Many have seen the commercials for credit counseling services and ask, what is the difference between credit counseling and bankruptcy protection? Credit Counseling Services With so many struggling to pay their bills, credit counseling services have popped up across the nation offering to help people consolidate their debt into one or more affordable payments. This approach involves paying a credit counselor to reach out to your creditors to reach a new repayment plan - something an … [Read more...]
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Possible Exempt Property in a Chapter 7 Bankruptcy
If you are filing for bankruptcy in Illinois, the law allows you to keep certain personal property, excluding them from the bankruptcy. In a chapter 7 bankruptcy, property that is not exempt is sold by the trustee who will then use the proceeds to pay off the filer’s debt. When someone is considering bankruptcy, it is helpful to have a general idea of what property is exempt for planning purposes - working with an experienced bankruptcy attorney can provide individuals and families with … [Read more...]
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Illinois Bankruptcy Homestead Exemption | Tenancy in the Entirety
When filing for bankruptcy in Illinois there are a number of bankruptcy exemptions available, including the homestead exemption, which is a particular interest to home owners hoping to retain their domicile. Illinois Bankruptcy Homestead Exemption Under the Homestead Exemption, a homeowner is able to exempt up to $15,000 of equity on their home or other property used as a residence. That amount doubles to $30,000 for couples filing jointly. The Illinois statute has a special provision for … [Read more...]
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Understanding Bankruptcy Protection
When someone finds themselves with too much debt making it difficult to meet their financial obligations, they may consider bankruptcy protection. Bankruptcy is a court process that can provide protection from creditors. The two main types of bankruptcy a debtor can consider are Chapter 7 and Chapter 13. Illinois Chapter 7 Bankruptcy Protection Chapter 7 Bankruptcy, sometimes referred to as a debt liquidation bankruptcy, can help debtors to discharge or cancel debt such as medical bills or … [Read more...]
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Irrevocable Trusts in a Bankruptcy
After an individual files for bankruptcy, the court will assign a trustee to the case. The job of a trustee is to make payments to creditors with liquidated assets in a Chapter 7 bankruptcy or make payments to creditors as arranged through a chapter 13 settlement agreement. In both Chapter 7 and 13 bankruptcies, certain property is protected from the process known as bankruptcy exemptions. Typically these include exemptions for a home, automobiles and retirement accounts. When it … [Read more...]
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