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Illinois Bankruptcy Questions & Answers
2 Answers | Asked in Bankruptcy and Consumer Law for Illinois on
Q: I have credit card debt under $15,000, disposable monthly income of $200, and a home. What bankruptcy should I file?

I have credit card debt under $15,000, disposable monthly income of $200, and a house that was given to me that appraises at $48,000 that I wish to keep. And I have no other assets of value over $1,000. What bankruptcy chapter should my attorney file? A chapter 7 or chapter 13?

Stuart Nachbar
Stuart Nachbar answered on Nov 1, 2019

You should file a chapter 13, but I do not think that your disposable monthly income is enough to payoff enough of the debt to keep the house

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1 Answer | Asked in Bankruptcy and Consumer Law for Illinois on
Q: If I only have 1 unsecured debt of $13,000, but disposable monthly income of $168.00, what bankruptcy should I file?

If I only have 1 unsecured debt of $13,000, but disposable monthly income of $168.00, what bankruptcy should I file? A chapter 7 or chapter 13? Or just negotiate with the creditor for a pay-off amount? I forgot to add that I have no assets of value over $1,000

Timothy Denison
Timothy Denison answered on Oct 31, 2019

Chapter 7

1 Answer | Asked in Bankruptcy for Illinois on
Q: can creditors take my social security

im trying too file bankruptcy and only get social security

Timothy Denison
Timothy Denison answered on Oct 29, 2019

No. Creditors can not take your social security.

1 Answer | Asked in Bankruptcy and Contracts for Illinois on
Q: In a chapter13 there's a 3 yr and 5 yr commitment period. What's the pros and cons of requesting a 3 yr modified to 5

Is there a nonstandard provision for this motion to modify from a 3 yr to 5 yr

Timothy Denison
Timothy Denison answered on Oct 28, 2019

There can be any number of months plan period up to 60 months. Three years (36 months) gets it paid two years sooner than 60 months but the paymentS are higher. And vice versatility.

2 Answers | Asked in Bankruptcy and Real Estate Law for Illinois on
Q: what is the homestead exemption in illinois if there is 4 names on the deed? I know illinois allows $15,000 for single

what is the homestead exemption in illinois if there is 4 names on the deed? I know illinois allows $15,000 for single and $30,000 for married, but it doesnt really specify for too much of anything else

Kori Maria Bazanos
Kori Maria Bazanos answered on Oct 26, 2019

735 ILCS 5/12-901 provides that "If 2 or more individuals own property that is exempt as a homestead, the value of the exemption of each individual may not exceed his or her proportionate share of $30,000 based upon percentage of ownership." This Section further provides that it" is not applicable... Read more »

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1 Answer | Asked in Bankruptcy and Landlord - Tenant for Illinois on
Q: If I cant negotiate with the judge, would Chapter 7 , a bankruptcy stall her eviction if negotiation fails? or What woul

She faces a judgement of over $4,000 for failure to pay rent, but she has evidence she paid partial, and she is on SSDI. Her landlord raised the rent from $625 to $650, she has not had any repairs done on her apt as she had requested. Judge said to come with evidence and or a witness to help her... Read more »

Timothy Denison
Timothy Denison answered on Oct 5, 2019

A bankruptcy would delay her eviction for a while. The judge has no discretion to allow her more time. There is no negotiation with the judge. The only question to be answered is whether or not the rent has been paid.

2 Answers | Asked in Bankruptcy, Family Law and Child Custody for Illinois on
Q: I owe my child custody lawyer over 16k... can i file for bankruptcy, either chapter 7 or 11 ti wipe out this debt?

Ive paid over 8k. I have nothing left

Timothy Denison
Timothy Denison answered on Sep 7, 2019

Yes. Chapter 7 could wipe it out.

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1 Answer | Asked in Bankruptcy for Illinois on
Q: Can I give my brother a car after he filed Chp 7 in Illinois without it adversely affecting his eligibility?

If gift of car does not cause a problem, is there a recommended time to do so- such as after his meeting? Does he have to notify the court upon receipt of the gift? What steps do we need to take to ensure he doesn't mess-up his eligibility? Thanks.

Timothy Denison
Timothy Denison answered on Aug 30, 2019

Yes you can give it to him. No, youdonot have to notify the Court. Simply transfer the car into his name.

2 Answers | Asked in Bankruptcy for Illinois on
Q: Is there any possible way to successfully discharge student loan debt in a bankruptcy or is it nondischargeable?
Cristina M. Lipan
Cristina M. Lipan answered on Jul 12, 2019

If you can be found disabled by social security, otherwise not really.

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1 Answer | Asked in Bankruptcy for Illinois on
Q: As of right we have called the bank and they have it in the bankruptcy section. Is this going to affect us?
Timothy Denison
Timothy Denison answered on Jul 8, 2019

Should not so long as you keep making the payments.

2 Answers | Asked in Bankruptcy for Illinois on
Q: What happens to a credit score of a second signer on a car if the first signer files bankruptcy?

Father in law was the main signer on our car. He has filed bankruptcy and my husband was the second signer. What happens to my husbands credit score if they end up taking the car in the bankruptcy?

Timothy Denison
Timothy Denison answered on Jul 8, 2019

You will have the option of continuing to pay and keeping the car even though the main signer filed bankruptcy. As long as you continue to pay for the car, husbands credit will not be affected.

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1 Answer | Asked in Bankruptcy for Illinois on
Q: Should I have been listed in my ex wifes bankruptcy?

Ex wife filed bankruptcy but did not list me on a joint mortgage. She listed herself as sole owner, I was awared the home in our divorce and have lived here for 5 years (she refuses to quit claim like ordered and I cannot refinance at this time)

Should I have been listed as also owning the... Read more »

Timothy Denison
Timothy Denison answered on Jul 7, 2019

Yes. You should have been listed as a codebtor and creditor. Hire a competent bankruptcy attorney to rvaluate you options and protect your interest.

1 Answer | Asked in Bankruptcy for Illinois on
Q: My mother has recently filed chapter 7. She has paid on a life insurance policy covering my father,

And he has more recently passed. She is listed as primary and I am listed as contingent beneficiary. Is there any way I can fight to keep the proceeds of the policy from becoming property of her bankruptcy estate? We have located a spendthrift clause within the insurance policy but are unsure of... Read more »

Timothy Denison
Timothy Denison answered on Jun 12, 2019

You need to have an attorney RE ire the policy, probably her bankruptcy attorney. You may be able to exempt some or all of the policy.

2 Answers | Asked in Bankruptcy and Collections for Illinois on
Q: debt collection

ok i have old balance since 2012 debt with protofollio recovery,i got garnished where lawyer fees and 75$ garnishment fee included so its exceded 15% of my pay check,yet after 7 month of garnishment i got fired,then after a year this protofolio recovery wants to start again with the same balance... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on May 9, 2019

This question (or rather, these questions) are to complex and convoluted for anyone to make sense out of. I suggest you get someone to help you compose a legible explanation in chronological order, eliminating unnecessary commentary and then post it as a new question(s).

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2 Answers | Asked in Bankruptcy for Illinois on
Q: Can I have my chapter 13 dismissal because of a missed tax form reinstated
Ray Choudhry
Ray Choudhry answered on Apr 16, 2019

"missed tax form reinstated"

What do you mean.

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3 Answers | Asked in Bankruptcy for Illinois on
Q: You: Hello. I filed for chapter 7 in March but filed my 2015,2016,2017 ammendment from IRS. What happens to the money..

Im expexting over 6k back

Timothy Denison
Timothy Denison answered on Mar 31, 2019

If you have exemptions left, you may protect some or all of it with your exemptions. If not, the trustee will likely distribute it to your unsecured creditors. You should discuss this with your babktmruptcy attorney immediately.

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2 Answers | Asked in Bankruptcy for Illinois on
Q: Personal Bankruptcy Question

My wife and I found ourselves in a considerable amount of debt in the last year because I had to take time off from my job and recuperate from surgery that I had. We just couldn't keep up with everything with the small amount of income that was coming in. We tried to do the right thing and create a... Read more »

Ray Choudhry
Ray Choudhry answered on Mar 29, 2019

What you did was give away an asset that belonged to you prior to filing bankruptcy.

Giving away the house is no different than giving away money or stocks and bonds.

The Trustee has a right to get that house back and sell it to pay the creditors.

The Trustee won't have to...
Read more »

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1 Answer | Asked in Bankruptcy and Foreclosure for Illinois on
Q: How long do I have if I'm being ejected from my house that got foreclosed on I just found out on this site.
Timothy Denison
Timothy Denison answered on Mar 16, 2019

It can vary from 30 to .180 days

2 Answers | Asked in Bankruptcy for Illinois on
Q: Can I file after the sell of mortgage free home approx a year ago? Home was sold to son for fair market value.

We used money from sell of home to pay debt, work on and furnish a home we have financed. We are buried in debt now and went from 2 job household to one job household. We could afford pmts on home the house and a vehicle and that is it.

Timothy Denison
Timothy Denison answered on Mar 2, 2019

If you sold it to your son for the true market value, the answer is yes. However, if it was not a legit arms kength transaction, you should not file before consulting a competent bankruptcy attorney.

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