All items from David M. Siegel | Chicago Bankruptcy Law

Protecting Life Insurance When filing a chapter 7 bankruptcy, you are allowed to protect a certain amount of personal property. One of those items of personal property is life insurance. Life insurance is treated two different ways when filing bankruptcy. The first involves term life insurance. Term life insurance provides for a death benefit. What+ Read MoreThe post Is My Life Insurance Policy Protected IF I File Bankruptcy? appeared first on David M. Siegel.

Posted 15 hours 23 min ago

Chicago clients are concerned about utility bills and how a bankruptcy filing affects their services. They are happy to know that they can get service to continue to or have it turned back on if it was disconnected. The video below talks about ComEd in particular, but it applies to gas service and telephone service+ Read MoreThe post Bankruptcy Filing & Your Utility Services Such As ComEd appeared first on David M. Siegel.

Posted 1 day 13 hours ago

Depending on the budget, you might have to pay back 100% to your unsecured creditors in a chapter 13 bankruptcy case. The trustee appointed for your case is going to interview you at a 341 meeting of creditors. One of the main purposes of this meeting is to determine whether or not you are putting+ Read MoreThe post Chapter 13 May Pay Back At 100% appeared first on David M. Siegel.

Posted 2 days 8 hours ago

The typical debts that are eliminated with Chapter 7 bankruptcy include credit cards, medical bills, personal loans and more.  The transcription and video below explain what is eliminated in greater detail. Jesse Barrientes:   What debts are typically eliminated with the Chapter 7? David Siegel: Well, a Chapter 7 is going to eliminate typical unsecured debt such+ Read MoreThe post What Debts Are Eliminated With Chapter 7 Bankruptcy? appeared first on David M. Siegel.

Posted 6 days 14 hours ago

The automatic stay in the most powerful tool when filing bankruptcy. The automatic stay provides a shield of protection against most collection efforts. In the video below, we discuss just how powerful the stay is when filing a bankruptcy case. David Siegel: Let’s talk about what’s created the minute a bankruptcy case under Chapter 7+ Read MoreThe post Filing Bankruptcy And The Creation Of The Automatic Stay appeared first on David M. Siegel.

Posted 1 week 2 days ago

There are income qualifications for filing Chapter 7 bankruptcy.  If you are over the median for your state then you are subject to a means test.  If it is determined that you have the ability to pay back at least 25% over the next three to five years, then you will not qualify for Chapter+ Read MoreThe post Your Monthly Income Is A Factor In Qualifying For A Chapter 7 Bankruptcy appeared first on David M. Siegel.

Posted 1 week 5 days ago

File Chapter 7 Bankruptcy To Protect Property The first reason why somebody would want to file Chapter 7 bankruptcy is if they have something they want to protect. What I’m talking about here is something of value that is subject to a taking if a bankruptcy case is not file. This could be wages. If someone is+ Read MoreThe post There Are Three Main Reasons Why Somebody Would Want To File Chapter 7 Bankruptcy appeared first on David M. Siegel.

Posted 1 week 6 days ago

In order to file for Chapter 7 bankruptcy, you must provide a copy of your most recent Federal tax return.  If you are going to be receiving a sizable refund, then you want to time your bankruptcy filing so that you do not have the refund forthcoming after your filing date.  This way, you are+ Read MoreThe post Tax Return & The Importance Of Timely Filing – Bankruptcy appeared first on David M. Siegel.

Posted 2 weeks 10 hours ago

Chicago Bankruptcy Lawyer Explains According to Chicago bankruptcy lawyer David Siegel, some property should be reaffirmed.  With secured property such as a vehicle, furniture, jewelry, electronics, those are secured items. Therefore, when you file a chapter 7 bankruptcy you have effectively eliminated the debt on those items if you want to give up the property. + Read MoreThe post Chicago Bankruptcy Lawyer David Siegel Explains Reaffirming A Debt In A Chapter 7 Bankruptcy Case appeared first on David M. Siegel.

Posted 2 weeks 1 day ago

City Violations City violations in Chicago, incurred after filing for bankruptcy in Chicago are not eliminated. One such example is where someone who surrenders a home in foreclosure yet owes city violations and then files chapter 7, the debt to the city is not wiped out. You would think that once you give up a+ Read MoreThe post What Happens To City Violations After Filing For Bankruptcy In Chicago? appeared first on David M. Siegel.

Posted 2 weeks 2 days ago