July 2016 Archives

Credit counseling: What you should know

If you are thinking about filing for bankruptcy, you are not alone. Many people in Illinois and throughout the country have chosen to file for bankruptcy as a way to help them seek solace from overwhelming financial obligations when they have exhausted all other avenues. While there are several different types of bankruptcy to choose from depending on your personal financial situation, everyone who applies for this form of debt relief must complete an approved credit counseling course prior to submitting the required paperwork.

What is an automatic stay in a bankruptcy case?

If you feel overwhelmed by debt and are struggling to make ends meet, you may have considered filing for bankruptcy in Illinois. Not only can bankruptcy give you the opportunity to start fresh with your finances, it can also stop creditors from calling you and using other harassing tactics in an attempt to get their money. Once you have filed all of the proper paperwork in your petition for bankruptcy, the court will place an automatic stay on your case.

Bankruptcy concealment lands Illinois woman in hot water

Whether people in Illinois are filing for Chapter 7 bankruptcy or Chapter 13, they are legally required to put together a complete list of their assets and debts, according to the Illinois Attorney General. Assets include any bank account balances, family heirlooms, real estate, retirement plans, vehicles and expensive furnishings. Debts include bank loans, credit cards, mortgages, child support/alimony obligations and living costs. When people fail to disclose all of their assets, they can find themselves in legal trouble.

What is the role of a bankruptcy trustee?

When you are filing for personal bankruptcy, you will most likely be assigned a trustee. This person will have certain responsibilities based on whether you file for Chapter 7 or Chapter 13 bankruptcy in Illinois. These tasks will all revolve around what is known as the bankruptcy estate, or the property that you own at the time of the filing.

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