The filing fee for Chapter 13 bankruptcy is $313. In addition to this, attorney fees apply, which can vary by jurisdiction. In Illinois, for example, the flat attorney fee is $4,500, approved by the court, and paid over the life of the case. This fee covers attorney services throughout the duration of the Chapter […]
Filing for Chapter 7 bankruptcy involves a court filing fee of $338, though waivers may apply in some cases. Attorney fees are separate and vary based on the complexity of the case. Most attorneys offer payment plans for both the filing fee and legal services. Consult with an experienced bankruptcy attorney to understand the costs […]
While medical debt is often cited in bankruptcy cases, credit card debt remains the primary driver behind Chapter 7 filings. High-interest credit cards can quickly lead individuals to a point where they can’t escape their debt, making them the biggest reason people turn to bankruptcy for relief, whether through Chapter 7 or Chapter 13.
After filing Chapter 13 bankruptcy, the automatic stay halts creditor actions. You’ll attend a Meeting of Creditors via Zoom about four weeks later, with the Chapter 13 trustee and your attorney present. Additionally, you’ll complete a two-hour financial management course. As your case progresses, there will be confirmation hearings, but typically, your attorney will represent […]
After filing Chapter 7 bankruptcy, the automatic stay immediately halts creditor actions. You’ll attend a Zoom-based Meeting of Creditors about four weeks later and complete a mandatory two-hour financial management course. These steps help you progress toward a fresh financial start under the U.S. Bankruptcy Code.
Struggling with wage garnishment? Filing for bankruptcy can provide relief. Chapter 7 offers a fresh start by halting garnishments through an automatic stay, while Chapter 13 allows you to repay the debt over a 3-5 year period under a reorganization plan. Consult an experienced bankruptcy attorney to explore which option is best for your […]
Filing for Chapter 13 bankruptcy? Be prepared to attend the Section 341 Meeting of Creditors via Zoom, typically held about four weeks after filing. During this 5-10 minute session, the Chapter 13 trustee will verify your financial information and confirm the feasibility of your repayment plan. Your attorney will also be present to guide […]
Filing for Chapter 7 bankruptcy? You’ll need to attend a brief Zoom meeting with your trustee, typically held about four weeks after filing. During the 5-10 minute session, the trustee will ask simple yes-or-no questions based on your submitted schedules and petition. This meeting ensures there are no assets to administer for unsecured creditors, […]
Facing car repossession due to financial hardship? Chapter 13 bankruptcy can help you restructure your auto loan and other debts into an affordable five-year repayment plan. This solution lets you keep your vehicle while catching up on payments. Not everyone qualifies, but it’s a powerful option to regain financial control and protect your property.
Struggling to keep up with your mortgage? Chapter 13 bankruptcy can help you catch up on missed payments by spreading the arrearage over a five-year repayment plan while maintaining your regular monthly payments. This approach provides breathing room, stops foreclosure immediately, and helps you stay in your home.
Planning to file for Chapter 7 bankruptcy? Protect your financial future by avoiding common mistakes, like withdrawing funds from protected retirement accounts or transferring property for less than fair market value. These actions could jeopardize your case. Consult with an attorney to ensure your steps are legal and in your best interest. Proper guidance […]
Thinking about filing for Chapter 13 bankruptcy? Before starting this reorganization plan, ensure you meet the pre-filing requirements. These include providing proof of income from the past two months, ensuring federal tax returns for the last four years are filed (if required), and completing a 90-minute credit counseling session with an approved provider. Proper preparation […]
Considering filing for Chapter 7 bankruptcy, also known as the “fresh start” option? Learn about the essential pre-filing requirements, including providing proof of income, submitting recent federal tax returns (if applicable), and completing a mandatory 90-minute credit counseling session. This preparation ensures eligibility and sets the foundation for a successful Chapter 7 case.
Learn how Chapter 13 bankruptcy helps individuals with disposable income create a repayment plan for their debts over a 60-month period. This option can provide relief while repaying creditors fully or partially, depending on assets, liabilities, and financial circumstances. Discover how Chapter 13 offers a structured alternative to liquidation under U.S. bankruptcy law.
Your credit report will not be perfect after filing for bankruptcy. There will still be negative items on your report. However, it should indicate that certain debts were included or discharged in the bankruptcy filing.
A non-filing spouse can often be affected when one spouse files for bankruptcy relief. This is especially true with regard to joint debt. The creditor can pursue the non-filing spouse when only one spouse files.
Although you have the right to file for bankruptcy relief without an attorney, I would not recommend such a practice. There are simply too many hurdles to successfully get over and way to many risks of going it alone.
You may think that bankruptcy takes care of all debt. However, there are some debts that are non-dischargeable. They will survive a bankruptcy filing. Child support, parking tickets and most student loans and some examples on such debt.
All creditors must be listed when filing for bankruptcy protection. You may have the opportunity to keep and pay for your home, vehicle or other secured debt. However, plan on losing all of your unsecured debt which includes credit cards.
After filing for Chapter 7 bankruptcy, the negative items on a credit report are not simply removed. Instead, the report should indicate that the debt was discharged in a bankruptcy case.
A typical Chapter 7 bankruptcy case can last for three to four months. However, that time can extend out if there are issues with either the Trustee or creditors. Call to learn more.
Your spouse’s credit in not typically affected. The exception would be if you and your spouse have joint debt. In that case, a creditor can pursue the non-filing spouse and the credit report can indicate that a bankruptcy was filed.
When only one party to a debt files for Chapter 7 bankruptcy, the creditor can pursue the non-filing signer. The rules are somewhat different in a Chapter 13 bankruptcy case if the plan provides for 100% repayment of a consumer debt.
For the most part, bankruptcy court and related matters are being held on Zoom video. This means that Debtors will not likely have to travel to the required meeting of creditors.
You can protect or keep a certain amount of property when declaring personal bankruptcy under Chapter 7. The amount of equity protected will depend upon the state in which you live. Contact a bankruptcy attorney to see how much property you can protect.
In most cases, your 401(k) retirement is going to be protected when going through the Chapter 7 bankruptcy process.
You can get credit after filing for bankruptcy. It may take some time depending upon the type of credit sought.
Your employer will not typically find out about your bankruptcy filing. An exception would be if notification was necessary to stop a current or pending wage garnishment. Additionally, in a Chapter 13 repayment plan, wages may be utilized to fund the plan through a payroll control order.
Yes, credit is available after filing for bankruptcy. It will depend upon the type of credit as well as other factors.
Who Finds Out About Your Bankruptcy Filing?
No, you don’t lose all your property when filing for bankruptcy. In Illinois, you can keep significant amounts of property, such as $15,000 in real estate, $24,000 in an auto, and $4,000 in miscellaneous items. Additionally, you can retain 100% of workers’ compensation benefits and more. Attorney David Siegel will help you determine if any […]
The choice between Chapter 7 and Chapter 13 bankruptcy depends on your financial situation. If you have significant assets, Chapter 13 may be the best option to protect those assets while repaying your debt over a three to five-year period. For those with little or no assets, Chapter 7 offers the potential to eliminate unsecured […]
Chapter 7 bankruptcy doesn’t hurt your financial future—it can actually help by eliminating much of your debt. While it remains on your credit report for up to 10 years, you can start rebuilding your credit within as little as six months to two years. Auto financing may be available right away, and most other […]
Chapter 13 bankruptcy is a debt reorganization plan that allows you to repay your debt over a three to five-year period through an affordable monthly payment. The payment is based on your disposable income (income minus expenses) and the value of your assets. Creditors must be repaid at least as much as they would […]
Whether you need to submit recent bank statements when filing for bankruptcy depends on the trustee assigned to your case. Some trustees require the most recent two months of statements, while others may not ask for any at all. Attorney David Siegel will guide you through the process, ensuring you meet the trustee’s specific requirements […]
Filing Chapter 7 bankruptcy can be a fast process, often completed in just a few days to weeks, depending on how quickly you can gather the necessary documents and complete pre-filing requirements, such as credit counseling, proof of income, and tax records. Once everything is in order and the filing fees are taken care […]
If you’re struggling with declining credit and endless minimum payments, Chapter 7 bankruptcy might be the solution you need to wipe the slate clean. While concerns about credit recovery are common, you may be eligible for new credit opportunities within six months to two years after filing. Attorney David Siegel is here to answer questions […]
If constant calls, letters, and threats from debt collectors are overwhelming you, bankruptcy under Chapter 7 or Chapter 13 might provide the relief you need. Chapter 7 offers a fresh start by eliminating unsecured debt, while Chapter 13 allows debt consolidation and reorganization over time. Both options could help end creditor harassment and bring financial […]
If you’re struggling to keep up with essential expenses—like rent, food, and utilities—while debt continues to pile up, you’re not alone. Millions of Americans face financial hardships that can make even basic expenses feel overwhelming. Chapter 7 bankruptcy may provide the lifeline you need to reset your finances, eliminate burdensome debt, and regain control over your financial […]
If you’re concerned about a potential judgment lien on your home, wage garnishments, or bank attachments, you’re not alone. Financial struggles can lead to these real threats, but there are ways to protect your assets. Chapter 13 bankruptcy allows you to repay debt over three to five years, safeguarding your assets, while Chapter 7 […]
If you co-signed business debt, then you are personally on the hook for the debt. Chapter 7 may be the best option to put this debt behind you once and for all. Contact a local bankruptcy attorney to see if you qualify.
Yes, bankruptcy can affect your job or future employment prospects, but the impact is generally limited and depends on the type of job you’re seeking, the industry, and the policies of the employer. Below is a detailed breakdown of how bankruptcy can potentially affect your employment, both in the short term and long term: […]