When an individual files a chapter 7, 11 or 13 bankruptcy, collection efforts stop under an automatic stay. Any collection activity against the debtor and the debtor's bankruptcy estate is off limits as the process moves forward. The bankruptcy estate is comprised of interests of the debtor including, but certainly not limited to, tangible property such as a home, car and cash, or in cases where a bankruptcy filer owns a business, may also include inventory, accounts receivable, unpaid … [Read more...]
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Homestead and Wildcard Exemptions in an Illinois Bankruptcy
In an Illinois bankruptcy you may keep an exempt amount of equity in your home. An individual filer can protect up to $15k of equity in their homestead. If married, filing jointly, a couple may combine their homestead exemption up to $30k. If your equity does not exceed the exemption and you are current on your mortgage and are able to continue your payments, you may be able to keep the home in a bankruptcy. Can I use the wildcard exemption in to increase my homestead exemption? The wildcard … [Read more...]
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Bankruptcy Solutions for Wage Garnishment & Bank Levies
Both private creditors and government agencies can use bank levies and wage garnishment to collect a debt. Private creditors need to obtain a court judgment to garnish someone's wages --- a government agency such as the IRS, the Department of Education, or family courts will do the same to levy a bank account to recover unpaid taxes, defaulted student loans, or past due child support respectively. How Can Bankruptcy Help? The Automatic Stay If you are already stretched financially, having … [Read more...]
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Student Loan Debt Collection Under Scrutiny
Millions of dollars of private student loans made over a decade ago by lenders such as Bank of America and JPMorgan Chase were later sold as debt to investors, who are now in hot water for illegal and abusive collection practices that may result in consumers receiving a refund. In fact, one of the nation's largest holders of private student loan debt, the National Collegiate Student Loan Trusts, has been ordered to give back millions of dollars to borrowers and cease many collection … [Read more...]
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Bankruptcy’s Automatic Stay Keeps Creditors at Bay
If you are facing an eminent home foreclosure or fear your car will be repossessed any day, it is possible to stop creditors from acting by filing an emergency petition. Filing an emergency petition will result in a federal court order called an 'order for relief/automatic stay' which can protect you from certain actions by your creditors. The emergency petition requires less initial documentation to expedite the process, but you will need to submit a complete filing within a specified time … [Read more...]
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