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 […]
What is Considered Income in Bankruptcy? Read More »
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
Where Can I Get A Copy Of My Bankruptcy Discharge Papers? Read More »
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 »
Opening a checking account is a fundamental step towards financial stability, but for some individuals, a challenging banking history can become a roadblock. In Illinois, as in many states, traditional banks often rely on tools like ChexSystems to assess a person’s banking history before approving a new account. In this blog post, we’ll explore the
Can You Open a Checking Account With Bad Credit? Read More »
If you’ve ever wondered how long creditors can chase you for unpaid debts in Illinois, this guide is here to help. In Illinois, there’s a time limit set by the law for how long creditors have to take you to court and collect certain debts. This limit is called the statute of limitations. Basically, it
Debtors’ Defense: Illinois Statute of Limitations Laws Read More »
These documents are legal paperwork that end up in the public records, either filed at the courthouse or added to your property’s records at the register of deeds. They’re linked to legal matters and are usually available for anyone to see. Once they get in there, they can affect your credit score and make it
How Long Public Records Stay on Your Credit Report Read More »
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