Yes, filing for Chapter 7 bankruptcy can immediately stop a wage garnishment. Once filed, notices will be sent to both the creditor or law firm garnishing your wages and your employer, halting the process. Many types of debt, including credit cards, medical bills, personal loans, and service-related debts, can be eliminated in Chapter 7. […]

    How To Practice Mindful Spending

  It’s Time To Cut Unnecessary Subscriptions

  Despite rising wages and real estate values, the cost of living continues to climb, making it harder for many to manage their finances. Bankruptcy remains a vital tool for those who need a fresh start and are unable to escape debt on their own. As credit card interest rates rise and financial pressure mounts, […]

  Not everyone qualifies for Chapter 7 bankruptcy. If a person earns above the median income, has available money after living expenses, or fails the means test (a formula to assess the ability to repay debts), they may not be eligible for Chapter 7. In these cases, Chapter 13, which involves a repayment plan, may […]

  You can file for Chapter 7 bankruptcy and receive a discharge every eight years. If needed, you can file for Chapter 13 in between to repay debts, but for a fresh start under Chapter 7, the filings must be at least eight years apart.

Pay Small Balances First  

  In this video, we outline key follow-up actions after your Chapter 13 bankruptcy consultation, including gathering your most recent two months of proof of income, the last four years of federal tax returns, and reaching out to move forward. Contact us to receive the necessary documents and get started on your case.

  Tax refunds, bonuses, or any unexpected cash windfalls should not be spent on a shopping spree—use them to pay down your debt! It’s easy to get tempted by a windfall, but putting that money toward your credit card balance is a smart move. Whether it’s a $100 refund or a $2,000 bonus, putting that […]

  In this video, we review important follow-up actions after your Chapter 7 bankruptcy consultation, including gathering proof of income for the last two months, finding your most recent two years of federal tax returns, and reaching out when you’re ready to move forward. Contact us to receive the necessary documents to get started and […]

  While Chapter 7 bankruptcy, known as the “fresh start” bankruptcy, can eliminate many types of debt, there are certain debts that are not discharged. These include student loans (unless hardship is proven), recent tax obligations, parking tickets, child support and alimony, criminal restitution, and debts incurred by fraud. However, debts like credit card bills, […]

  Did you know you can call your credit card company and ask them to lower your interest rate? It may sound too good to be true, but it often works, especially if you’ve been a reliable customer. When you call, explain that you’re working on paying down your debt and ask for a better […]

  When tackling credit card debt, it’s smart to focus on the cards with the highest interest rates first. Why? Because those cards are costing you the most money. By paying off high-interest balances first, you minimize the amount you’re paying in interest over time. This strategy, known as the avalanche method, can help you […]

  Setting up automatic payments ensures that your credit card bills are paid on time, every time. You won’t have to worry about missing due dates, and it’ll help you avoid late fees and interest charges. Plus, paying at least the minimum amount due will keep your credit score intact. You can even set up […]

  Credit card rewards can be an excellent way to get something back from your spending, but they shouldn’t lead you into debt.  The key to maximizing rewards is paying off your balance in full each month. Otherwise, the interest you pay on your balance will quickly negate any rewards you earn. Use your rewards […]

  Impulsive spending is one of the biggest reasons people fall into credit card debt. Here’s a simple strategy to curb those urges: the 30-day rule. When you feel the urge to buy something that isn’t essential, put it on hold for 30 days. If, after 30 days, you still want the item and can […]

  After filing for Chapter 7 bankruptcy, there is typically a waiting period of about two years before you can qualify for a mortgage. The key to improving your chances of securing financing is to avoid accumulating any negative credit after your bankruptcy filing. By staying current on all of your obligations and maintaining good […]

  Managing credit card debt as a couple can be a challenge, but it’s much easier when you work together. Here’s how to tackle debt as a team.  Start by having an open conversation about your debts, income, and financial goals. Creating a joint budget will help you allocate enough toward paying off debt while […]

  If you’re considering filing for bankruptcy, there are a few important steps to take before the filing. First, compile a list of creditors you owe money to, as not all will appear on your credit report, especially medical bills. Second, gather your most recent federal tax returns for the past one or two years […]

  Reaffirming a debt in Chapter 7 bankruptcy means you are agreeing to remain liable for a specific debt, often for a vehicle loan. If you’re up-to-date on your car payments and want to keep the vehicle, the lender may offer a reaffirmation agreement, which you sign to continue making payments. This keeps the loan […]

  Are you overwhelmed by debt, creditor harassment, or lawsuits? You’re not alone—and you do have options. As a bankruptcy attorney, I’ve seen firsthand how filing for bankruptcy can be a turning point in someone’s life. It’s not just about eliminating debt—it’s about restoring peace of mind, rebuilding stability, and reclaiming your future. In this […]

  Using a credit card responsibly is the best way to avoid debt. Here’s how to make sure you’re using credit wisely.  First, always pay your bill on time to avoid late fees and unnecessary interest charges. If possible, pay your balance in full each month to avoid paying interest on your purchases. Second, keep […]

  A Chapter 7 bankruptcy stays on your credit report for up to 10 years, while Chapter 13 remains for up to 7 years. However, this doesn’t mean you won’t be able to get credit before it falls off your report. It simply indicates that anyone reviewing your credit will see that your debts were […]

  Using a credit card responsibly is the best way to avoid debt. Here’s how to make sure you’re using credit wisely. First, always pay your bill on time to avoid late fees and unnecessary interest charges. If possible, pay your balance in full each month to avoid paying interest on your purchases. Second, keep […]

  Carrying a credit card balance isn’t just about the interest you pay—it comes with several hidden costs that can keep you stuck in debt.  Late fees, over-limit fees, and annual fees are often added to your balance, making it harder to pay down the principal. Plus, high balances affect your credit score, which can […]

  Can you use a credit card to pay off debt? Technically, yes—but it’s not always the best strategy. Some people use balance transfer cards to move high-interest debt onto a card with 0% APR for an introductory period. While this can save you money on interest, balance transfer fees can be as high as […]

  Want to structure your finances so you can pay off credit card debt and still live comfortably? Try the 50/30/20 rule.  Here’s how it works: 50% of your income goes toward your needs, like housing, utilities, and groceries. 30% is for your wants, like entertainment and dining out. And the remaining 20% should go […]

If you have multiple credit card balances, refinancing could be a smart strategy to reduce your overall interest payments.  Refinancing means taking out a personal loan with a lower interest rate to pay off your high-interest credit card balances. This not only lowers the interest you pay, but it also consolidates your payments into a […]

  Getting out of credit card debt is a huge victory, but it’s important to avoid falling back into debt. Here’s how.  Start by creating a budget that focuses on debt repayment and saving. Set limits on discretionary spending and ensure you’re always making more than the minimum payment on any remaining balances. Another strategy […]

  One of the most common myths about bankruptcy is the idea that filing will ruin your credit forever. Many people believe they won’t be able to finance a car, qualify for a credit card, or buy a home for many years. The truth? Credit can be available almost immediately after filing Chapter 7 bankruptcy. […]

  If you’re considering filing for Chapter 13 bankruptcy, one of the first things you’ll want to know is: “How much does it cost to file?” In this article, we’ll break down the Chapter 13 filing fee, explain how attorney fees work, and look specifically at how things are handled in states like Illinois. 📄 […]

  If you’re considering filing for Chapter 7 bankruptcy, one of your first questions is likely: How much does it cost? Understanding the total cost to file Chapter 7 bankruptcy can help you plan ahead and avoid surprises. Court Filing Fee for Chapter 7 Bankruptcy As of now, the Chapter 7 bankruptcy filing fee with […]

  One powerful way to pay off credit card debt faster is by generating additional income. A side hustle can make a significant difference. Whether it’s freelancing, delivering food, or selling unwanted items online, an extra stream of income can accelerate your debt repayment process. The key is to dedicate all of that income toward […]

  When individuals think about bankruptcy, medical debt often comes to mind—especially in countries with high healthcare costs like the United States. However, while medical expenses can contribute to financial hardship, credit card debt is the number one cause of most bankruptcy filings. Understanding how credit card debt can lead to bankruptcy is critical for […]

Credit card debt plays a major role in determining your credit score, and understanding how can help you avoid damaging your financial health.  One key factor in your score is your credit utilization ratio, which measures how much of your available credit you’re using. If you’re consistently using more than 30% of your credit limit, […]

Filing for Chapter 13 bankruptcy is a structured way to reorganize your debt and get back on the road to financial stability. But what exactly happens after you file a Chapter 13 case? Here’s a breakdown of the key steps in the Chapter 13 bankruptcy process, so you know what to expect next. 🚫 The […]

  Immediate Protection – The Automatic Stay As soon as the case is filed, a powerful legal tool called the automatic stay goes into effect. Think of it like a big stop sign that goes out to all your creditors. It tells them a bankruptcy case has been filed, and they must immediately stop: Phone […]

Wage garnishment can put a serious strain on your finances—especially when you’re already struggling with debt. If 15% or more of your paycheck is being taken by creditors, it can feel like there’s no way out. Fortunately, the U.S. Bankruptcy Code provides legal protections to stop wage garnishment immediately. In this article, we’ll explain how […]

  Are you struggling with overwhelming debt, constant creditor calls, or the threat of foreclosure? If you’re considering bankruptcy as a way to reset your financial life, you’re not alone — and you’re making a smart move by educating yourself. Whether you’re filing for Chapter 7 or Chapter 13 bankruptcy, there is one mandatory step […]

  If you’re filing for Chapter 7 bankruptcy, you’ll need to attend a brief meeting held on Zoom, usually four weeks after filing. During this meeting, your Chapter 7 trustee will ask yes-or-no questions based on the information in your bankruptcy petition. The meeting typically lasts 5 to 10 minutes and ensures there are no […]

  One of the most effective strategies for staying out of credit card debt is building an emergency fund. Here’s why. When unexpected expenses arise—like medical bills or car repairs—having an emergency fund means you won’t have to rely on credit cards to cover the costs. Start small, even $500 can make a huge difference […]

  If you’re facing car repossession due to financial hardship, Chapter 13 bankruptcy may be the solution. By filing for Chapter 13, you can restructure your auto loan and repay the debt, along with other liabilities, over five years through a manageable monthly payment. This option can help stop repossession and allow you to keep […]

  At 62, he’s focused on eating healthier, enjoying dishes like salads, pasta, and his favorite—chicken and fish. With the help of his wife’s cooking, he strives to maintain a balanced diet.

  If you’re behind on your mortgage and want to keep your home, Chapter 13 bankruptcy can help. This option allows you to repay the overdue amount (arrearage) over five years while staying current on your regular mortgage payments. By filing for Chapter 13, you can stop foreclosure and create a manageable repayment plan that […]

  When it comes to cooking and eating, his favorites are simple yet satisfying—chicken and fish, which are staples in his diet.

  Before filing for Chapter 7 bankruptcy, there are crucial mistakes to avoid. Don’t withdraw funds from protected retirement accounts like 401(k)s, as these assets are safe from creditors. Additionally, avoid transferring property for less than its fair market value or repaying family members, as these actions could be seen as fraudulent. Always consult an […]

  By staying in contact with David Siegel and focusing on managing finances carefully, he plans to stay on track and avoid falling back into debt.

  So You’re Thinking of Filing Chapter 13? What You Need to Know Before You Begin the Process Filing for Chapter 13 bankruptcy is a serious decision—one that requires careful planning, clear understanding, and a firm commitment to follow through. Often referred to as a “wage earner’s plan,” Chapter 13 offers a structured path for […]

  Before filing for Chapter 7 bankruptcy, also known as the “Fresh Start” bankruptcy, there are key pre-filing requirements. These include providing proof of income for the last two months, submitting federal tax returns for the past one or two years, and completing a 90-minute credit counseling session. Learn about these essential steps to ensure […]

  This video explains Chapter 13 bankruptcy, a reorganization plan for individuals who have income above their living expenses but need help paying off debt. Learn how a structured repayment plan works over five years, how it may vary based on assets and liabilities, and how it can offer significant relief by repaying creditors in […]

  “Thinking about using your credit card for a cash advance? Let’s talk about why it’s often a financial mistake.” “Cash advances come with high upfront fees, typically 3-5% of the amount withdrawn. And the kicker? There’s no grace period—interest starts accruing immediately, often at a rate higher than your regular APR.” “Instead of using […]

His main goal for the upcoming year is to raise his credit score and eliminate remaining debt, setting the foundation for a stronger financial future.

  “Credit cards are a powerful financial tool, but there are traps you need to watch out for. Here are the most common ones, and how to avoid them.” “First, be cautious of credit card offers with high annual fees. These fees can eat up any rewards you earn and significantly reduce the value of […]

  “To successfully pay off credit card debt, you need a well-thought-out budget. A debt-free budget should prioritize your debt payments, limit unnecessary spending, and ensure you’re putting enough toward saving.” “Start by listing your income and then subtracting necessary expenses like rent, utilities, and groceries. Whatever is left should go toward debt repayment.” “Automate […]

  “Credit cards are tempting, but using them for daily expenses is a quick way to spiral into more debt.”  “Here’s why: Every time you swipe your credit card, you’re accumulating debt. While you might think, ‘I’ll just pay it off next month,’ it can become a cycle if you’re constantly carrying balances and paying […]

  With friendships that span 40 to 50 years, he values staying connected but prefers a quieter life. While he still keeps in touch with close friends, he no longer hangs out as much as he used to, opting for a more distant, low-key approach to socializing.

  With property in Mississippi, the idea of retiring outside of Chicago is on the table. The decision will depend on when his wife retires, with future plans to explore options and decide together where they’ll settle.

  With two daughters, seven grandkids, and three great-grandchildren, maintaining strong family ties is a priority. Despite challenges in the past, staying more involved in their lives has become a key focus, especially now with a supportive marriage. These connections bring balance and motivation for a brighter future.

  “Here are three proven steps to cut your credit card spending and avoid adding more debt to your balance.” “Step 1: Track your spending. Use a budgeting app or a simple spreadsheet to monitor where your money is going. Most people don’t realize how much they’re spending on small, everyday purchases like coffee, lunch, […]

  As the New Year begins, one individual is focused on positive changes, including settling into a new apartment, purchasing a car, and maintaining strong family connections. These goals reflect a commitment to financial stability and personal growth after overcoming challenges.

One individual shares their approach to managing both their physical health and finances. By focusing on a balanced diet, avoiding unhealthy foods, and sticking to a medication regimen, they’re staying on track with both their wellness and financial recovery post-bankruptcy.

Despite the challenges of the holiday season, one individual shares how they managed to avoid going into debt. They focused on spending time with family and finding joy in the little things, making it a memorable Christmas without financial strain.  

Tracking Your Spending Is The Key

After filing for bankruptcy, one individual shares their experience of being bombarded with credit card and loan offers. They explain how, with time, they learned to resist these temptations and avoid falling back into bad financial habits.  

“If you want to pay off debt and save money on interest, the debt avalanche method is one of the most effective strategies.” “Here’s how it works: Identify the credit card with the highest interest rate—that’s the one you want to tackle first. While making minimum payments on your other debts, put every extra dollar […]

After filing for bankruptcy, one individual is focused on managing their finances better and saving for a new vehicle. They share their optimism about getting a new car in the future, as they continue to rebuild their financial stability.

Hear about one person’s goal to rebuild their credit after bankruptcy in order to purchase a home. With a desire to achieve financial stability, they share their aspirations of getting their own property and completing their financial journey.

Credit card interest is one of the silent killers of your financial health. Let’s break down how it works and why it’s critical to understand.” “Credit card companies typically charge an Annual Percentage Rate, or APR, on any balance you carry over from month to month. If your APR is 20%, that means you’re being […]

  Learn how filing for bankruptcy helped individuals stop wage garnishments from credit card debt. Hear firsthand from someone who successfully navigated the process and how referring others to a consultation with David Siegel has been a life-changing solution.

  One of the easiest ways to start tackling your credit card debt is to pay more than the minimum payment—and here’s why it works.” “When you pay only the minimum, a significant portion of your payment goes toward interest rather than reducing your actual balance. This means you’re stuck in a cycle of debt […]

  In this video, Brian debunks the myth that you can’t get a car after filing for Chapter 7 bankruptcy. He explains that with the right guidance from David Siegel Law Firm, you can not only keep your car but also protect it from repossession as long as you continue making payments under your bankruptcy […]

  Snowball Method For Getting Out Of Debt

  In this video, Brian shares advice for those struggling financially, emphasizing the importance of seeking help. He talks about how referring people to David Siegel Law Firm for consultations has made a significant difference in helping them understand their options and start managing their debt more effectively.  

In this video, Brian shares how filing for bankruptcy a few years ago has helped him manage his finances more effectively. He discusses how he’s learned to avoid careless spending, reduce reliance on credit cards, and stay on top of his financial responsibilities.

  Chapter 7 bankruptcy, often referred to as the “Fresh Start,” is ideal for individuals facing overwhelming unsecured debt, such as credit cards, medical bills, personal loans, and debts from services. It allows individuals to discharge these debts, offering a chance to rebuild financially. However, it’s not a solution for all debts. Student loans, recent […]

  Chapter 7 bankruptcy, also known as the “Fresh Start” bankruptcy, provides relief for individuals with significant unsecured debt, such as credit cards, medical bills, and personal loans. It offers a chance to wipe out these debts and get a clean financial slate. However, it does not eliminate all types of debt. Student loans, recent […]

  If your wages are being garnished, filing for Chapter 7 bankruptcy can stop it immediately. Once the case is filed, a notice will be sent to both the creditor and your employer, halting the garnishment process. In most cases, the debt that led to the garnishment, such as credit card debt, medical bills, personal […]

  As the cost of living continues to rise, even with increasing wages and higher asset values like real estate and retirement accounts, many people still find themselves struggling. Credit card interest rates and day-to-day expenses make it hard for individuals to break free from debt. Bankruptcy, particularly Chapter 7, remains a crucial option for […]

  Not everyone qualifies for Chapter 7 bankruptcy. If your income is above the median for your state or if you have disposable income after living expenses, you may fail the means test. This test is a mathematical formula used to determine whether you have the ability to repay your debts. If you are deemed […]

Under the U.S. Bankruptcy Code, you can file for Chapter 7 bankruptcy and receive a discharge every eight years. However, if you’re seeking to repay debt rather than eliminate it, you can file for Chapter 13 at any time in between. But for another fresh start under Chapter 7, you must wait eight years from […]

  After your Chapter 13 consultation, here are the key steps to take if you’re considering moving forward with your case. Gather the most recent two months of proof of income and the last four years of federal tax returns. Once you have these documents, contact your attorney, and they will send you the necessary […]

  After your Chapter 7 bankruptcy consultation, there are a few key items to remember. First, gather proof of income for the past two months from any source. Next, locate your most recent two years of federal tax returns. Once you have these documents ready, reach out to your attorney, and they will send you […]

  While Chapter 7 bankruptcy can eliminate many debts, there are certain types that are typically not discharged. These include student loans, recent taxes, parking tickets, child support, maintenance payments, debts incurred by fraud, and criminal restitution. However, debts like credit card balances, medical bills, personal loans, and auto repossession deficiencies can often be fully […]

  After filing for Chapter 7 bankruptcy, there’s typically a two-year waiting period before you can qualify for a mortgage. The key to improving your chances of financing is to avoid incurring any negative credit after your bankruptcy. If you can maintain good standing with existing obligations, you’ll be in a better position to secure […]

A Chapter 7 bankruptcy stays on your credit report for 10 years from the date of filing. This is the maximum amount of time that a Chapter 7 bankruptcy can be reported by credit bureaus under the Fair Credit Reporting Act (FCRA). Here’s a breakdown of what this means for your credit: Impact of Chapter […]

  Before filing for bankruptcy, there are several important steps to take. First, create a list of all your creditors, as some, like medical bills, may not appear on your credit report. Second, gather your most recent tax returns for the past year or two. Lastly, collect proof of income, such as paycheck stubs, for […]

  Reaffirming a debt in Chapter 7 bankruptcy means agreeing to remain liable for a specific debt, such as an auto loan, even after filing. This is common when a debtor wants to keep their vehicle and continue making payments. The lender sends a reaffirmation agreement, which, when signed, keeps the debt in good standing […]

    As a bankruptcy attorney, the most rewarding part is witnessing the positive change in clients’ lives. Many come in stressed, overwhelmed by lawsuits, and harassment, but through the right bankruptcy chapter, their financial futures can be transformed. Eliminating debt doesn’t just clear financial burdens—it improves productivity, work performance, relationships, and overall life satisfaction. […]

Chapter 7 bankruptcy allows for the liquidation of a debtor’s non-exempt assets to pay creditors. However, certain types of property are exempt from liquidation, allowing the debtor to keep these assets. The specifics of these exemptions can vary by state, but they generally cover essential personal property, household items, and certain other types of assets. […]

A Chapter 7 bankruptcy will remain on your credit report for up to 10 years, while Chapter 13 stays for up to 7 years. However, this doesn’t mean you won’t be able to get credit. The bankruptcy record simply indicates that your debts were either discharged (Chapter 7) or reorganized (Chapter 13), but you can […]