Tag Archives: Chicago Bankruptcy Lawyers
Keeping Your House, Cars, And Cash In An Illinois Consumer Debt Relief Action
No one can turn back the hands on the clock to that point in time when people had no debt. But bankruptcy does the next best thing. These voluntary petitions discharge most unsecured debts, such as credit cards and medical bills, and create a protected repayment period of up to five years which allows… Read More »
Bankruptcy Case Filings Reach 10-Year Low
Fewer people filed bankruptcy in the year ending in September 2017 than in any other year since 2007, but many observers think there may be bad financial news on the horizon. Low interest rates may be the main reason that bankruptcy filings for fiscal 2016 decreased 1.8 percent. With these low rates, many distressed… Read More »
3 Dischargeable Debts In Bankruptcy
In the words of several Supreme Court Justices, the Bankruptcy Code is designed to give the “honest but unfortunate debtor” a fresh start. This label applies to almost all the voluntary bankruptcy petitioners in Illinois and Indiana. Since it would be impossible to get this fresh start with unpaid accounts still hanging over the… Read More »
Some Key Pre-Bankruptcy Steps
Many financial events, such as investments, largely depend on timing to determine success or failure. Bankruptcy is much the same. If a Chapter 7 or Chapter 13 is filed too early, it can feel like using a flamethrower to kill a housefly. If on the other hand the voluntary petition is filed too late,… Read More »
Exempting Houses And Cars In Illinois Bankruptcies
Whether the voluntary petition is filed under Chapter 7 or Chapter 13, most all common consumer assets are exempt in Illinois, meaning that debtors rarely, if ever, must forcibly surrender their property to the bankruptcy trustee (person who oversees the case for the judge). Bankruptcy protects assets to help fulfill the law’s mission of… Read More »
A.D.K. Arms Files Bankruptcy
Aggressive debt collection tactics may have forced the firearms manufacturer into bankruptcy. Do ordinary people file bankruptcy for the same reason? A.D.K. and its affiliate company, Advanced Precision Manufacturing, Inc., sought Chapter 11 bankruptcy protection almost simultaneously, apparently because Midwest Community Bank was attempting to collect on a $3.9 million loan and the company… Read More »
Bankruptcy And Consumer Credit Reports
TransUnion and Equifax Information Services violated the Fair Credit Reporting Act by posting erroneous information on a post-bankruptcy credit report, according to court documents filed in an Illinois federal court. Mary Ahlers, of East St. Louis, says that the credit reporting companies recorded some debts as delinquent, as opposed to discharged, even after she… Read More »
Bankruptcy Filings Dip Slightly
According to the latest government statistics, distressed debtors have less money, owe less money, and are filing fewer voluntary bankruptcy petitions than they were a year ago. Nationally, consumer filings dropped 6 percent in the latest filing tally. The average debtor had a $2,668 monthly income to pay $2,590 in monthly expenses. In 2015,… Read More »
Casino Remains On Track To Exit Bankruptcy
In much the same way that consumers deal with debts in a Chapter 13 bankruptcy, Caesars Entertainment Corporation hopes that Chapter 11 will give it a fresh start. The company announced that about 90 percent of shareholders approved a merger between Caesars Entertainment Corporation, the bankrupt entity, and Caesars Acquisition Company. The merger is… Read More »
Post-Filing Activity In An Illinois Bankruptcy
Nearly five years after the buy-sell-trade company filed bankruptcy, the trustee is still seizing and selling THR’s assets. After locating a 2001 Chevrolet Suburban that belonged to the bankrupt company, the trustee almost immediately filed a motion to sell it at auction. Various state and federal agencies hold millions of dollars in liens against… Read More »
