I am a sole proprietary business owner and married. I started my home business in August of 2019 and I work another job. The business has taken a hit due to COVID because most of the income is generated in-person sales. I was thinking of filing a chapter 7 but I was unsure how that could impact... View More 
answered on Aug 3, 2020
In Illinois a homeowner is entitled to an exemption for their home. The exemption amount is $15,000 per person - so $30,000 if a married couple (assuming both spouses file). Since you are married, if you have more than $30,000 in equity, then you may have issues. If you have less than $30,000 in... View More
answered on Jul 9, 2020
They can if it does not conflict with the original creditors interests.
Commercial property with a market value of 1.8 -2.0 Mil . Have 1st $ 2nd Mortgages for 1.5 Mil. Have a lien from a lender who used it as collateral for 1.2 Mil.
I can afford the 1st & 2nd mortgages. If I have to pay a lender who used the property as collateral do they need to be... View More
answered on Jul 6, 2020
To keep property you will have to pay all three liens. The third may be avoidable to a degree. Consult a qualified bankruptcy attorney
in an attempt to get away from the drugs and get a job that would allow me to keep the car i moved to a different state and while in the other state the cars ecu blew up while i was driving and i didnt have insurance on the car yet then the bank had it repoed and told me it was a blown up motor... View More
answered on Jun 10, 2020
You can negotiate with the creditor to resolve it. Offering a lump sum payment as resolution might go a long way to settling it. If not, your only other option is bankruptcy.
I am a banquet hall business owner. My bank has refused to give me relief on mortgage payments because I was already behind 2 payments due to the increase in property taxes in the county. The bank has filed for foreclosure during covid and intends to appoint a receiver in June 2020. At this point,... View More
answered on May 18, 2020
I can't tell from your facts if you are facing a business bankruptcy, a personal bankruptcy or both. However, it sounds like you need a mechanism to stop the litigation and to liquidate debts in an orderly fashion. That is one of the functions of a bankruptcy case. I need to know more about... View More
still have the title until I completely pay the bankruptcy off, but I have been recently in a minor accident and the insurance company wont pay me unless I have a lienholder release form. Will I be able to get that since the car is paid off eventhough the bankruptcy isnt?
answered on May 15, 2020
You should be able to, yes. Consult the trustee on your case and tell him what has happened.
It has past late charge fees and past other fees. I filed in 2009 and never got a statement like this before. What does this mean? It also states our records show I I’m a debtor or I discharged personal liability for my mortgage loan in bankruptcy
answered on Apr 25, 2020
The bankruptcy administration finally caught up to the mortgage. The accuracy of how they are reporting you depends on whether you reaffirmed the mortgage or not.
Divorce final 12-2018. Ex wife who lives in Tennessee filed bankruptcy on truck I was awarded in divorce. Her name was supposed to be court ordered off title but that didn't get put in divorce so it didn't happen. I was never notified. It went into bankruptcy in April of 2019. I recently... View More
answered on Apr 25, 2020
You should contact a bankruptcy attorney who can evaluate the entire financial and divorce action and help you decide what your best option is going to be.
The bank just now (in 2020) notified the trustee In January 202 of non payment. As of now I still have possession of the vehicle. I have not been notified by the trustee regarding the past non payment. I continue to pay my monthly 13 plan payment however, I still have not made any payment regarding... View More
answered on Apr 14, 2020
You will need to modify your Chapter 13 plan to provide for payment of the auto or you can surrender the car and leave the plan payment as it is.
Or do I have to assume the loan first
answered on Apr 14, 2020
A debtor's assets in bankruptcy include property received by bequest, devise or inheritance. Please review section 541 of the bankruptcy code before making any decisions. If you are inheriting the house and there is equity, you need to analyze how that equity is treated if you file for... View More
Just wondering should I not spend it just in case the trustee asks for it. Also read that if they are going to take it they have to report it to the us trustees office. I just want to use the money as it was intended to help pay my bills and put food on the table.
answered on Apr 13, 2020
It is not income to you and you should be able to spend it on your bills, expenses, etc. you should check with your bankruptcy attorney but most of the trustees are not pursuing the stimulus checks.
My friend was told by his lawyer the stimulus would be taken by his trustee. I have read all the other questions relating to chap 7 and the stimulus and not counting as income. My friend filed on the 29th and I filed on the 28th of March by myself. Maybe it depends on the trustee. I just thought... View More
answered on Apr 9, 2020
Yes, if you do not have an attorney. If you have a lawyer, the trustee can only speak with him, not you.
It was a chapter 7. I see the provision for chapter 13 where it says the stimulus would go to the debtor but is there something for chapter 7 as well. stimulus is considered to be part of my bankruptcy estate. So I'm reading it can be taken by the trustee to satisfy creditor debts. My question... View More
There are a few provisions under the cares act for chap 13 but I don't read anything for chap 7 saying that the stimulus is safe from the trustee. Is there something that specifically says I will get to keep the stimulus so I can cite it if the trustee brings it up. When I filed I had 3100 in... View More
answered on Apr 7, 2020
No. The stimulus check should not be part of your bankruptcy estate as it is not income so if you otherwise qualify, you should get the check.
It would be considered post petition. I filed on my own so I am trying to get information.
There is so much information out there that is very confusing. I filed on March 31st. From what I have read it can't be taken to pay creditors which is ultimately the job of the bankruptcy trustee
To send a stimulus check?
answered on Mar 28, 2020
It is but he will still have to pay for it bc it is a non-dischargeable domestic obligation of support. Hire a bankruptcy lawyer to go in and get it for you. You can likely recover your attorney fees in the divorce action.
I have a judgement against me in a civil suit for credit card debt. They just filed for a Memorandum of Judgement. What does this do for the case going forward?
answered on Mar 9, 2020
They’re asking to court to grant the judgment because there are no material facts in dispute.
I want to know also if I can come off the credit card so she can keep cc's without anything happening to her credit score and report.
answered on Mar 4, 2020
She doesn’t get dinged unless you or she does not pay the bill.
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