All items from David M. Siegel | Chicago Bankruptcy Law

Chapter 13 bankruptcy is one form of bankruptcy under the United States Bankruptcy Code whereby someone reorganizes their debt and pays back either all or a portion of the debt over a 3 to 5 year period.  Chapter 13 is most commonly used to save a home that’s in foreclosure.  In a Chapter 13, a+ Read MoreThe post What is Chapter 13 bankruptcy? appeared first on David M. Siegel.

Chapter 7 is a liquidation fresh start type of bankruptcy whereby a person who has very little in the way of assets and a lot of unsecured debt can file a Chapter 7 and get a fresh start.  Under Chapter 7, debtors typically keep all of their properties such as houses, cars, personal belongings provided+ Read MoreThe post What’s the difference between a Chapter 7 and a Chapter 13 bankruptcy? appeared first on David M. Siegel.

Chapter 7 bankruptcy can last anywhere from 100 to 120 days from start to finish.  It basically works like this: once the Chapter 7 bankruptcy case is filed, there is a notice that goes out to all creditors, the debtor and the debtor’s attorney advising of an upcoming meeting called a 341 Meeting of Creditors. + Read MoreThe post How long does the bankruptcy process take? appeared first on David M. Siegel.

There are some cases under Chapter 7 where I will file a case prior to being paid in full.  Those cases involve wage garnishments, bank citations or other court appearances required that would be a burden to the debtor and would actually hinder the debtor’s ability to pay the law firm in the long run. + Read MoreThe post As an attorney, will I file a case before being paid in full? appeared first on David M. Siegel.