Chicago Bankruptcy Lawyer
Spurred by the down cycle in the mortgage business, a downturn in the economy (Recession? what recession? ) or else just credit providers providing more credit than should be given, we have seen a recent rise in bankruptcy filings both in Illinois and throughout the country. I came across this article from the AP which spells out the numbers for you.
March 3, 2008, 4:08PM Bankruptcy Filings Up 15 Percent in Feb. ...
I receive several inquiries about reopening a chapter 7 case once the case is closed.
This is possible to do, however it is subject to court approval.
1. The debt must have been incurred before the date your case was originally filed.
2. The court charges an amendment fee of $26 to add on debt to a case.
3. There is also a reopen fee to reopen a case once it is closed, $260 for Chapter 7.
4. Your attorney may charge an additional fee to do the work for you.
5. This must be done...
Median income level for Illinois based on family sizeEffective: 2/1/08
| 1 Earner | 2 in Household | 3 in Household | 4 in Household | |
| Illinois | $44,673 | $56,545 | $66,607 |
This is a bit of interesting news about the random audits performed by the Department of Justice. Previously 1 in 200 cases was audited for accuracy. These audits consisted of independent review of paystubs, tax returns, bank statements, real estate documents and other related items associated with a debtor's bankruptcy case.
From the UST website:
NOTICE REGARDING DEBTOR AUDITS ...
Here is another rapid fire list of Q & A from bankruptcy questions I have received recently.
If you have a specific question, feel free to contact me and I'll be happy to review your situation with you. Thanks
Subject: What does reach back mean?
Question: I was doing fine financially until I went to commission sales. I kept thinking I was going to make a lot more money than I did. In June 07 I took a cash transfer from my bank credit card to my checking (they offered...
Here is an updated bankruptcy question and answer session. As you can see there are many bankruptcy issues that can sway a case one way or another. Hold tight, here we go.
Chapter 7 and Lump sum SSDI payment
Question
My daughter applied for SSDI over 2 1/2 years ago. Her husband left her 2 years ago. Their divorce comes up in March. She just received a lump sum payment from Social Security for her disability. She has not paid any of her credit...
I have received several emails from clients filing for Chapter 7 that are concerned about their tax refunds, and whether the chapter 7 bankruptcy trustee will want to take it or not.
While the tax refund is an asset, you should schedule the estimated amount in the case.
Your lawyer will then exempt what they can to protect as much as possible.
In Illinois, you have a $4000 wildcard per debtor to use towards cash, bank accounts, personal household goods and tax refunds. Your Illinois...
Here are a sampling of questions I have been getting regarding bankruptcy an bankruptcy process. If you would like further bankruptcy information, please contact my law office.
Judgment
Q:
If a Judgment was won against you for a security bond and you file bankruptcy with no real property or income, can that judgment be included in the bankruptcy?
A:
I am not totally familiar with a 'security...
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...
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. ...