Articles from Waukegan Bankruptcy Lawyers

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Do I have to be a certain age to file for bankruptcy?

Submitted by Anonymous (not verified) on Fri, 05/17/2013 - 02:18

There technically is no age limit or restriction for filing a personal bankruptcy.  You have to be an individual and you have to be in a certain jurisdiction for a certain amount of time.  You don’t have to be an adult, you don’t have to be 18, and you don’t even have to be 15.  There is no age limit.  However, it makes sense if you are not going to be someone who can incur debt or credit unless you are an adult.  Credit card companies are not going to issue credit cards unless you are over 18.  You are not going to be able to enter into a valid contract in most states unless you are 18.  S

Can I go to jail if I do not pay my bills?

Submitted by Anonymous (not verified) on Thu, 05/09/2013 - 20:18

You will not go to jail for failure to pay a bill.  There simply is no debtors’ prison anymore and you don’t have to be in fear that you’re going to go to jail if you don’t pay your bills.  However, you must appear in court if you are notified to appear either in state or federal court.  If someone winds up getting in trouble with the court, it’s going to be for contempt of court for failing to appear.

Can I get credit again once my bankruptcy case is over?

Submitted by Anonymous (not verified) on Sat, 05/04/2013 - 01:36

It’s interesting that most of my clients are very concerned about getting credit again before they have even gotten out of debt.  This is not uncommon.  Most people want to have credit cards just like they had while they were in debt before they filed for bankruptcy.  There is a comfort level of knowing that you have the ability to whip out a plastic credit card and make purchases without having cash money.  Since bankruptcy, under Chapter 7, can be filed once every eight years, creditors understand that you are a good candidate to not only acquire another credit card but to utilize a credi

How much is it to file bankruptcy?

Submitted by Anonymous (not verified) on Fri, 04/26/2013 - 16:41

Filing bankruptcy differs from law firm to law firm, from city to city.  The only thing that remains constant is the filing fees with the court.  At the time of this writing, the filing fee for a Chapter 7 bankruptcy is $306.  The filing for a Chapter 13 bankruptcy is $281.  Chapter 7 bankruptcy fees can vary anywhere from $750 in a simple case up to $3000 in a complex case or a corporation case.  The level of experience of your bankruptcy attorney is what you want to look for, not necessarily the lowest price.  Going with the lowest price can often get you a lesser service, a lesser attorn

Can you save my house and car?

Submitted by Anonymous (not verified) on Sat, 04/20/2013 - 21:12

I can often save a house and car under a Chapter 7 bankruptcy case if you do not have significant non-exempt equity in those properties and if you are current on your payments.  If you have significant equity, you are going to lose that to a trustee and I’m going to have you sign a potential asset acknowledgment so you are not surprised when the trustee says you either need to turn over the item or you need to pay me X amount of dollars if you want to keep the item.  That is how it works under Chapter 7.

How do you figure out how much is paid back to creditors in a Chapter 13?

Submitted by Anonymous (not verified) on Thu, 02/21/2013 - 02:27

The amount that creditors receive in a Chapter 13 depends upon a number of factors.  The first factor is what type of creditor are they?  Are they a secured creditor, secured by either real estate or a vehicle or some other item?  Or are they an unsecured creditor such as a credit card, a medical bill, a personal loan or a debt for some type of service?  Depending on what type of creditor will dictate to what amount they are paid back.  General unsecured creditors can be paid as little as 10% on the dollar or they can be paid back 100%, depending upon the particular case.  Secured creditors

Chapter 7 Bankruptcy Decision For Mr. Singer From Zion, Illinois

Submitted by Anonymous (not verified) on Wed, 02/06/2013 - 17:31

This is the case of David Singer from Zion, Illinois which is located in Lake County, Illinois.  Mr. Singer has never filed a bankruptcy before.  He is not a homeowner.  He is living with family and friends.  He owns no vehicle.  He owns very little in the way of personal property.  He has a checking account and a savings account at Chase totaling $1000.  He has minor household goods worth approximately $400 and minor clothing worth approximately $200.  He is single with no dependent children and he is currently unemployed.

Do I have to pay taxes on the debt that’s discharged in bankruptcy?

Submitted by Anonymous (not verified) on Tue, 02/05/2013 - 16:13

Typically the filing of a bankruptcy, whether it be a chapter 7 or a chapter 13 eliminates any type of tax liability with regard to the discharged debt.  You might find that a creditor will send you a 1099C at some point after you file for bankruptcy.  However, if you contact your accountant or your CPA or your tax preparer, they will likely advise you that the debt does not have to be or that the tax on the debt does not have to be included in your taxable income because you eliminated it in your bankruptcy case.  Many creditors will simply send those statements not knowing whether or not

What is the judge going to ask me?

Submitted by Anonymous (not verified) on Thu, 01/31/2013 - 00:46

In a typical bankruptcy case, you are never going to see a judge.  In a chapter 7, you’re going to see a bankruptcy trustee.  The trustee is a person appointed by the bankruptcy court to administer your case.  The trustee wants to make sure that you are listing all your assets and all your liabilities and you are answering truthful questions to the statement of financial affairs.  The trustee’s job is to see if there are any nonexempt assets that can be taken, sold and administered for the benefit of your creditors.

I’m three months behind on my mortgage. Is there still time to save my home?

Submitted by Anonymous (not verified) on Fri, 01/25/2013 - 14:37

If you are only three months behind on the mortgage, you have plenty of time and plenty of opportunity to save your home.  You can save your home through non-bankruptcy measures, provided that you can work a payment plan or a repayment plan with your mortgage company for the amount you fell behind.

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