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Questions Answered by David Siegel
1 Answer | Asked in Bankruptcy for Mississippi on
Q: I was discharged from chapter 7 a little over a year ago and I kept my house is it to late to let my home go.
David Siegel
David Siegel answered on Dec 26, 2013

If you did not reaffirm the debt on your home, then you can surrender the property without penalty. This is simply because the debt was technically discharged in your bankruptcy case. You had the right to retain and pay until such time that you change your mind. You are off the hook as far as... Read more »

1 Answer | Asked in Bankruptcy for Illinois on
Q: I am owed money by a person who just filed bankruptcy. What questions may I ask when the hearing is.
David Siegel
David Siegel answered on Dec 26, 2013

You can ask general questions regarding the assets and liabilities of the debtor. If you want to ask further questions, you can bring a motion for a 2004 examination. That is a separate examination which you conduct on the debtor.

1 Answer | Asked in Bankruptcy for Illinois on
Q: Surrendered underwater home in Chapter 13; served by publication. Can they make a deficiency claim--no personal srvc?
David Siegel
David Siegel answered on Dec 26, 2013

No. They can only receive a deficiency judgment if you were actually served. By serving you by publication, they can only take an in rem judgment against the property. You are not going owe a deficiency if service was by publication only.

1 Answer | Asked in Bankruptcy for Illinois on
Q: In a Chap. 13 BK filing which includes a mortgage, is the total accumulated debt repaid, or under HAMP a new balance?

Home Affordable Mortgage Program(HAMP) allows principle and interest forgiveness. Is this correct?

David Siegel
David Siegel answered on Dec 26, 2013

If your mortgage was modified under HAMP, then you are only going to be paying back the amount of the new loan. Once the HAMP process is complete, you have effectively changed the amount of your loan.

1 Answer | Asked in Bankruptcy for Illinois on
Q: How many years do you have to wait to purchase property after you have done a short sell or a deed in lieu to the bank?
David Siegel
David Siegel answered on Dec 26, 2013

You can purchase property immediately after doing a short sale or a deed in lieu. If you are looking for financing, then you will have to wait at least one year, more commonly two years. It really depends upon your financial situation at the time that you apply for the loan.

1 Answer | Asked in Bankruptcy for Illinois on
Q: Is it true that if lender does not take car within year of discharge, I get to keep it?
David Siegel
David Siegel answered on Dec 26, 2013

No. The lender can repossess the vehicle if you fall behind on payments. The lender can act quickly or can decide to wait. You should not feel that you have cleared any hurdles simply because a year has passed since your discharge.

1 Answer | Asked in Bankruptcy for Illinois on
Q: My husb wants to claim bkr. We are sep for over 4 yrs.with me still here. Home in both names. How will this affect me?
David Siegel
David Siegel answered on Dec 26, 2013

Your husband's bankruptcy filing will not affect your liability on joint debts. However, your credit report may mention that the co-debtor filed for bankruptcy on the account. If you continue to pay your obligations, the creditors will continue to accept your payments. However, if you had a... Read more »

1 Answer | Asked in Bankruptcy for Illinois on
Q: My wife and I filed chapter 7. It closed on Feb 1, 2011. We would like to file a motion to remove lien on 2nd mortgage.

Chase owns both and we stopped paying 2nd mortgage four months ago. We got a computer generated form threatening foreclosure.

David Siegel
David Siegel answered on Dec 26, 2013

You have two hurdles to get over to accomplish removing the lien. First, you must bring a motion to reopen your bankruptcy case and pay the filing fee to do so. Second, you must prove that the lien impairs an exemption. It also will depend upon what type of lien it is. If it is a judgment lien,... Read more »

1 Answer | Asked in Bankruptcy for Illinois on
Q: How do I confirm that my mortgage was reaffirmed in my bankruptcy
David Siegel
David Siegel answered on Dec 26, 2013

To confirm that your mortgage was reaffirmed, you must check with the bankruptcy court to see if it was filed by the creditor. Simply agreeing to reaffirm or actually signing the agreement does not make it valid. It must be counter-signed by the lender and then timely filed with the court. I... Read more »

1 Answer | Asked in Bankruptcy for Illinois on
Q: Can I file for bankruptcy even though I am not behind on bills
David Siegel
David Siegel answered on Dec 26, 2013

You do not have to be behind on your bills to file for bankruptcy. Many clients are current on all of their bills, however, they are struggling to survive month to month. Once you have made a decision to file, you should stop making payments on debts that are going to be eliminated.

2 Answers | Asked in Bankruptcy for Illinois on
Q: Filed ch.7 in 2011 & want to add a debt i got in 2012. i lost my job due to injury can i add this to my ch.7?
David Siegel
David Siegel answered on Dec 27, 2013

No, you cannot add a post-petition debt. Thus, you are on the hook for the debt that you received after your filing in 2001.

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2 Answers | Asked in Bankruptcy for Illinois on
Q: Filling for modificatio for 2nd time should i look for legall assistance or should i continue with bank
David Siegel
David Siegel answered on Dec 30, 2013

You can certainly try to deal with the bank on your own. If you reach a point where you can no longer deal with it, then seek counsel to jump in an assist you. Often times, you can achieve a good result on your own.

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2 Answers | Asked in Bankruptcy for Illinois on
Q: If I file bankrupcy and choose to surrender property how long does it take for bank to take possesion. I am in IL?
David Siegel
David Siegel answered on Dec 28, 2013

It will depend upon the creditor and upon the type of property being surrendered. If the property is a home, then the foreclosure case must complete unless you sign a deed in lieu. If the property is a vehicle, then you can voluntarily return it or simply wait until discharge or modification of... Read more »

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3 Answers | Asked in Bankruptcy for Illinois on
Q: If you file bankruptcy, does a list get sent out to all the surrounding banks, etc?
David Siegel
David Siegel answered on Dec 26, 2013

No, a list does not get sent out to banks who were not listed as creditors in your case. However, when you apply for a loan, the bank will likely inquire as to whether or not you have filed for bankruptcy relief. It will also appear on your credit report for up to 10 years.

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2 Answers | Asked in Bankruptcy for Illinois on
Q: Do I need a Bankruptcy Lawyer?

I had a real estate business which was dissolved by the state. I had a business loan of $ 100,000 I filled for bankruptcy as a person and my debt was discharged. I still receive letters from the bank and from attorneys. Should I fill for bankruptcy or should I just apply for a voluntary dissolution... Read more »

David Siegel
David Siegel answered on Dec 26, 2013

If you want to bring the collection activity to an end, then I would recommend filing a Chapter 7 bankruptcy for the corporation.

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2 Answers | Asked in Contracts for Illinois on
Q: Can a person make a loan at higher than 9% in Illinois to another person, when secured by a mortgage on real property?
David Siegel
David Siegel answered on Dec 31, 2013

Yes, the loan can be higher than 9% without violating Illinois law.

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