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Your bankruptcy attorney will explain that individuals who are paying child support and dealing with other financial burdens may be considering filing bankruptcy as a solution to their financial woes. This may be a good option, depending on your individual situation but filing bankruptcy will likely not erase any financial obligations you have to your children. The Purpose of Bankruptcy Bankruptcy ...
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A bankruptcy attorney can explain that military members in the United States get some special protections from the government if they're facing bankruptcy. The Servicemembers' Civil Relief Act (SCRA) gives people who have served the country in the military some assistance in civil actions. SCRA During their military service the SCRA temporarily suspends any judicial and administrative ...
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The first step in preparing for a bankruptcy is contacting a bankruptcy attorney. Before you thought about filing for bankruptcy you probably spent a lot of time thinking about it, preparing mentally for what will happen when you file bankruptcy. Now that you've decided to file bankruptcy there are some additional steps you must take to prepare for the bankruptcy. The first thing to do before ...
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If you're worried about your debt level and losing your home you should contact a bankruptcy attorney. With unemployment and foreclosure rates so high across the United States it's not uncommon for people to wonder if they're in danger of losing their home. Declaring bankruptcy may be a solution to both your debt problems and your fear of foreclosure. If you want to keep your home but ...
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When you file for bankruptcy your bankruptcy attorney will explain exemptions to you and will introduce you to the wildcard exemption. In federal bankruptcy exemptions and in many state exemptions there are wildcard exemptions. A wildcard exemption can be used to exempt (keep) any type of personal property, which has different implications for Chapter 7 and Chapter 13 bankruptcies. Most bankruptcy ...
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A bankruptcy attorney can explain to you that filing a bankruptcy is not something to take lightly. Each case is different and your attorney will go over your case in detail, but the following Chapter 13 bankruptcy steps are what you can typically expect. Chapter 13 Bankruptcy Steps Review your debt – itemize what you owe and to whom Check eligibility to make sure you can file a Chapter 13 ...
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It's not common, but a bankruptcy attorney can explain to you what an involuntary bankruptcy is and how a creditor can force you into bankruptcy. Whether you're an individual or a business and aren't paying your bills, you may find that one or more of your creditors is desperate for repayment, so much so that they'll file a petition with the court requesting a Chapter 7 bankruptcy ...
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Once you and your bankruptcy attorney file a bankruptcy petition, the automatic stay will go into effect. This automatic stay prevents your creditors from continuing to collect, or trying to collect, money from you. This isn't a permanent injunction; it's just a temporary stay until your bankruptcy case is completed. It's always a huge relief for people who have been feeling the stress ...
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You bankruptcy attorney will help you navigate the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ( BAPCPA ). If you know anyone who filed for bankruptcy before 2005, be careful when listening to their advice because bankruptcy has undergone a complete overhaul and what was once true just isn't anymore. There's a lot more to it. Why Bankruptcy Reform Some people get really ...
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If you're contemplating marrying someone who has filed a bankruptcy and you have impeccable credit then you should speak to a bankruptcy attorney. Bankruptcy and Credit Scores The first thing your bankruptcy attorney will assure you of is that your credit score is your credit score and yours alone. Your credit scores do not merge as soon as you tie the knot. If you continue to keep your ...
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Couples who live together as a married unit but don't have the legality of an actual marriage cannot file for bankruptcy together, even if their debt was jointly incurred. Gay Marriage and Bankruptcy Although there was much celebration in the summer of 2011 when the state of Illinois allowed same sex civil unions there are still some limitations to couples who have taken advantage of ...
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People in Illinois struggling with their finances and considering bankruptcy need to contact a bankruptcy attorney to analyze their individual situation. For instance people with a second or even a third mortgage on their home may have some specific questions about their mortgages and their debts. Many people who suffered financial blows in the past used their home as a way to get back on their ...
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When bankruptcy is a possibility, people who live in Illinois should seek the advice of a Chicago bankruptcy attorney to discuss how their retirement funds will be treated. If you're worried about losing your retirement funds by filing for bankruptcy you may be surprised that a bankruptcy may be the best thing you can do to save your retirement funds. IRAs Some people believe that they should ...
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Most people don't walk directly from the unemployment office over to file their bankruptcy petition but with the unemployment situation the way it is in the United States right now it might not be a bad idea for some people to do just that. Will it apply in my case? Every situation is unique so there is no rule of thumb when considering bankruptcy after a job loss, speaking to a Chicago ...
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A Chapter 13 bankruptcy can almost be thought of as a consolidation repayment plan as opposed to a Chapter 7 bankruptcy where most or all of your debts are eliminated. In a Chapter 13 bankruptcy a trustee will be assigned to your case and they will determine the priority level of your debts. Once you have supplied your bankruptcy trustee with all of the required paperwork and information on your ...
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