What Is a Bankruptcy Discharge? A bankruptcy discharge is the ultimate goal of a bankruptcy filing. Once a debt is discharged, you are no longer personally liable for that debt. More importantly, creditors that once had rights to collect, sue, levy, or garnish on the debt no longer have enforceable rights against you. Not all [...]
If you talk to any experienced Chicago bankruptcy lawyer, the first step that he or she will tell you to take when attempting to solve your debt problems is to evaluate your situation. There are a number of yes/no questions that you can answer to figure out the extent of your debt situation. First [...]
Bankruptcy can be a trap for the unwary, particularly if you file bankruptcy pro se, i.e., without representation by a knowledgeable bankruptcy attorney. Some common mistakes made by individuals in filing for bankruptcy are listed here. All of these serious and sometimes catastrophic errors can be avoided by retaining competent bankruptcy counsel and following his [...]
Rebuilding credit after bankruptcy may seem like a long, tough road, but it's not as difficult as you might think. Filing bankruptcy won't completely destroy your finances. Instead, it can give your financial life a fresh new start, allowing you to build a better future. If you take the right steps immediately and vow not to let [...]
If you've looked into bankruptcy, you know there are two options can choose from. Chapter 7 helps you discharge debt within 90 days of filing, but may result in you losing property. Chapter 13 arranges a 3-year or 5-year repayment schedule for your debt and helps you keep most, if not all, of your property. [...]
The 341 meeting of creditors is one step in the bankruptcy process. It occurs in both Chapter 7 bankruptcy and Chapter 13 bankruptcies. However, since these bankruptcies manage debt differently the bankruptcy trustee may ask different kinds of questions. In this article, we’ll discuss the bankruptcy process and what to expect during the meeting of [...]
If you need to stop foreclosure on your home, one way to do so is to file for bankruptcy. If you're at the point of not being able to keep up with your mortgage payments, then bankruptcy may be advisable anyway. The question you have to ask yourself is what kind of bankruptcy to file in order [...]
If you're feeling overwhelmed by debt, bankruptcy may be the answer to your financial woes. But what about after bankruptcy? People often feel like their credit will be ruined beyond repair. However, in reality, bankruptcy can give you a fresh start, and it is possible to rebuild credit after bankruptcy. At Lorraine M. Greenberg & Associates, we [...]
A common question asked by potential clients that come to our Chicago office is what the differences are between a Chapter 7 and Chapter 13 bankruptcy. The contrasts are stark and can affect people in various ways. Below is a breakdown of the two: Chapter 7 – Chapter 7 is the most common bankruptcy code on the books [...]
My how time flies. And it never ceases to amaze me how many of my clients get into trouble helping other people. Most times it is a mother helping her children or grandchildren…..letting them use the credit cards…..or cosigning for a car loan. Trouble is bad things can happen to even the most well intentioned. [...]
