Yes, every filing district is different. In the District that covers Illinois, and LGBT union has the same rights as a common marriage.

A single filer can preserve $15,000 in equity and joint filers can preserve $30,000. You also have to factor that some equity is consumed by real estate broker fees and closing costs. We can estimate whether you are safe or at risk.

You can, but any transfer for the last four years can be "undone". It also creates the impression that you are taking actions to "hide" your property before a bankruptcy and could invalidate your bankruptcy or even cause the loss of the asset that your were trying to preserve. You will be asked if any such property transfers have taken place.

In a chapter 7, it is rare but you could lose a refund that has been deposited into your account at the time of filing. It will be treated simply as normal "cash". Even if you haven't received it yet. With proper exemption use, you can completely preserve any pending refund payouts. This includes Earned Income Credit, Child Credits, School Credits and similar portions of your refund. You could also take steps to preserve the pro-rata portion of your spouse's tax refund and your refund.

You do not have to include your spouse. However, your spouse's income must be reported unless you declare a separation and you should consider proper asset management and declaration of your joint assets to minimize any issues.

You will be sworn in, your identity address and social security will be confirmed. You will be asked to verify that all your assets and liabilities have declared. You will then be asked specific questions about your particular financial condition. Most of these questions are similar and we can prepare you so that you know what questions to expect. Creditors are also invited to attend and ask questions but it is rare for them to do so. If the Trustee has not further matters to investigate, he will declare that there are no assets to administer and you will essentially be "done" with your bankruptcy.

Child Support is not dischargeable in a Chapter 7. Keep your payments timely. Late payments that are creating "rule to show cause" or other similar issues in "divorce court" can be managed with a Chapter 13 payment plan.

A bankruptcy can commence very quickly. Often the same day. As soon as all your paperwork has been presented to the attorney, your financial affairs entered on your schedules, and it can be filed. Although not recommended, it can be done very quickly.

After your receive a bankruptcy discharge, you must wait 8 years before you can file another Chaper 7 Bankruptcy. You could file a Chapter 13 if you have not received a Chapter 7 discharge in the last 4 years; or if you have not received a Chapter 13 discharge in the last 2 years.

You do not need an attorney. The bankruptcy court published the forms for filing and instructions. Their is no right to an attorney to be provided "at no cost" by the court. The rules of exemptions are complex and there are many "traps" for the unknowing. Considering that your assets are at risk and you wish your debts to be extinguished, the cost of a bankruptcy attorney is reasonable. For most people, its the only time in their life they will actually be "happy" to make a payment.

Yes. All debts must be included. Banks are sophisticated enough that they will generally know you filed a bankruptcy even if you forget to tell them.

No. All debts must be reported and your bank will generally terminate your account. Debit cards are not credit cards and they are generally not affected.

They are not discharged and they remain responsible for the debt.

A workers' compensation claim is exempted but it must be properly declared and managed distinct from any other asset. If you commingle funds, you are at risk. The loss of income during an injury frequently leads to a large debts which creates a situation ripe for bankruptcy. Consult an attorney if you have a workers compensation claim for proper protection of your settlement.

A properly declared and exempted personal injury matter is protected upto $15,000. At times, this can me managed to maximize your protected amount. In addition, your personal injury attorney should have some experience working with a bankruptcy attorney. Consult a bankruptcy attorney early in your loss to guide your personal injury matter.

In some extreme circumstances, a student loan can be discharged. However, until recently it is a hurdle that few have been able to meet. However, recent political developments may lead to seismic shifts in this arena and I encourage you to consult with a bankruptcy attorney for the most current legal development.

New guidance on the dischargeability of Student Loans effective November 17, 2022 suggests that discharges will be considered for Federal Student Loans when (1) the debtor presently lacks an ability to repay the loan; (2) the debtor’s inability to pay the loan is likely to persist in the future; and (3) the debtor has acted in good faith in the past in attempting to repay the loan.

This is by now means automatic, but it certainly is a major change in the treatment of Federal Student loans in bankruptcy.

Independent of bankruptcy, we have at times been successful in defending claims by student loan lenders resulting in no liability.

You bankruptcy is a public record in the Federal Court system. It is not actively promoted and advertised. To find out, you must search.

We think that a divorce and bankruptcy go hand in hand. The loss of a double income, the increased costs of two households, the splitting of assets and sudden redistribution of debts leads to financial disaster for most divorcing couples. Whether you are thinking about a divorce, in one or finished, see us early for the best strategy to help.

You can. You don't need permission. We will need the cooperation of your spouse to document their income. This generally means we need your spouse's pay advices (paystubs).

The automatic stay is a court injunction for all actions to stop while the bankruptcy administers your estate. This means all lawsuits, foreclosure actions, wage garnishments, repossessions and other such action must halt, at least temporarily and each will be dealt with in tandem with your bankruptcy.

An unsecured debt to a family member or any other creditor is like any other debt and cannot be paid as a priority over other debts. If you do pay a family member, it is possible that the court may ask for those funds back so that it can be distributed without preference to that party.

Household income is a calculation that is made for your bankruptcy and it could affect your declared schedules. See your attorney for proper handling.

If you have equity that exceeds your exemptions, it is as risk. Such a situation can be managed in various ways. It is best to consult your bankruptcy attorney.

Yes. There are situation where a person may have no debt, but know that they will eventually owe. A bankruptcy can help.

Banks and other creditors will want your business immediately. Car lenders will send you promotional materials within days. Your credit profile will remark that a bankruptcy has been filed, but with new credit and it's proper use, it is common to have scores in the 700's within a year.

Very quickly. I recommend that my clients open about 4 credit lines (yes you will get them), use them and pay them. Within a year, most people have scores in the 700's.

If your are keeping your house, you continue your payments as normal and life goes on. You are not personally liable for the debt, but if you do not pay, the property will be foreclosed with no liability to you. In some cases, re-affirming the debt may be adviseable. Strategize with our office to see if a reaffirmation is proper for you.

A Chapter 7 will pause any foreclosure activity during the bankruptcy stay but the foreclosure will eventually resume. If you are late with your mortage payments (called arrearage) they can be dealt with a Chapter 13 or perhaps through a modification with your lender.

That's cutting it close. But as long as a bankruptcy is filed before the sale, you sill retain your options for managing the debt through your bankruptcy.

This is a long conversation. If you have a small debt or a single debt under $4000.00, perhaps loan consolidation is good option. In our experience, many loan consolidations fail and bankruptcy is a much quicker and lower cost method of resolving debt matters.

No. All tax id numbers must be reported.

In some cases, a creditor may take action against you through a separate lawsuit against you directly. The suit generally asks for some relief to the creditor. Usually, it asks that your bankruptcy be denied or that they be excluded from a discharge.

All trustees are professional and are doing their job. Some have better bedside manner than others but no particular trustee should be feared if you properly disclose, declare and are fully forthcoming.

In the Northern District, the 341 meetings are held in the old Kane County Courthouse, the Federal Courthouse Downtown, Roundlake, IL, Kane County Courthouse and Joliet. You do have to attend. During the COVID crisis, the meetings have been held by phone and soon will be held by Zoom conference.

It can be denied for minor infractions. (Such as not disclosing a prior social security number).

If you forget to list an asset, your bankruptcy can be denied. A missing creditor is less of an issue and it can have consquences. However, in a standard, "no-asset" Chapter 7 case, the creditor is discharged as well.

Yes. All further creditor actions are stayed during your pending bankruptcy. If your discharge is granted, they will dismiss your case.

Yes. Upon notice, the creditor must stop the garnishment immediately. In real life, it does take some time, but the end result is they do stop quickly.

Bankruptcy will not stop your child support obligation nor does it affect the receipt of child-support. If you have overdue child support obligations, they can be managed with a Chapter 13 to avoid penalties such as the suspension of your driver's or professional licenses. The Chapter 13 can also make you eligible for the restoration of such licenses.

In certain circumstances, the bankruptcy discharge will also eliminate income tax due. The application of the rules are somewhat complicated but we can help. Whether is is dischargeable depends on the type of taxes, age and when you filed. Trust fund taxes such as sales taxes or withholding from employees are not dischargeable.

You may not even have to ask. If they advertise a bunch of things that the law firm concentrates on, be suspicious. The rules of bankruptcy are very harsh and it takes experience to be well versed. I would ask two questions: 1. Are you an attorney? (lots of firms use paralegals). 2. Are you the same attorney that will be attending the 341 Creditors meeting. (Very often, they send junior or a contract attorney that you've never met. As a result, that increases the chances for errors, miscommunications and issues with your bankruptcy)

Thanks to technology and recent rule chanages, you can do your consultation by phone or video conference. You can even sign digitally and of course your 341 is currently by phone or Zoom. It currently possible to do your entire bankruptcy and never leave home! Good times! Good times!

In a Chapter 13, you can pay your overdue child-support payments over a period of up to 5-years. This would also restore any license suspensions and manage any "rule to show cause" matters.

Yes. In the Northern District of Illinois, Civil Unions have the same rights as marriage.

In a Chapter 13, you will not lose your property unless it is part of your plan to do so.

Generally, the tax refund will get paid into the plan if you are paying less than 100% to your creditors. If your plan pays 100%, you can generally keep your tax refunds as normal and will not "lose" your refund to the Trustee.

You can, but you must advise the Trustee, Creditors and secure permission.

You can. You will need to document the income of your spouse and joint/marital assets will be discussed as part of your asset base. The name and other identifying information of your spouse is not part of the schedules filed.

After your receive a bankruptcy discharge, you must wait 8 years before you can file another Chaper 7 Bankruptcy. You could file a Chapter 13 if you have not received a Chapter 7 discharge in the last 4 years; or if you have not received a Chapter 13 discharge in the last 2 years. If your case was dismissed within a year, you will need to permission from the court to continue your automatic stay after 30-days. In subsequent filings within one year, you will not get an automatic stay and with too many filings, you may be barred from further filings or need permission from the court.

You do not need an attorney. But unlike a Chapter 7, a Chapter 13 is much more complex. Even for an attorney. The bankruptcy court publishes the forms for filing and instructions. Their is no right to an attorney to be provided "at no cost" by the court. The rules of exemptions are complex and there are many "traps" for the unknowing. Considering that your assets are at risk and you wish your debts to be extinguished, the cost of a bankruptcy attorney is reasonable. For most people, its the only time in their life they will actually be "happy" to make a payment.

Generally nothing, as long as the payment is received the will credit the account. But, if the account is not paid in full and your are discharged, the remaining obligation falls on the co-signer.

Your student loan is not discharged. You can pay late payments through the plan. But in certain circumstances, new guidance for Federal Student Loans effective as of November 2022 suggests that the following loans may be dischargeable when: (1) the debtor presently lacks an ability to repay the loan; (2) the debtor’s inability to pay the loan is likely to persist in the future; and (3) the debtor has acted in good faith in the past in attempting to repay the loan. This is a multistep process and by now means is it automatic. But it is clearly a significant change in the handling of student loan debt in bankruptcy.

The automatic stay is a court injunction for all actions to stop while the bankruptcy administers your estate. This means all lawsuits, foreclosure actions, wage garnishments, repossessions and other such action must halt, at least temporarily and each will be dealt with in tandem with your bankruptcy Chapter 13 plan.

If your are keeping your house, you continue your payments as normal and life goes on. If you receive a Chapter 13 discharge, you are not personally liable for the debt, but if you do not pay, the property will be foreclosed with no liability to you. Late payments can be paid through the plan over 60-monthly payments. All foreclosure activity such as foresclosure sales must stop.

Yes, you can have your Chapter 13 plan pay the late payments over 5-years (60-payments) and all foreclosure activity such as a foreclosure sale or automobile repossesion must stop.

That's cutting it close. But as long as a bankruptcy is filed before the sale, you still retain your options for managing the debt through your bankruptcy. You can pay all you late payments over 5-years or even sell the home to keep from losing your equity.

This depends on many factors. The advantage of the Chapter 13 is that typically you are no longer charged interest and the lender must accept your plan proposed in good faith. In addition, you may be able to pay unsecured creditors as little as 10-cents for ever dollar owed. For example, if you owe a credit card $2000.00, you will pay $200 over the course of 5-years and the balance gets wiped out. This is a huge advantage over consolidated loan programs.

Yes. If you misrepresent assets and liabilities you can be denied. In addition, if your plan is not proposed in "good-faith" you can be denied. Finally, if you don't have sufficient income to support the plan, you might be denied.

If you failed to list an asset, it may cause your plan to be denied or worse may trigger a creditor to challenge your plan through an adversary proceeding accusing you of fraud. Failing to list a creditor will not discharge them from a finished Chapter 13 bankruptcy. You will still owe them.

You do! If you finish your approved plan payments in full, you will receive a discharge. Exception occur if your plan was not eligible for a dischage to begin with or if the items are not dischargeable, such as student loans or child-support. Otherwise, the debt that remains is discharged.

If you stop paying, or never started, your case will eventually get dismissed. If you make an earnest effort to pay back your late amounts, you can usually get 14-30 days to catch-up your payments before dismissal if you aren't to far behind. Once dismissed, you no longer have bankruptcy protections and creditors are free to take action against you as before.

Yes, you have a right to dismiss your Chapter13 Bankruptcy at any time by motion to the court. If you stop payments, your case will eventually be dismissed as well.