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 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 creditors. [...]
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. [...]
Well, only you can decide that question. Perhaps with the help of an attorney or other counselor, you can help make your decision. What factors should you think about? Here are some ideas to get you thinking………How much debt are you in? Can you realistically pay it off over a reasonable amount of time? What [...]
Chicago Bankruptcy Attorney discusses "How will Bankruptcy Affect my Future Credit?" One of the most frequent questions I receive is how will Bankruptcy affect my future credit? It is true that credit records are very important and getting more important every day. Many employers have started requesting credit reports, and certainly credit is necessary to [...]
Chicago Bankruptcy lawyer help you understand about Increasing Your Credit Score After Bankruptcy The goal is to get back in the game — the game of credit. But to do that, you must increase your credit score. The first rule to get a higher FICO score is to pay your debts on time. Without that, you will [...]
I am amazed each and every time how nervous people are to come to their bankruptcy “court” date, or what we call the Section 341 hearing. (named after the section of the bankruptcy code) I tell my clients it is formal, even though it is not in a Courtroom, but that there is nothing to [...]
