanish Bankruptcy website
We have been up to some exciting things lately. We have launched our Spanish version of Chicago Bankruptcy Network, or "Red de la bancarrota de Chicago" en Espanol! The site is located atwww.Chicagobankruptcynetwork.com/spindex.htmlYou can always speak to one of our helpful associates at 312-427-0644Se habla espanol.
Updated Median Income Figures for Means Test Calculations
As of Cases filed on or after October 1, 2006, the US Census bureau has issued new figures to compare a debtor's income against the for Median Income Level for their family size in their state.
The new figures are as follows for Illinois:Family Size Median Income
- $41,650
- $52,891
- $62,176
- $72,368
with $6300 added for each additional person in the household.
Therefore, under...
Bankruptcy and credit reports
I am often asked 'How long will bankruptcy stay on my credit report?'Under the Fair Credit Reporting Act, bankruptcy filing can remain on your credit report for up to 10 years. However, most debtors are able to get new credit shortly after receiving their bankruptcy discharge.Equifax www.transunion.comExperian www.experian.comThe credit bureaus will either zero out discharged debt, or list that the debt was discharged under bankruptcy.There are many car companies, loan companies,...
What’s the difference between Chapter 7 and Chapter 13 bankruptcy?
What is the difference between a Chapter 7 and a Chapter 13 Bankruptcy?
I get calls all day with this exact question. Although they are both bankruptcies, clients who file have different goals and rationale for filing:
Chapter 7 is a complete liquidation. It is designed for individuals and certain companies who do not have the ability to pay their debts. In chapter 7, the trustee will liquidate any non-exempt property in order to distribute the proceeds to creditors according to the...