Articles from Aurora Bankruptcy Lawyers

Primary tabs

Bankruptcy Evaluation

Submitted by Anonymous (not verified) on Tue, 01/22/2013 - 15:34

This is the case of Gerald Cramer who comes to me from Homewood, Illinois about bankruptcy.  Mr. Kramer filed a bankruptcy back in 1996, so long ago that he is not even sure if it’s a Chapter 7 or a Chapter 13 but that’s okay since it’s more than eight years ago.  Mr. Kramer does not own any real estate.  He is currently renting on a month to month basis.  He has no vehicle whatsoever.  He is using a vehicle that is in his wife’s name.

What will filing bankruptcy do to my credit?

Submitted by Anonymous (not verified) on Mon, 01/21/2013 - 15:49

This is a very complicated question with a relatively simple answer.  The first consideration is where is your credit at the time of filing?  If you are the kind of person who made minimum payments on all your debt for years and years and years and just had balances pile up on them and have a very good credit rating, bankruptcy will be a significant hit to your credit.  But that’s often not the case with people who are considering bankruptcy.  In fact, if you are considering filing bankruptcy, there’s a good chance that your credit is already not that great.

What type of bankruptcy programs are available?

Submitted by Anonymous (not verified) on Fri, 01/18/2013 - 15:30

There are two basic programs that are available for consumers who are looking to file bankruptcy.  The first is called Chapter 7 bankruptcy which is complete, fresh start bankruptcy.  Basically what a Chapter 7 bankruptcy will do for you is eliminate all credit card debt, medical debt, personal loans, cash advances and payday loans and some tax debt for individuals.  Some of the things that Chapter 7 will not eliminate are student loans and recent income tax debt.

Bankruptcy Case Study

Submitted by Anonymous (not verified) on Thu, 01/17/2013 - 17:28

This is the case of Dan and Emily Rady who come to me from Chicago, Illinois.  They are here to talk to me about Chapter 7 or Chapter 13 bankruptcy.

The Case of Felicia Meachum

Submitted by Anonymous (not verified) on Tue, 01/15/2013 - 16:58

This is the case of Felicia Meachum who comes to us from Oak Park, Illinois for a bankruptcy consultation.  Felicia has never filed for bankruptcy before.  She is not a homeowner and she is currently renting from Fox Partners LLC.  She has a 2006 Pontiac G6 financed by B-Rider and she owes approximately $14,000 on the vehicle and it’s worth $15,000 so she has a little bit of equity in the vehicle.  The monthly payment is $360 per month and she is current.

Pages