When you are struggling with your bills and in need of a bankruptcy attorney, where do you turn first?  For most people, they will search the internet to gather information.  There is a wealth of information available regarding the different Chapters under the bankruptcy code as well as a plethora of attorneys ready, willing and+ Read MoreThe post Choosing The Right Bankruptcy Attorney In Illinois appeared first on David M. Siegel.

Speak now or forever hold your peace. Or suffer in silence, is more like it. Comment period for the proposed new bankruptcy forms closes February 15th. That’s a week from tomorrow. Have you had your say? I’ve extracted the new I, J, and elements of B22  from the pdf on the court’s site to make them easier to find and analyze. Form 6 I Form 6 J Form 22 A 1 Form 22A 2 MT calc Form 22C-1 Form 22C-2 Submit comments The process for new forms includes an opportunity for public comment.  Everyone I have ever talked to who’s been involved in the process emphasizes how carefully comments are considered. You can submit your comments by email to [email protected] or by snail mail Committee on Rules of Practice and Procedure Administrative Office of the United States Courts One Columbus Circle, NE Washington, D.C. 20544 What do you think?  Are these forms an improvement? Or just a change? How would you do it differently? Image courtesy of Leo Reynolds.

This is the case of Randolph Booker who lives in Warrenville, Illinois, DuPage County Illinois.  Mr. Booker has never filed a bankruptcy before.  He is not a homeowner and he lives with family so technical no landlord/tenant situation.  He has a 2011 Nissan Pathfinder that is financed by Nissan Motor Acceptance.  He is current on+ Read MoreThe post Chapter 7 Bankruptcy Recommended For Randolph Booker appeared first on David M. Siegel.

There are several factors that can affect the cost to file for bankruptcy in Illinois.  The first factor is which Chapter of the bankruptcy code are you filing under?  If you are considering filing a Chapter 7, then you are going to have a fixed cost known as the filing fee.  At the time of+ Read MoreThe post What Is The Cost To File Bankruptcy In Illinois? appeared first on David M. Siegel.

Under either chapter 7 or chapter 13 bankruptcy, you must list all of the people that you owe money to.  This includes credit cards that you want to keep, friends that lent you money, family members that lent you money and anybody else that you owe.  The one exception to this would be with regard+ Read MoreThe post Do I have to list everyone that I owe money to? What if I want to keep a credit card? appeared first on David M. Siegel.

Each case is different.  Under chapter 7 bankruptcy, the debtor gets a fresh start.  Under chapter 13 bankruptcy, the creditors get paid a certain percentage on the dollar over a three to five-year payment plan. The reason why one person would have to back a creditor and another would not is based on equity, income,+ Read MoreThe post My friend filed for bankruptcy not too long ago and he got a complete fresh start. Why do I have to pay back to my creditors? appeared first on David M. Siegel.

Chapter 7 bankruptcy allows for a fresh start.  It also allows for you to keep a certain amount of property known as exempt property free and clear from creditors and from the long arm of the trustee.  In terms of real estate, you can protect up to $15,000 worth of equity.  In the case of+ Read MoreThe post Am I going to lose my house, car and other valuables if I file for bankruptcy? appeared first on David M. Siegel.

Well, all of your assets must be listed on a bankruptcy petition and this is true under chapter 7 or under chapter 13.  If you are joint on a bank account, that basically means that you and the other party on the account both have equal rights to that money.  If the sum is in+ Read MoreThe post I share a bank account with my brother. Is that money going to be at risk if I file for bankruptcy? appeared first on David M. Siegel.

You lost your job or your pay was cut. You have medical bills pilling up. You paid for your living expenses with your credit cards and they are now maxed out. Calls are coming in from creditors and y you’ve been threatened with repossession of your car or foreclosure of your home.   As you fight large [...]

If you are behind on your second mortgage, you technically can be foreclosed upon by that second mortgage and eventually lose the home.  The second mortgage might not be the one who gets paid or made whole but they can push the issue and actually do the bidding for the first mortgage company in a+ Read MoreThe post Can I lose my house if I am behind on my second mortgage? appeared first on David M. Siegel.