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Illinois Bankruptcy Questions & Answers
1 Answer | Asked in Bankruptcy for Illinois on
Q: Filed bankruptcy on March 30th. Would I get the stimulus or will it go to the trustee? It is a chapter 7.

It would be considered post petition. I filed on my own so I am trying to get information.

Timothy Denison
Timothy Denison
answered on Apr 6, 2020

Stimulus check should go to you.

2 Answers | Asked in Bankruptcy for Illinois on
Q: I have already filed chapter 7 will I get to keep the stimulus check?

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

Timothy Denison
Timothy Denison
answered on Apr 5, 2020

Yes

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1 Answer | Asked in Bankruptcy for Illinois on
Q: I'm in chapter 13 and I'm in retirement, irs is in the chapter 13, do I still have to fill out a simple form for irs to

To send a stimulus check?

Timothy Denison
Timothy Denison
answered on Apr 2, 2020

If you didn’t file in 2018 ir 2019, then yes, you do.

1 Answer | Asked in Bankruptcy and Divorce for Illinois on
Q: Divorced 12/19. In divorce I was granted the 2013 F350 pickup. My ex filed bankruptcy on this truck. Is that legal
Timothy Denison
Timothy Denison
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.

1 Answer | Asked in Bankruptcy, Consumer Law, Civil Litigation and Collections for Illinois on
Q: Memorandum of Judgement?

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?

Timothy Denison
Timothy Denison
answered on Mar 9, 2020

They’re asking to court to grant the judgment because there are no material facts in dispute.

1 Answer | Asked in Bankruptcy for Illinois on
Q: I have 2 cc's with my soon to be ex. After divorce final, does she get dinged by my filing chp 7?

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.

Timothy Denison
Timothy Denison
answered on Mar 4, 2020

She doesn’t get dinged unless you or she does not pay the bill.

1 Answer | Asked in Bankruptcy and Collections for Illinois on
Q: I have about $50k in CC debt judgments. What can/will they try to collect from me?

Married, Live in IL, self employed for apx $35k/yr. Part time about $150/wk. Main income comes via 1099 contract work. Part time is a traditional paycheck. Business is service based with no assets and is handled as a disregarded entity for taxes. All debts are in my name only. We own a house that... View More

Timothy Denison
Timothy Denison
answered on Feb 24, 2020

Check the Illinois exemptions and you can determine how much allowance you have for each category. After your exemptions are used, whatever is left over is non-exempt and can be taken.

1 Answer | Asked in Bankruptcy for Illinois on
Q: Should i continue paying credit cards etc while preparing bankruptcy filing
Timothy Denison
Timothy Denison
answered on Feb 22, 2020

Depends on whether you’re filing a Chapter 7 or 13. Consult your bankruptcy attorney for specifics.

1 Answer | Asked in Bankruptcy for Illinois on
Q: Am I allowed to keep open any low balance credit cards...examples - 1. care credit - used for pet care

$200 balance - $2500 limit

#2 menards - $300 balance $2500 limit...used for emerge like fridge or oven

Timothy Denison
Timothy Denison
answered on Feb 22, 2020

Yes. You can.

2 Answers | Asked in Bankruptcy and Tax Law for Illinois on
Q: Dear sir I have submitted gradually a lot of money to my friend account in USA. Now i want to transfer this money to

Out of USA.But they say i should pay tax.

How can i transfer this money?

Bruce Alexander Minnick
Bruce Alexander Minnick
answered on Feb 20, 2020

If your "friends" has the money you may be out of luck. This is why no one should "submit" money to anyone withou some assurances about how to get it back.

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1 Answer | Asked in Bankruptcy for Illinois on
Q: I am in a chapter 13 bankruptcy and now looking to get a new apartment. can I use a lease guarantor company (co-signer)

Bankruptcy for going good and ok on paying rent with current apartment just looking for lower rent. No prior evictions

Timothy Denison
Timothy Denison
answered on Feb 3, 2020

You should obtain permission from the court before you incur any. Ew debt or indenture. It will probably be granted but you should get permission first.

1 Answer | Asked in Bankruptcy for Illinois on
Q: I have a auto lease and it's probably going to be repossessed.

Would I be better off to turn it in? If I filed chapter 7 does it make any difference if I do it before repossession or after?

Timothy Denison
Timothy Denison
answered on Feb 3, 2020

If it is repoed before filing, you can list them as a creditor, file, and simply walk away. If it is after, the creditor must seek leave of court to terminate the stay and get the auto.

1 Answer | Asked in Bankruptcy for Illinois on
Q: I am in need of filing bankruptcy for credit card and installment/personal loans. I have substantial student loans

with a cosigner. I know the student loans cannot be discharged. If I file for bankruptcy on my other debt, will it affect my student loans (make them default) and in any way harm my cosigner and the cosigner's credit?

Timothy Denison
Timothy Denison
answered on Nov 20, 2019

No. Not as long as you continue to pay the student loans as agreed.

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
PREMIUM
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... View 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... View 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.

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