There are two ways to keep an asset in a Chapter 7 Bankruptcy case. The first occurs when the asset has no equity. This mainly applies to assets with secured debt. In this case, if the fair market value of the asset (such as a car) minus the amount owed on the debt equals zero, […]
What Assets Can I Keep in Chapter 7 Bankruptcy in Illinois? Read More »
The means test is a crucial step in the Chapter 7 bankruptcy process, designed to establish objective standards for determining eligibility for relief. For many people, overcoming the means test is the main challenge to qualify for Chapter 7. The means test consists of two parts: median income and disposable income. If you successfully pass
Chapter 7 Breakdown: How to Pass the Means Test Read More »
One of the most common questions I get is about choosing the right bankruptcy chapter. For about 50% of folks, I think the answer is quite simple. Once you have passed the Means Test, you just need to look at the challenges, such as protecting assets, and figuring out what you want to achieve through
Which Chapter is Right for Me? Simple Bankruptcy Flowchart Read More »
Navigating Chapter 7 bankruptcy can be a challenging process, but for those with secured debts, I believe the option to redeem property creates an opportunity to make payments more affordable on certain assets, typically vehicles or other smaller assets. In this post, I will delve into the intricacies of redeeming secured property in Chapter 7
Chapter 7 Property Redemption: Redefining What You Owe Read More »
What is Car Repossession? Car repossession is when the lender takes back your car because you haven’t been able to make your car loan payments. Every state has its own rules for this process, and here, we’ll focus on what you need to know if you’re in Illinois. Chicago, in particular, grapples with a high
Navigating Car Repossession Laws in Illinois: The Chicago Guide Read More »
The bankruptcy system provides a platform for individuals and businesses to reorganize their financial affairs, offering a fresh start through either restructuring or equitable distribution of assets among creditors. While the system relies on debtors’ transparent disclosure, instances of fraud, involving tactics such as concealing assets or making false statements, can compromise its integrity. This
Common Types of Bankruptcy Fraud Read More »
Filing for bankruptcy is a big financial decision that should be taken seriously and is usually a last resort. It’s important to understand some simple things before you go through with it. From where I stand, these mistakes are surprisingly common, and the sad part is, they are all preventable. Planning ahead is key to
Common Mistakes to Avoid Before Declaring Bankruptcy Read More »
As tax season approaches, individuals looking to file bankruptcy in Illinois must carefully consider the impact of their tax refunds on the bankruptcy process. This blog post will guide you through some of the strategies I have learned for protecting tax refunds in both Chapter 7 and Chapter 13 bankruptcy, offering insights to safeguard this
Protecting Tax Refunds in Bankruptcy: Chicago Attorney’s Guide Read More »
Introduction In times of financial distress, I have seen many individuals turn to payday loans as a quick solution to meet immediate expenses. However, these short-term, high-interest loans often lead borrowers into a cycle of debt that becomes increasingly difficult to escape. In this comprehensive guide, we will explore the definition of payday loans, how
Trapped in a Payday Loan DebtCycle? Get Help & Find Financial Freedom in Chicago Read More »
As I know all too well, getting a parking ticket or red light camera ticket in Chicago can be stressful and confusing. Unpaid tickets can lead to serious consequences, including fines, booting, impounding, and even driver’s license suspension. This blog post will guide you through the basics of Chicago parking tickets and traffic camera tickets,
Chicago Unpaid Parking Tickets and Bankruptcy Read More »
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