The answer is yes.  Wage garnishment is typically a final attempt for a creditor to collect the debts that are owed to them. However, in order for a creditor to garnish wages, they must get a judgment entered against you. With that judgment there is only a certain amount that can be deducted or garnished […]

Tenancy by the Entirety – This is the most common form of title ownership for married couples that are buying a property with the intention to use if for their primary residence. When you choose this form of ownership, creditors trying to collect on the debt of one spouse cannot place a lien on the property owned jointly. Additionally, if one spouse passes away, the other spouse gains full ownership of the property without having to go through probate, which can save considerable costs. […]

Your bankruptcy trustee is paid $60 to hear your case. It is their job to gather your assets and depending on what assets you have they will receive a commission that is based on a sliding scale statutory formula which is set by Bankruptcy Code section 326. The trustee has the responsibility to handle the […]

When paying bills becomes a struggle and creditor phone calls become constant, bankruptcy may be your best option. When filing for chapter 7 bankruptcy in Chicago you want to include all of your unsecured debts. You cannot pick and choose the debts you wish to include. Store credit cards will be included with your bankruptcy […]

When you file for chapter 7 bankruptcy in Chicago you will be assigned a bankruptcy trustee. It is the trustee’s job to complete the following tasks: Examine schedules, assets and statement of financial affairs. Collect all unsecured assets and liquidate them. Make sure you take the opportunity to reaffirm any debts. Communicate the bankruptcy filing with […]

There are a few things you can do to stop foreclosure. Depending on your financial situation receiving notice that the foreclosure process is starting does not mean that you are definitely going to lose your home. If you are trying to stop foreclosure you have a few options: Pay your debt and become current on […]

Not necessarily. There are a few factors that would effect how a house with significant equity would be handled during bankruptcy. 1. How was the title written when you purchased the house? If you have questions about how the title was done when you bought your home it might be helpful to consult with a […]

If you have been discharged of debts through chapter 7 you have to wait 8 years before you can file for chapter 7 bankruptcy in Chicago again. However the answer to this question Yes, you can file bankruptcy before the 8 years is up. Depending on the situation, you can file Chapter 13 Bankruptcy. Chapter 13 […]

Depending on your situation a reaffirmation agreement can be a great solution. A reaffirmation agreement is a way for you to originate a new contract for your house or your vehicle with the lender. Although it is not limited to houses and cars, it is most commonly used in the situation of secured debts.  Reaffirmation agreements are […]

When you think of chapter 7 bankruptcy in Chicago you think of liquidation. Having all your assets sold to pay creditors. In contrast chapter 13 bankruptcy means you can keep your assets. However it is possible to keep your car and file for chapter 7 bankrkuptcy. Many people who file for chapter 7 in Chicago do not have a lot of assets. However […]