Typically when you purchase a home, car or even jewelry, a lien will be created so that a creditor can repossess the property if you stop making payments or a mortgage lender can foreclose if you do not pay the loan. If you are considering bankruptcy, the bankruptcy code lets you discharge, or release, most debts including car and mortgage loans, furniture and jewelry loans, credit cards and medical bills regardless of a lien. Now what happens if you decide to sell some of your assets to make … [Read more...]
How is a Trustee Paid in a Bankruptcy? | Peoria Illinois Bankruptcy Lawyer
Much to the shock of students and employees, ITT Educational Service Inc., one of the country's largest for profit schools with locations across the nation, including Illinois, shut down and filed for Chapter 7 bankruptcy earlier this month. A glimpse into the proceedings, as reported by the Wall Street Journal, provides insight into the bankruptcy process with regard to the role of the trustee. In the 12 days since the trustee was appointed to the Chapter 7 bankruptcy: She has already … [Read more...]
Will I Be Able to Purchase a Car After Declaring Chapter 7 Bankruptcy?
Bankruptcy can provide an opportunity for people struggling with a difficult financial situation to get a fresh start. Clients often wonder if they can qualify for a car loan following bankruptcy in order to get back and forth to work or to get their kids to school. How Will Bankruptcy Impact My Ability to Get Credit Often times bankruptcy is seen as a responsible step to getting your finances in order, but, of course, there is a period of time where you will have to reestablish your … [Read more...]
Can I Sell My Car or Other Assets Before Filing for Bankruptcy?
When you are struggling financially, you may consider selling your car or home in order to get cash or decrease your expenses. You may sell anything you want even, if later, you end up filing for bankruptcy. However, the key is getting the fair market value for the asset. Getting a fair price and transferring assets is legal, but giving away a valuable asset for little or nothing is not. In the event you file for bankruptcy at a later date, at a minimum, the bankruptcy code requires you … [Read more...]
College Tuition Payments and Bankruptcy | Peoria Illinois Bankruptcy Lawyer
If you are considering bankruptcy, you may want to hold-off on writing that tuition check to the college or university that your child attends. It has become increasingly common for trustees administering individual bankruptcy cases to treat tuition payments paid by a parent to a college on an adult child's behalf as a constructively fraudulent transfer. The trustee's logic is based on the premise that the student is receiving a consideration from the college, but the parent is receiving … [Read more...]
Caterpillar Employees Receive Layoff Notices | Peoria Illinois bankruptcy lawyer
As part of Caterpillar's planned workforce reduction, an undisclosed number of employees in Peoria received layoff notices earlier this week. Although the company says they are committed to helping impacted employees transition to other jobs within or outside the company, for many families who are stretched thin as it is, the impact of being out of work even for a short period of time will prove difficult. Not surprisingly, unexpected layoffs across the country have resulted in many … [Read more...]
Will Filing Bankruptcy Effect My Employment?
If you are planning to file for personal bankruptcy, you may be concerned that it will affect your employment. You may be worried about negative consequences if your current employer finds out about your Chapter 7 or Chapter 13 bankruptcy or that you will be denied employment from a potential employer. In most cases, you can rest assured that bankruptcy will not affect your current employment. The law prohibits your employer - government and private - from discriminating against you because … [Read more...]
Preparing for Your Initial Bankruptcy Consultation
At Charles E. Covey Law Firm, we take time to understand your unique financial situation in order to determine what is the best strategy for you, which may include Chapter 7 or Chapter 13 bankruptcy. The more we understand about your financial circumstances, the better we can help. When preparing for an appointment with a bankruptcy attorney, taking the time to gather your financial information will be helpful in determining the right strategy for you and your family. Providing pertinent … [Read more...]
Payments or Transfer of Property Prior to Filing Bankruptcy
Your financial activity prior to filing for bankruptcy protection may come under scrutiny with regard to payments made to certain creditors or the transfer of property. The clawback provision in bankruptcy allows a trustee to void transactions that are deemed preferential to certain creditors or recent transfers of property out of your name for the benefit of recovering that money and property for all of your unsecured creditors. In general, payments or transfers made within 90 days of … [Read more...]
What Property Can I Keep in an Illinois Chapter 7 Bankruptcy?
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...]
- « Previous Page
- 1
- …
- 16
- 17
- 18
- 19
- 20
- …
- 23
- Next Page »