Chapter 7 and Chapter 13 bankruptcy filing fee increases

bankruptcy court, chapter 13, chapter 7, filing feeLeave a commentTerrance Leeders

I just received a memo from the United States Bankruptcy Court indicating that the filing fees for bankruptcy cases will be increasing effective June 1, 2014.<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US;...

Z is for Zero! Our last installment in our Bankruptcy alphabet series

chapter 13, chapter 7, dischargeTerrance Leeders

Zero.  That is how much unsecured debt remains after a chapter 7 or chapter 13 bankruptcy discharge.  

You should be back on track now, debt free.   There are a few exceptions.  Student loans or educational debts do not discharge in bankruptcy.  Some tax debt, unless paid in full could survive a chapter 7 bankruptcy.  Child support, spousal support, alimony, or any other Domestic Support Obligations remain after bankruptcy...

Y is for You Did It! You got a bankruptcy discharge!

car loan, chapter 13, chapter 7, credit card, discharge, mortgageLeave a commentTerrance Leeders

Y was a tough letter to find to post about for bankruptcy.Not many bankruptcy terms begin with the letter Y, there isn't much caselaw that starts with the letter Y.No Judge has a name that starts with a Y in ChicagoSo, I figure I'll sell the benefits of bankruptcy, with Y is for YOU DID IT!You completed the bankruptcy case.  3 months for chapter 7, and 3 to 5 years for most chapter 13 bankruptcy cases.    So, now what?It is a good idea to check your credit report a few months...

X is for ….X-ray Bankruptcy Chicago

341 meeting, bankruptcy courtTerrance Leeders

X.  Not many words start with X, and even fewer are related to bankruptcy.
So, I'll keep this bankruptcy post short.
Bankruptcy court is located in the federal building in Chicago, IL . 219 S. Dearborn, Chicago, IL 60604 The Dirksen Federal Building.   Bankruptcy section 341 meetings are held here too in Chicago.

You have to put your belongings through an X-Ray machine to get into the building.   The metal detectors are sensitive too, so take off those belts, large watches,...

V is for …. Valuation of assets in bankruptcy

722 redemption, assets, bankruptcy exemptions, chapter 13, chapter 7, lien stripping, redemption, unsecured debts, valuation, wholly unsecured mortgageLeave a commentTerrance Leeders

With chapter 7 bankruptcy, putting a value on your assets is of utmost importance.Each state gives debtors limited exemptions to protect assets, so the proper value of your belongings is crucial. Now, in general, the trustee in your chapter 7 case is not interested in the small stuff like your spoons, your old tv from 1984 etc. The trustee is looking for assets of value that can be liquidated to pay your creditors, such as new electronics, collectibles - autographs, memorabilia, vehicles,...

U is for Unsecured Debt in bankruptcy

Bankruptcy, chapter 7, unsecured debtsLeave a commentTerrance Leeders

Unsecured debt is the debt most debtors in bankruptcy are looking to discharge.  This includes credit cards, medical bills, utility bills.  It also covers repossessions, broken leases and foreclosure deficiencies.Tax debt and child support are also labeled as unsecured debts, but these take on different dischargability issues.  Most unsecured debts are dischargeable in bankruptcy.  The notable exceptions are domestic support obligations (DSO's) namely child support and...