Other Blog Posts in Blog category

Bankruptcy Trustees and Creditors' Claims

If you are filing for Chapter 7 bankruptcy, you may encounter a variety of professionals at work throughout the process, and one of these is a “trustee.”A bankruptcy trustee is tasked with administering the bankruptcy “estate” (the estate temporarily owns the debtor’s property) and maximizing the amount of money that goes to th......

Pre-Bankruptcy Counseling Basic

If you are struggling financially due to medical debt, mortgage debt, credit card debt, or other reasons and considering filing for bankruptcy, Chapter 7 may be the best option to implement an automatic stay, stop the harassment, and regain control of your finances.In Illinois, one mandatory step for those who file for bankrupt......

The Debtor Education Course

Another requirement for successful discharge in Chapter 7 bankruptcy is the “Debtor Education Course,” which you must complete after filing your petition and before your discharge can be granted.These courses are available in-person, online, and even over the phone, and must be approved by the U.S. Trustee. Classes include information on managing finances, wise use of credit, and creating and m......

Warning Signs of Bad Debt

There is “good” debt, and then there is “bad” debt. “Good” debt is relatively common and based on essential parts of our lives, such as student loans and mortgages, while “bad” debt can stem from a variety of sources and often involves paying large amounts of unnecessary interest which could have been avoided. Your debt should be manageable and planned for, but when it grows out of control due ......

Bankruptcy and Avoiding Debt-Scammers

Student loan debt is a major crisis in the United States, and struggling borrowers of all ages have been targets of fraudulent “debt relief” companies which promise recovery and debt-consolidation in exchange for money.While these companies are skilled at presenting an opportunity for financial relief, they charge monthly dues and unlawful upfront fees while actually allowing borrowers’ payment......

Secured and Unsecured Debt Basics

If you are considering the opportunity of a discharge via Chapter 7 bankruptcy, you may be wondering what it does and does not do. Generally speaking, a discharge can clean your financial slate and remove much of your debt-liability, which can stop creditors from continuing to attempt to collect on that debt.Keep in mind, however, that a discharge can be undone in certain situations. Some examp......

The Importance of Full Disclosure in Bankruptcy

If you are filing for Chapter 7 bankruptcy, it is of the utmost importance that you are entirely open and honest with your bankruptcy attorney. No matter what your financial circumstances may be, full disclosure is always necessary so the best decisions can be made for your financial future.For example, the bankruptcy petition filed with the U.S. Bankruptcy Court is based on information provide......

Understanding the First Meeting of Creditors

If you are filing for Chapter 7 bankruptcy, here’s a quick guide to the “First Meeting of Creditors,” also known as a “341 meeting.”This is a brief meeting, one which may last only ten minutes or less, in which you and your attorney will meet with another attorney, known as a “trustee.” The trustee is responsible for ensuring that no fraud is taking place and will also ask you some questions to......