Articles from David M. Siegel

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Bankruptcy Relief: A Little Pain For A Lot Of Gain

Submitted by Anonymous (not verified) on Wed, 06/22/2016 - 23:57

Bankruptcy Is More Difficult It’s a lot harder to file for bankruptcy now than it was prior to 2005. That was the year the federal government passed sweeping changes and reforms to the then existing bankruptcy laws. Since then, there are pre-requisites to filing as well as financial documentation that must be submitted contemporaneously with+ Read More

When Filing Chapter 13 Bankruptcy, Make A Good-Faith Effort To Succeed

Submitted by Anonymous (not verified) on Thu, 06/16/2016 - 20:00

I have noticed a rush of Chapter 13 filings lately that never make it past the starting gate. The client gets the relief of the automatic stay, but not for very long. It seems that lately there is a lack of sincerity with regard to Chapter 13 filings. This trend is counterproductive to realizing the+ Read More

Bankruptcy Case Study For D. L.

Submitted by Anonymous (not verified) on Fri, 06/10/2016 - 18:56

This is the bankruptcy case study for D.L. who resides in Prospect Heights, Illinois. She is here to get some advice and help regarding bankruptcy. She has a lot of creditors and she realizes that she must take some action to improve her situation. With that in mind, she has appeared at the office to+ Read More

Increasing Home Value Knocks Debtor Out Of Chapter 7 Eligibility

Submitted by Anonymous (not verified) on Wed, 06/01/2016 - 18:24

If a debtor does not know the true value of his home, he may find himself in an asset case under chapter 7 bankruptcy. This was almost the case for a recent client who was seeking a fresh start under Chapter 7 bankruptcy law. The debtor purchased his home slightly over three years ago for+ Read More

Bankruptcy Exemption For Personal Bodily Injury Applies In Illinois

Submitted by Anonymous (not verified) on Fri, 05/27/2016 - 20:49

Sometimes a debtor’s rights in bankruptcy get affected by an overly aggressive Trustee.  The Trustee gets a fee and a percentage of any assets administered.  The debtor is seeking to keep any and all of his assets free and clear from the long arm of the Trustee.  This blog today deals with the personal injury+ Read More

Reaffirming On Your Auto Loan Through Chapter 7

Submitted by Anonymous (not verified) on Sat, 05/21/2016 - 17:52

The Reaffirmation Agreement Over 90% of the Chapter 7 debtors that I assist with auto loans choose to keep that auto while filing a Chapter 7 bankruptcy. This is done through the signing of a reaffirmation agreement which is prepared and provided by the auto lender. The agreement is rather lengthy and filled with unnecessary+ Read More

Attorney Fee Concept Often Difficult For Clients To Grasp

Submitted by Anonymous (not verified) on Tue, 05/17/2016 - 21:20

As these economic times get tougher and tougher for debtors, I am confronted on a weekly and sometimes daily basis regarding their plight. In the most recent case, a debtor was having a difficult time making his rent payment and was concerned about being evicted. He then remembered that he had hired an attorney four+ Read More

Bankruptcy Case Study For May, 2016

Submitted by Anonymous (not verified) on Tue, 05/10/2016 - 20:12

Overview This is the bankruptcy case study for Mr. and Mrs. C., who reside in Addison, Illinois. Although the case will be filed in DuPage County, the majority of the assets reside in another county. Let’s begin with the fact that the couple rents their current home in Addison. Their former home was foreclosed upon+ Read More

When You Can No Longer Afford Your Chapter 13 Plan Payment

Submitted by Anonymous (not verified) on Thu, 05/05/2016 - 18:19

Plan Payment Problems A common problem that happens in a chapter 13 bankruptcy case is the inability to continue to make plan payments. This inability to make the plan payment can happen for a variety of reasons. The most common reasons are job loss, illness, injury, divorce, and other catastrophic events. Just recently, a couple+ Read More

Proof Of Income Is Critical To Filing Bankruptcy

Submitted by Anonymous (not verified) on Thu, 04/28/2016 - 19:38

Income Whether you are eligible to file under a particular chapter of the bankruptcy code is dependent upon a number of factors. One of the most critical factors is whether or not you qualify based on income. Income is calculated based upon all sources for one part of the bankruptcy petition, yet not necessarily included+ Read More

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