Figuring out how much of your assets will be seized in bankruptcy depends on the type of bankruptcy you file and the value of your belongings. Chapter 7 bankruptcy implies that you do not have enough disposable income to make debt payments would like to have the debt eliminated in order to get a fresh start. As part of the process, you may have some of your assets seized and sold to pay off a portion of your debt to existing creditors. However, other assets such as cash, your home and your … [Read more...]
Archives for July 2016
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Peoria Illinois Auto Repossession Bankruptcy Lawyer
If you default on your car payment, typically the lender can repossess the vehicle, sell it at auction, and hold you responsible for the remaining balance due under the secured loan agreement. There are sometimes exceptions to the rule, of course, and in a recent case involving an Illinois man, a judge discharged the balance owed to an auto finance company based on the debtor's unique circumstances. As reported in the Wall Street Journal, the case involves on Illinois insurance salesman who … [Read more...]
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Keeping a Car or Home When Filing for Bankruptcy Protection
When you take out a secured loan, you are required to use something of value as collateral for the loan. It may be your car, home, or other valuable personal property. The lender holds the title or deed to the collateral or he or she places a lien on the collateral until you pay the loan balance. If you default on the loan, the lender has the right to take possession of the collateral and use the proceeds of the sale of the collateral to fulfill the outstanding debt. Keeping Your Car In … [Read more...]
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Can My Creditors Force Me Into Bankruptcy?
Former Duke basketball star, Christian Laettner, may soon find himself in bankruptcy court. His creditors have filed a petition with the court to pay his debt or file for an involuntary chapter 7 bankruptcy. According to a Wall Street Journal report, Laettner and his business partner may have outstanding loans to the tune of $30 million based on information revealed in earlier civil lawsuits brought by creditors. Bankruptcy law protects creditors by permitting them to file an involuntary … [Read more...]
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