Articles from David M. Siegel

Do You Really Need A Bankruptcy Discharge Under Chapter 13?

I recently had a client who was reorganizing student loan debt over a five-year period. He was willing to pay back 10% of the student loans knowing full well that the other 90% would be due and owing plus interest after his bankruptcy case was over. He did have some minor credit card debt and+ Read More

When Is It Smart To File Bankruptcy Preemptively?

Most people do not wish to file for bankruptcy. They know there’s a psychological aspect. They know there’s a monetary fee. They know that there is a process. In fact, most clients wind up filing for bankruptcy after some catastrophic event triggers the necessity to file. Wouldn’t it be wise if on certain occasions people+ Read More

Bankruptcy Case Study-Chapter 13: Get Current On Mortgage

This is the bankruptcy case study for E.A. from Montgomery, Kendall County, Illinois. He is here to see whether chapter 13 bankruptcy will provide debt relief for him. Let’s look at the facts of his case: he is currently a homeowner with a market value of $149,000. (www.zillow.com)He has two outstanding loans on the property.+ Read More

There Is Way Too Much Emphasis On A Credit Score

I have had bankruptcy clients who have been overly concerned with their credit score before, during, and after they have filed for bankruptcy. The credit industry, including the credit bureaus and the credit protectors, have done a great job of marketing to Americans the importance of having a good credit score. What they fail to+ Read More

Do You Really Need A Title Loan?

I know it’s tempting to utilize the value of your car to obtain money. I also know you’re inundated with TV commercials, radio commercials, signs on the expressway and stores popping up in your local neighborhood offering you money for your title. I also know that desperate times often lead to desperate measures. The problem+ Read More

Listen Closely To Your Bankruptcy Attorney’s Advice

If you want to get the best result for your bankruptcy case, then you need to listen really closely to your bankruptcy attorney when he’s giving out his advice. If you fail to follow the advice, you may find yourself owing people money after your bankruptcy case is over. The most common example of this+ Read More

Thinking Of Filing Bankruptcy? Check Your Property Values

Filing Bankruptcy with too much property? If you or someone you know is thinking of filing bankruptcy, the value of the property that one has must be ascertained. If you have very little property and if the market value is low, you will more likely than not be eligible for a chapter 7 fresh start+ Read More

No Two Bankruptcy Lawyers Are The Same

There is a common thread among potential bankruptcy clients who call seeking bankruptcy relief. They are most concerned about the cost involved in filing for bankruptcy and getting out of debt. I’m not referring to the court costs. Most potential clients are aware of the court cost because they have been asking this question over+ Read More

Get Out Of Debt And Protect Your Tax Refund

Timing is critical when filing a chapter 7 bankruptcy case. If you are wise, you can get out of debt and still be able to protect your much needed tax refund. The key is to file either several months before or several months after your tax refund is either expected or received. The problem is+ Read More

I filed Bankruptcy: My Driver’s License Is Still Suspended

This is a true story that happened last week for one of my chapter 13 bankruptcy clients. The client received a notice from the Illinois Secretary of State that his driver’s license was going to be suspended for failure to pay parking tickets by a specific date. He sought my advice on chapter 13 bankruptcy+ Read More

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