Chicago Bankruptcy Lawyer
A Statement of Financial Affairs (SOFA) is a required document in a bankruptcy petition that provides a detailed accounting of the debtor's financial transactions and activities. The SOFA helps the court and creditors understand the debtor's financial situation leading up to the bankruptcy filing, including any potential sources of income and assets that could be used to pay off outstanding debts.
The SOFA...
What assets do I list in my bankruptcy case?
In a bankruptcy filing, you must list all of your assets, including:
Schedule I & Schedule J of the Bankruptcy Petition are two of the required schedules in a bankruptcy petition, which is the formal document filed by a debtor to initiate a bankruptcy case. They provide information about the debtor's income and expenses, respectively, and play a critical role in determining the type and success of a bankruptcy case.
Schedule I, also known as the "Statement of Current Monthly...
If your drivers license is suspended for non-payment of an accident claim, a Chapter 7 bankruptcy can get your drivers license back. Once you file for chapter 7 bankruptcy (or even a chapter 13 bankruptcy) you can reinstate your drivers license. In most cases, you would need to show the DMV or Secretary of State the bankruptcy filing, along with the schedule listing the underlying debt for which the license was suspended listed on your bankruptcy creditor list. ...
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Can you pay off a Chapter 13 bankruptcy early?
As with most things, the answer is sometimes. If you are a below median income debtor, you can pay off the bankruptcy at any point. If you are an above median debtor, then it gets difficult. If you are paying 100% of your unsecured debts back, yes, you can pay the balance off at any time. If your plan is paying less than 100% to your unsecured creditors...
I get calls periodically from people who had filed for bankruptcy and got their discharge. They are trying to refinance or sell, and a title search pulls up an old judgment lien recorded against their home. The clients are confused, since that debt was listed on their bankruptcy petition. What gives?
Creditors can record a judgment lien against assets owned by the debtor. This is called perfecting their lien. The lien will stay on the property...
While Zillow is a good starting place to determine approximate value for your home when filing for bankruptcy, a better option would be a CMA -a comparable market analysis, or even better yet, a full blown appraisal. When you are close whether your exemption covers the equity in your home, it's best to be certain as to value to avoid liquidation issues with a chapter 7 bankruptcy...
Bad news for debtors.
A recent ruling by Judge Cassling in Chicago, clarifies provisions of the automatic stay in regards to returns of vehicles that were taken pre-bankruptcy filing.
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