We’ve all heard about people just “walking away” from their houses with the way the housing market has been lately. I wrote an article about the pitfalls of the “strategic defaults” so many people have been writing about. If a person decides that the house
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Archives for General Bankruptcy Topics
I voluntarily surrendered my car. They sold it at auction. Why are they suing me for the balance?
The short answer is that you signed a contract to pay for a loan, and you are responsible regardless of whether you have the car or not. You agreed to be personally responsible for the balance on the loan when you signed the loan documents
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Top 5 Reasons You Should NOT Withdraw Money From Your Retirement Account to Pay off Debt
Top 5 Reasons You Should Not Withdraw Money From Your retirement Account To Pay Off Debt Many people think that they can bail themselves out of trouble by getting out of a short-term crisis and borrowing from their retirement account, or cashing it in. Many
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Can You Eliminate Parking Tickets in Bankruptcy?
Q: Can I get rid of my parking tickets in a bankruptcy? A: It depends on the type of bankruptcy case you are filing. There are two kinds of bankruptcy cases that a person can file, Chapter 7 (debt elimination) and Chapter 13 (debt consolidation).
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Does my spouse need to file Chapter 7 or Chapter 13 Bankruptcy, and, if he/she doesn’t file bankruptcy, do I still need to provide information about their income?
Generally, in Illinois, when you are married, the debts your incur together with your husband or wife are debts that both of you are responsible for. The Illinois Family Expense act says that debts incurred for the welfare of the family are the responsibility of
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How Much Does a Bankruptcy cost?
This is one of the most frequently asked questions that I get each day. When people are looking for an attorney to do something, they are thinking that it is like any other service, like a haircut or oil change, or to fix a leaky faucet.
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What about those “Strategic Defaults”? Should I do that?
In the Chicago Tribune recently(see the link above) the writer suggests that the issues facing homeowners who are “underwater” on their house value are whether it is moral to just walk away from a house that they supposedly can afford. The author mentions this as
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My business has lots of debt and loans, can just the business file for bankruptcy protection?
The answer to this question depends a lot on how you set up the business, and how you got financing for the business. Most small business owners set out to create their dream, to follow their passion, or just to be their own boss. If
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What do I need to bring to my appointment?
So, you’ve called your bankruptcy lawyer and set up an appointment. Many bankruptcy firms, including our firm, offer free first appointments. It’s a free appointment, you say, so why do I need to bring anything in? Think about it this way, time is money. You
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What do I need to know before I call a bankruptcy attorney?
Many people I speak to each day call me about their financial problems, but have no idea what to expect from a bankruptcy attorney. The typical situation is this: Person calls and says, I need help with a bankruptcy. I ask: Who do you owe
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