Chicago Bankruptcy Basics Archives

Bankruptcy Basics: Means Test - "Under-Median" Debtors

If you have not done so already, please go back and read my June 6, 2012 blog entry entitled "Bankruptcy Basics: Means Test - A Basic Understanding".  That entry, as the title implies, gives you a basic overview of what the means test is and how it is calculated. In this entry, I am going to go through what it means to be an "under-median" debtor when you seek bankruptcy protection in the Chicago area. 

Bankruptcy Basics: Means Test - A Basic Understanding

One of the most significant and challenging changes to the U.S. Bankruptcy Code that was went into effect on October 17, 2005 was the implementation of the "Means Test" as a pre-requisite for filing for bankruptcy protection.  I am not going to get into the truly technical aspects of the means test, of which there are many, but rather seek to give you a basic overview of what it is.  To determine how the means test effects your ability to file for bankruptcy protection, you truly need to consult with an experienced Chicago bankruptcy attorney.

Chicago Bankruptcy Basics: Vehicles in Chapter 13

Some of the primary reasons that people file for Chapter 13 bankruptcy in the Chicago are involve their vehicles.  Whether it be to protect a financed vehicle from repossession, recovering a vehicle that has already been repossessed, reducing existing vehicle payments or protecting a paid in full vehicle that has more equity than what the Illinois exemptions can protect, vehicles drive a lot of Chapter 13 filings (I don't apologize for the pun).

Chicago Bankruptcy Basics: Vehicles in Chapter 7

This week's Chicago Bankruptcy Basics topic is vehicles in Chapter 7 bankruptcy.  It is not really relevant what type of vehicle we are talking about, be it an automobile, motorcycle, snowmobile, fishing boat or helicopter, as the basic bankruptcy theories surrounding vehicles is the same throughout Chapter 7.

Chicago Bankruptcy Basics: Personal Property

Today's Bankruptcy Basics topic involves the treatment of personal property when filing for bankruptcy protection in Chicago.  This post will not cover the treatment of vehicles, retirement funds, pending lawsuits or income tax refunds, as these specific items are worthy of their own entries, which will follow in the near future.  In bankruptcy, the concept of personal property basically includes everything that you own that is not real estate.  Money in the bank, furniture, clothing, life insurance policies, and all of your "stuff" is included in the general category of personal property. 

Chicago Bankruptcy Basics: Real Property in a Chapter 13 bankruptcy.

Chicago Bankruptcy Basics: Real Property in a Chapter 13 bankruptcy.  In bankruptcy, the term real property refers to any "chunk of dirt" that the filer has any legal interest in.  In most Chapter 13 cases, this is limited to the residence of the filer, but it often includes one or more investment properties, time shares, cemetary plots and jointly held pieces of real estate.  How these pieces of real property are treated within a Chapter 13 bankruptcy depend greatly on the type of property it is, the value, the amount owned and how much debt, if any, is owed on the property.

Chicago Bankruptcy Basics: Real Property in a Chapter 7 bankruptcy.

Chicago Bankruptcy Basics: Topic: Real Property in a Chapter 7 bankruptcy.  Owning real property, in it's most simple definition, is holding a legal interest in a piece of real estate.  For most people filing for Chapter 7 bankruptcy in Chicago, this is limited to their home.  It does include, however, an investment property, vacant lot, time-share, cemetary plot, etc.  As we say, owning any chunk of dirt anywhere in the world qualifies as owning real property.

Chicago Bankruptcy Basics: Household Income

As was discussed in the previous Chicago Bankruptcy Basics post, budget can play a big role in determining if bankruptcy is the right option to pursue.  The last Chicago Bankruptcy Basics post discussed the expense side of the equation and how all expenses in the household must be considered when evaluating the available bankruptcy alternatives.  Now we will turn to the household income side of the budget.

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