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I’m going to File for Chapter 7 Bankruptcy. Should I Still Do a Short Sale?

Posted by emsc on August 11th, 2014 in Chapter 7

We had a client come in worried last week about her home.  She was already thinking of filing for Chapter 7 bankruptcy, but was concerned what would happen if she tried for a short sale. Melissa, as we’ll call her, …


I inherited an IRA from a family member, can I protect it in bankruptcy?

Posted by emsc on June 30th, 2014 in Bankruptcy Information

Starting an Individual Retirement Account, or IRA, is pretty easy. You can call a financial adviser, or even do it online. You can avoid paying tax on the money when you contribute it (in a traditional IRA) or when you withdraw it …


Should I Take Money Out Of My Retirement Account to Pay My Creditors?

Posted by emsc on June 11th, 2014 in Bankruptcy, Chapter 7

The answer, as always, is “It depends”.  Take two recent examples we’ve seen. The first person is a woman in her mid-40s.  She’s placed about $30,000 into her company’s 401K plan over the last 10 years.  Because she’s recently divorced, …


I Have a Voluntary Wage Assignment. What Can I Do?

Posted by emsc on June 11th, 2014 in Bankruptcy

Your creditors can’t simply take money out of your paycheck just because they feel like it.  They need a reason, and there are only a few reasons these companies can do that.  One of those reasons is a judgment from …


Can I Stop a Citation to Discover Assets By Filing For Bankruptcy?

Posted by Ryan Blay on May 19th, 2014 in Bankruptcy, Exemptions, Illinois, Legal, Wisconsin

Courts in all states have procedures set to allow creditors to get judgments against the debtors who owe them money.  Then there are steps to allow those creditors to find out what the debtors owe and let the creditors take …


Facing a Collection of a Judgment

Posted by emsc on May 15th, 2014 in Bankruptcy Information, Bankruptcy procedures

There are times when a person may be found to owe another person money.  Usually one party sues another over a promissory note or a charge card. After a court proceeding, if the Court finds that the debt is valid, …


Payment Plan for Chapter 13

Posted by emsc on May 15th, 2014 in Chapter 13

The first thing someone researching chapter 13 learns is that, fundamentally, it’s a payment plan. Someone seeking chapter 13 is required to pay in their “projected disposable income” for the “applicable commitment period,” at the end of which, the remaining …


Who Can File Chapter 13?

Posted by Carrie Zuniga on April 18th, 2014 in Bankruptcy, Chapter 13

Typically, individuals who file bankruptcy have a choice between filing a chapter 7 “liquidation” and a chapter 13 “reorganization”. Individuals who are determined to have disposable income under the Means Test only have the option of filing chapter 13 and …


Free Lance-Star and Fisker Automotive: Development of the ‘For Cause’ Exception to Credit Bidding

Posted by Jonathan Brand on April 17th, 2014 in Bankruptcy Sales, Business Bankruptcy, Chapter 11, Chapter 7 Trustee, , , , , , , , ,

On April 14, 2014, the Bankruptcy Court for the Eastern District of Virginia issued an opinion limiting the credit bid of a party asserting that it held senior secured position in all assets of the debtors. In re The Free …


If My Chapter 13 is Dismissed, Who Gets the Money?

Posted by emsc on April 17th, 2014 in Chapter 13

Recently, the district court for the Northern District of Illinois ruled on one of the important unresolved issues in chapter 13 bankruptcy: If a chapter 13 bankruptcy is dismissed, what happens to money that the chapter 13 trustee is holding when the case is …


Do I Need to File My Tax Returns Before Filing for Bankruptcy?

Posted by Ryan Blay on April 17th, 2014 in Bankruptcy, Bankruptcy and Taxation, Bankruptcy procedures, Chapter 13, Chapter 7

April 15th is the deadline to file 2013 tax returns with the IRS and your state taxing authority unless you’ve received an extension to file.  But you may notice we ask for several years of tax returns (if you were …


Can We Stay in our House Even After a Foreclosure?

Posted by emsc on April 9th, 2014 in Foreclosure - Saving Your Home

With the help of Lakelaw’s foreclosure defense attorneys, the answer could be yes.  Just a few days ago, our client was within days of eviction. Her foreclosure case had been pending for almost three years. When her husband became terminally …


Can Non-Citizens and International Corporations File Bankruptcy in the United States?

Posted by Carrie Zuniga on April 8th, 2014 in Bankruptcy, Business Bankruptcy, , ,

America is still a magnet to people from all over the world. People come to America both legally and illegally. Chicagoland has one of the broadest immigrant and first-generation populations in America. Chicago is also a magnet for many corporations …


Why Is My Bankruptcy Lawyer Asking For All Of These Documents?

Posted by Ryan Blay on April 8th, 2014 in Bankruptcy, Bankruptcy procedures

Lawyers don’t like paperwork.  If we had a choice, we’d have a paper-free office.  But in our jobs, we need to be ready to show the right papers to the right people to be effective. The Bankruptcy code says we …


Say No to Debt Consolidation – Consider Chapter 13 Bankruptcy

Posted by emsc on April 3rd, 2014 in Bankruptcy, Chapter 13

Most people want to pay their debts. Many people think that filing bankruptcy is wrong. Some think that filing a bankruptcy case is dishonorable. And quite a few people think that bankruptcy is immoral. For these people, the hope of …


What Happens If My Bankruptcy is Dismissed and I Have to Re-File?

Posted by Ryan Blay on March 28th, 2014 in Bankruptcy, Bankruptcy procedures, Chapter 13, Chapter 7

In baseball, a batter gets three strikes, then he’s out.  It doesn’t quite work that way with bankruptcy.  Take our clients Aaron and Wendy.  They filed a Chapter 13 bankruptcy and their bankruptcy was dismissed.  They weren’t able for different …


Credit Unions and Cross-Collateralization in Bankruptcy

Posted by Carrie Zuniga on March 27th, 2014 in Bankruptcy, Chapter 13, Chapter 7, ,

Clients want to file a chapter 7 bankruptcy to clear up credit card debt and get a fresh start. Credit union customers are shocked to learn that their credit cards with a local credit union are tied together with their …


Reverse Mortgages and Baby Boomers – No free lunch

Posted by David Leibowitz on March 24th, 2014 in Uncategorized

Baby Boomers are signing up for reverse mortgages at record levels.  They’ve taken out $15.3 billion worth in 2013, an increase of 20 percent from the year before. Baby boomers who have saved nothing for retirement  – almost 77 million of …



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