Many people will file Chapter 13 bankruptcy to stop home foreclosure. Rather than liquidate your debts through a Chapter 7, a Chapter 13 allows you to restructure or reorganize your debts while protecting your assets. However, sometimes people are not in a financial position to continue to make payments on their home and may have no equity, so they may decide to file a Chapter 7 and walk away. The filing of a Chapter 7 “liquidation bankruptcy”, stops a pending home foreclosure while the … [Read more...]
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Should I File a Chapter 7 or Chapter 13 Bankruptcy?
Chapter 7 and Chapter 13 are the two main bankruptcy options available to people overrun by consumer debt. Before we look at the differences between the bankruptcies, there are two important terms to understand when considering bankruptcy: Unsecured debt and secured debt. Differences Between Secured and Unsecured Debt in a Bankruptcy Unsecured debt means that someone loaned you money without a lien. Credit cards and student loans are good examples of unsecured debt, because there's nothing … [Read more...]
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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...]
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Peoria Debt Collection Protection
For many people struggling financially, it is easy to get behind on paying bills such as credit cards, car payments or mortgages. If these debts remain unpaid for a period of time, a company or debt collection agency can initiate a lawsuit against a debtor to collect the money owed. If they receive a judgement, they can, and often do, take steps to collect the debt by garnishing wages or attaching a lien to your unexempted property. If you are falling behind, there are a few strategies you … [Read more...]
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Keeping the Essentials – Your Home and Car in Bankruptcy
A Chapter 7 bankruptcy, otherwise known as a liquidation bankruptcy, wipes out debt completely and appeals to many who cannot afford to pay their bills. But what about people who have non-exempt property that they do not want to give up? Chapter 13 is a reorganization bankruptcy and offers an opportunity for debtors to keep their property by agreeing to make monthly payments toward their debt over the course of three to five years. Chapter 13 bankruptcies may allow you to restructure your … [Read more...]
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