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: […]

  Credit card debt, medical debt, personal loans and debts for past-due utilities are some of the most common debts that are easily eliminated in a Chapter 7 bankruptcy case. However, not all debt is discharged. Talk with an attorney to see if your debts qualify.

Determining whether you’re eligible to file for bankruptcy, and which type of bankruptcy you should file, depends on several factors related to your income, assets, debts, and financial goals. Below is a breakdown to help you assess your eligibility and decide which type of bankruptcy (Chapter 7 or Chapter 13) may be appropriate for you. […]

  Unsecured debt is debt that is not secured by property. This means that if the debt is discharged in a bankruptcy case, there is no property for the creditor to take back or recover. The most common form of unsecured debt is credit card debt.

In a Chapter 7 bankruptcy, medical debts are generally treated as unsecured, non-priority debts. This means they are similar to credit card debts or personal loans in that they are not tied to any specific collateral and don’t receive special treatment under bankruptcy law. Here’s a breakdown of how medical debts are handled in Chapter […]

  Is Chapter 7 bankruptcy a better option than Chapter 13 bankruptcy? The answer will depend upon a number of factors including your assets, liabilities, income and expenses. An experienced attorney will be able to assist you in choosing the right Chapter.

  This segment takes a fact pattern and determines the best Chapter to file under the United States Bankruptcy Code. Will it be Chapter 7 or Chapter 13?

  Lucky Chapter 7 is the thought of getting out of debt once and for all. No more struggling to make minimum credit card payments. No more deductions coming out of your check. No more bill collector harassment. Imagine a better future now.

  Filing for bankruptcy is not the end of your financial life. In fact, you can start to rebuild some forms of credit once your bankruptcy case is filed. There are auto dealerships that specialize in financing those that have just filed for Chapter 7 bankruptcy. It is often called open bankruptcy financing.

  You can file a Chapter 7 bankruptcy case every eight years. You can also file a Chapter 13 depending upon your income, expenses, assets and liabilities. Each case is difference so I would suggest that you speak with or consult with an experienced bankruptcy attorney.

  Secured debt is debt secured by property. So if you file for bankruptcy under Chapter 7, you will have to make an election with regard to your secured property. Do you wish to keep the property and continue to pay on the debt? Alternatively, you can surrender the property and eliminate the debt.

  Chapter 7 bankruptcy is a way to eliminate most credit card debt, personal loans, past-due utility bills and much more. There are some limitations however. These include most student loans, recent tax debt and child support obligations as well as some others.

  Yes, it is true that you can keep a significant amount of property and still get out of debt under Chapter 7. In Illinois, you can keep up to $4,000.00 worth of miscellaneous property. You can keep $15,000.00 of equity in a home and $2,400.00 of equity in a vehicle.

  In a Chapter 7 bankruptcy case where only one co-signer files for bankruptcy relief, the non-filer is still on the hook for the debt. The debt is only eliminated against the person who files. Thus, in many cases, it makes perfect sense for both parties to file.

  There are tricky rules with regard to discharging tax debt when filing for personal bankruptcy under Chapter 7 or Chapter 13 of the United States Bankruptcy Code. The type of tax and the tax year are two critical areas that need to be explored when filing for tax relief.

  Medical debt is easily eliminated in a Chapter 7 bankruptcy case. There is no need to feel overwhelmed due to high medical debt. In fact, it may be the perfect time to put an end to all of your debt, including your medical debt.

  What good is it to worry about your credit score if you are burdened by too much debt? The real issue is the debt, not the actual score. The goal is to get out of debt. Only then can you begin to rebuild your credit. It will all happen, but it takes time.

  You can save your home from foreclosure in many instances. It depends upon whether or not you have the ability to make your current mortgage payments as well as repay the arrears over a 3-5 year period. If you can do that, then Chapter 13 is the key to success.

  The biggest difference between Chapter 7 & Chapter 13 bankruptcy is the nature of the relief. Chapter 7 provides for a fresh start where Chapter 13 allows for a consolidation or repayment of the debt over 3-5 years. Talk with an attorney to see if you qualify.

  There can be a slight credit hit on a non-filer when another co-signer files for bankruptcy protection. The degree of negative effect is relatively low and it can be explained away since the non-filer can prove that he or she did not file. Be cautious when co-signing in general.

  You can protect a certain value in assets when filing for Chapter 7 bankruptcy protection. The amount and nature will depend upon the State in which you reside and ultimately file within. Contact an attorney to see how much of your property is safe.

  The bankruptcy means test is a mathematical formula to determine if you qualify for Chapter 7 relief or if you should be required to consolidate and repay over time in a Chapter 13 bankruptcy case. The IRS guidelines are key to making that determination.