Bankruptcy Archives | Steven Grace Law

photo of verizon cell phone in bankruptcy

Verizon Payments and Your Chapter 7 Bankruptcy Case

Bankruptcy, Payment Plans / Steven J. Grace

If you’ve recently filed for Chapter 7 bankruptcy and are a Verizon customer for cellular or internet services, you may have received an email regarding your payment options during bankruptcy proceedings. In it, Verizon Wireless lists the devices subject to purchase money security interests, providing specific details including agreement numbers, dates, device models, amounts financed, […]

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Extending the Automatic Stay in Multiple Bankruptcies

Automatic Stay, Bankruptcy / Steven J. Grace

The automatic stay is a key motivator for individuals filing for both Chapter 7 and Chapter 13 bankruptcy, often shaping when they choose to do so. The automatic stay is mostly utilized in Chapter 13 filings due to its ability to prevent vehicle repossession, wage garnishment, and home foreclosure for up to 5 years. Because

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Motions to Compel Turnover: Retrieving Repossessed Vehicles

Bankruptcy, Repossession / Steven J. Grace

If you’ve ever faced the stress of a vehicle repossession, you know just how urgent the situation can become. Chapter 13 bankruptcy can offer a way to regain possession of your vehicle, but time is of the essence. Acting swiftly is crucial before your lender auctions off the vehicle, as once it’s sold, retrieval becomes

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How to Get a Repossessed Car Back in Illinois

Bankruptcy, Repossession / Steven J. Grace

If you find yourself in the unfortunate situation of having your vehicle repossessed due to missed payments, bankruptcy can offer a potential lifeline to regain possession. This article aims to clarify the specific provisions of each chapter of bankruptcy to help you get your car back ASAP. Understanding these legal avenues can empower you to

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Bankruptcy Preparation Guide: Documents You Need to Know

Bankruptcy / Steven J. Grace

When filing for Chapter 7 or Chapter 13 Bankruptcy, you’ll need to furnish your attorney with several documents, which may vary based on factors such as your assets, income, and individual circumstances. Accuracy is important from the start to steer clear of complications and potential issues with the Bankruptcy Trustee moving forward. Here’s a rundown

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image signifying the keys needed to unlock wage garnishments

Illinois Wage Garnishment Laws

Asset Protection, Bankruptcy / Steven J. Grace

A wage garnishment, also known as a wage attachment or wage deduction, is Court order that instructs your employer to withhold a specific amount of money from your paycheck and send it directly to a creditor. In most cases, a creditor cannot garnish your wages without obtaining a court-issued money judgment first. For example, if

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How Does Filing Bankruptcy Affect My Job?

Bankruptcy / Steven J. Grace

In my experience, individuals, especially those in finance or high-profile positions, often hesitate to file for bankruptcy due to the social stigma attached. There’s a widespread fear of potential job termination if employers discover the bankruptcy, leading to concerns about missed job opportunities. While bankruptcy should not be a permanent mark on your record, occasional

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girl scared by trustee motion to dismiss

Chapter 13 Trustee Motions to Dismiss

Bankruptcy, Trustee / Steven J. Grace

Receiving a letter from the Chapter 13 Trustee, whether it’s Marilyn Marshall, Thomas Hooper, or Glenn Stearns, can be a stressful moment. The ominous header, “Motion to Dismiss,” stares back at you, triggering the realization that your hard work in the bankruptcy case might be at risk. Why Did the Trustee File a Motion to

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What is Considered Income in Bankruptcy?

Bankruptcy / Steven J. Grace

Completing the Means Test is a critical step in evaluating your financial situation, specifically focusing on your income. This test serves as a key factor in determining whether you have the financial means to repay your creditors. In this discussion, we will closely examine what constitutes income for means test purposes, shedding light on what

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Where Can I Get A Copy Of My Bankruptcy Discharge Papers?

Bankruptcy / Steven J. Grace

Obtaining a copy of your bankruptcy discharge paperwork is crucial, particularly when seeking new loans or leases. Lenders often require a copy of the actual court order to evaluate your eligibility for financing. This document becomes essential when applying for new credit post-bankruptcy, serving as a means for lenders to verify your debt status. The

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