Many debtors get really anxious when their bankruptcy hearing is just around the corner. Common questions I hear are: What will they ask me?Will all of my creditors be there?How long will it take??What should I bring? What should I wear?All are great questions.A Bankruptcy section 341 meeting of creditors is a hearing attended by the debtor, his/her attorney, the interim United States Trustee, and any creditors who wish to appear. Generally, no creditors do, unless there are major assets...
Stop foreclosure sales with Chapter 13 bankruptcy
Faced with a sale date on your property? Think all is lost? It isn't! You can stop a foreclosure sale before your home is gone for good with a chapter 13 bankruptcy.A chapter 13 can cure your mortgage default, get you a better deal on most financed items, including cars, and can discharge your unsecured debts, often at pennies on the dollar!The bankruptcy code gives debtors who ran into a rough patch the ability to right the ship and get back on track with a chapter 13 repayment plan. The...
Tax Refund anticipation Loan
There is much to say at this time of year regarding tax returns. One thing that comes up, is that many of my clients take refund anticipation loans to get their refund sooner. I've seen several commercials now on TV hyping these loans from Tax Preparers.This is something I tell each and every client not to do.Several issues: 1. Have you seen the crazy interest rates they charge? They are huge! 300-400% or more! This is hundreds of dollars to get...
RISE
Here is a good foundation to support, they do some fine work.Can you RISE to the occasion?
Tax refunds in Illinois bankruptcy cases
As 2010 winds to a close, we hope you are enjoying your holiday season and we wish you the best for the New Year. Tax refund time will be approaching soon, so this post includes a few tips to help your bankruptcy case go smoothly in the new year. When it comes time to meet with the bankruptcy trustee after we file your case, they will ask you about your tax refund. Here are some general tax refund tips to help you most debtors avoid any problems when they file the case:
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You’d better list all debts in your bankruptcy case……
A recent 7th Circuit Case In re: Smith, No. 08-3358 (9/23/09). Appeal, N.D. Ill., E. Div. Affirmed ruled that is was permissible to let 2 civil action cases continue in state court (regarding sexual assault against debtor-physician) because the debtor did not list the debt on Schedule F of the bankruptcy petition. The creditors did not get notice until the debtor tried to transfer the case to the state court bankruptcy calander about 2 weeks before the objection to dischargeability ...
Fixing those pesky problems on your credit report
Here is a frequent statement I hear from my bankruptcy clients when they review their bankruptcy petition before filing:"That debt isn't mine."I usually reply: "But it is on your credit report"I have heard, that over 60% of all credit reports have errors on them.Some may be as small as an incorrect spelling of a name, or an incorrect address, however, it could be someone else's information, such as a wrong social security number, or worse....someone may have stolen yours and is running up...
Schaumburg Illinois bankruptcy attorney
We are pleased to announce the opening of our new suburban office location.Our new office is located in Schaumburg, Illinois.1821 Walden Office Square #400, Schaumburg, Illinois 60173 Click for : Map and driving directionsThis office is by appointment only, with office hours on Saturdays from 9am to 12pm.We handle bankruptcy cases, divorce cases, real estate closings, and personal injuries.Contact us now to schedule a free consultation.Leeders &...
Car repossessed prior to chapter 13
Here is a recent decision involving a case where a vehicle was repossessed prior to a chapter 13 bankruptcy. With Chapter 13 filings, the creditor must return vehicle to debtor, otherwise it is a violation of the automatic stay provisions. Now, a bankruptcy must be filed within 21 days of the repossession or the vehicle is sold at auction, and then it would be too late. But here, the Court, on appeal, ordered that the debtor's motion for sanctions should be granted for failure to give...
7th Circuit case on the Automatic stay.
In re: Radcliffe, No. 08-2885 (4/23/09).
Appeal, N.D. Ind., Hammond Div. Affirmed.
District Court did not err in granting debtor's motion to enforce automatic stay provisions of bankruptcy code where creditor-pension fund announced to debtor that it would pay debtor his pension benefits, but would withhold said benefits and apply them to existing debt that arose when debtor failed to make required pension contributions to pension fund on behalf of his employees. Pension fund's unilateral...