Many of my clients want to know if they can keep their tax refunds after the file bankruptcy.  For many people, the tax refund is an important source of revenue and income during the year.  It is possible a file bankruptcy and keep your tax refund, but you must follow the proper procedure.  Additionally, if you owe the IRS any money, it may not be possible to protect your tax refund this year.  However you can use the bankruptcy discharge to protect future tax refunds.

The shorter answer is yes, the filing fee is always paid in advance.  The filing fee in Illinois is $306 for Chapter 7 bankruptcy and $281 for Chapter 13 bankruptcy.  Typically in Chapter 7 bankruptcy, the attorneys’ fees are also paid up front; though your attorney may wish to offer you other payment arrangements for services rendered after the filing of your case.

The answer is no.  A married couple does have the option to file jointly and often it’s the best decision due to the fact that it costs the same amount of money for a married couple to file as an individual but there is no requirement that a married couple files together.  However, even if you are married and have a nonfiling spouse, their income and expenses will be taken into consideration when filing bankruptcy.  The way the court sees it is, income and expenses are calculated as household expenses rather than individual expenses unless, in the very rare situation, households keep comple

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.

More than half of all bankruptcy is caused by health problems.  Many people file bankruptcy on medical bills, including hospital bills.  (For other people, the medical expenses all ended up on credit cards.)
So it’s no surprise people ask me, “Will I get turned away from the emergency room after I file bankruptcy on the hospital?”

Bankruptcy can help in a myriad of ways.  One, it’s going to eliminate a serious amount of stress in your life.  No one likes to see a pile of debt that they cannot pay and wonder how they are going to pay it.  Second and maybe the most obvious reason is it’s going to eliminate all your debt whether in a complete fresh start bankruptcy in a Chapter 7 bankruptcy during a four-month period.  Or in a 3 to 5 year repayment plan through a Chapter 13 bankruptcy.  You will be debt free at the end of your bankruptcy.

Well, there are any myriad of reasons why an individual might file bankruptcy.  The first is they just have fallen too far behind whether because of illness or a job loss or just feeling overwhelmed and they need a fresh start.  They will often take advantage of a Chapter 7 bankruptcy.  Chapter 7 bankruptcy is going to improve your life in a lot of ways.  One way is it’s going to eliminate a lot of stress.  We all know how hard it is to deal with debt that you just don’t know how you’re going to pay back.  Dealing with constant creditor calls, constant harassment from creditors, co

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.

This is the case of Guermo Gomez who comes to me from Franklin Park, Illinois seeking debt relief.  Mr. Gomez has never filed a bankruptcy before.  He does not own any real estate and he currently lives with his family.  He rents from his father on a month to month lease.  He does not own or operate a vehicle.  He has a checking and savings account with very little in it, minor household goods and very little in the way of clothing.  He does have a 401(k) which is protected in the amount of $20,000.

This is the case of Darva Simmons who comes from Elmhurst, Illinois seeking debt relief.  Ms. Simmons file a Chapter 7 bankruptcy over eight years ago so she is eligible for another Chapter 7 should that be necessary.  She owns no real estate.  She is renting a month-to-month lease and the landlord lives in Elmhurst, Illinois.  She has a 2010 Kia Soul that is co-owned and she would like to keep paying for that vehicle.  She is currently up to date.  Her monthly payment is $425 and she owes about $12,000 on that vehicle.