All items from David M. Siegel | Chicago Bankruptcy Law

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 2 days 21 hours 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 5 days 20 hours 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 6 days 19 hours 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 1 week 23 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 1 week 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 1 week 2 days ago

Homeowners very often wind up filing for bankruptcy. Before filing, homeowners wonder whether or not they will be able to keep their house through the bankruptcy process. For most homeowners, there is not sufficient equity in the property which would cause them to lose the property. In other words, the property has no administrative value+ Read MoreThe post Filing Bankruptcy And Protecting Your Home appeared first on David M. Siegel.

Posted 1 week 2 days ago

There are several requirements that must be satisfied prior to filing a Chapter 7 bankruptcy petition.  The transcription and video below explain what is needed in great detail. Jesse Barrientes: What are the requirements for filing a Chapter 7, the pre-filing requirements? David Siegel: Yeah, before a case can be filed, the individual has to+ Read MoreThe post What Are The Requirements For Filing A Chapter 7? appeared first on David M. Siegel.

Posted 1 week 6 days ago

The Typical Co-Debtor Protection In most circumstances, when only one co-debtor files for bankruptcy protection, the non-filing co-debtor usually can maintain the property provided that the co-debtor continues to make timely payments. An interesting situation arose in a recent case. The particular property is a boat. Husband and wife both signed for and are responsible+ Read MoreThe post What Happens When Only One Co-Debtor Files For Bankruptcy? appeared first on David M. Siegel.

Posted 2 weeks 1 day ago

My Recent Client I recently had the opportunity to speak with a chapter 13 debtor. This debtor had done a prior chapter 13, where the plan payment was $350 per month. The debtor was unable to make his monthly payment to the trustee and his case was soon dismissed. The debtor then came to my+ Read MoreThe post Chapter 13 Bankruptcy Requires The Debtor To Be Honest appeared first on David M. Siegel.

Posted 2 weeks 1 day ago