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Richard George Fonfrias
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Richard Fonfrias’s Answers

22 total

  • I have lost my job and considering filing for bankruptcy, would I be able to keep my house

    I was terminated in Feb. 09 by my employer after almost 8 years. I'm now collecting unemployment. My wife makes approx. $25K / year. I've been unsuccessful at finding a new job and I'm not optimistic I'll get anything anytime soon. Soon unemplo...

    Richard’s Answer

    The bankruptcy laws are designed to allow a fresh start. A fresh start would be impossible if you would lose all your property. The fact is that most people don't lose anything in their bankruptcy. The bankruptcy law allows the State government to decide what property is protected for bankruptcy cases filed in its state. In Illinois, you are allowed to keep most personal and household property, equity in your home up to $15,000 per person, some equity in a car, most retirement plans, and many tools of the trade.

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  • Can you still collect a judgement against someone who's going bankrupt?

    I have a settlement awarded to me for an accident, but the defend is stating he is going bankrupt, will i be able to collect on my judgement that was awarded to me for my damages.

    Richard’s Answer

    Probably not. once filed, a bankruptcy, immediately stops actions against debtors by creditors, collection agencies and other entities. By trying to collect your judgment you would be a creditor, and would need to hire an attorney to get relief from stay to pursue your judgment. You will need to file a claim.

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  • Do I need to even file Chapter 7?

    I have 20grand in credit card debt, one summons was served out of four of the credit cards. I have been unable to work for over two years and I am applying for full disability. I have no assets, home, car anything. I owe nothing but the debt o...

    Richard’s Answer

    Making payments you can't afford to make is money down the drain. Coming up with a few dollars to keep bill collectors happy puts you under a lot of stress. This temporary fix quickly overwhelms you because there are not enough dollars to keep all your bill collectors happy.

    Since you've been unable to work for over two years, have no assets, and have been served with a summons you should consider filing.

    www.chicagomoneylawyer.com

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  • I have hospital bills of $30,000. i have no job and little money. All I have is my house, can they take my house?

    the house is paid for and worth $260,000. Ihave $3,500 in the bank.

    Richard’s Answer

    The bankruptcy laws are designed to allow a fresh start. A fresh start would be impossible if you would lose all your property. The fact is that most people don't lose anything in their bankruptcy. The bankruptcy law allows the State government to decide what property is protected for bankruptcy cases filed in its state. Each state has exemptions that allow you to keep most personal and household property, equity in your home, some equity in a car, most retirement plans, and many tools of the trade.

    www.chicagomoneylawyer.com

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  • Does bankruptcy will take my house away?

    I paid off my house and it worth about 300k (I am in Florida). my friend and I are join owner for a Jimmy John sub franchise in Las Vegas, NV. We signed 10 yrs lease for the space. If down the road and we are bankrupt (big dept, still have ma...

    Richard’s Answer

    The bankruptcy laws are designed to allow a fresh start. A fresh start would be impossible if you would lose all your property. The fact is that most people don't lose anything in their bankruptcy. The bankruptcy law allows the State government to decide what property is protected for bankruptcy cases filed in its state. each state has exemptions that allow you to keep most personal and household property, equity in your home, some equity in a car, most retirement plans, and many tools of the trade.

    www.chicagomoneylawyer.com

    See question 
  • I received a summon on foreclosure on my property; however, i am talking to the bank to get this resolved. what do i answer?

    should i agree with everything on the summons and let them know i'm working with teh bank to get this resolved?

    Richard’s Answer

    The summons is the start of the foreclosure process. I would immediately seek counsel to help you determine if you have any defenses to the suit.

    www.chicagomoneylawyer.com

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  • What are my options for corporate bankruptcy and will I be personally liable for corporate debt?

    I'm the owner of a trucking business consisting of 1 truck. I'm incorporated. Work has come to a halt and I can't pay the loan, and credit card debt is piling up. Without work Chapter 11 is not an option. The only debt is the loan and credit cards...

    Richard’s Answer

    Options for a business include Chapter 11, Workouts with creditors, and Assignments for the benefit of creditors. If you personally guaranteed the business debt, you will be personally liable until it is paid, or discharged in a bankruptcy.

    If the business has come to a halt, you should consider dissolving the business, and do a personal Chapter 7.

    www.chicagomoneylawyer.com

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  • Can a non U.S. citizen, here on h2a visa, file for bankruptcy for large medical debts

    I am working in USA on H2A Visa (Migrant laborour) I was admitted in hospitaal during 2008 and are now facing a bill for $9600-00 which I cannot pay. During admition I did tell staff at hospital I cannot pay and insurance did say that they would...

    Richard’s Answer

    An illegal alien can file bankruptcy. But, you must have proper identification and documentation requested by the trustee in your case. Medical bills are dischargeable in bankruptcy.

    Section 109 makes no mention of legal status as a requirement to be able to seek bankruptcy protection.

    www.chicagomoneylawyer.com

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  • US citizen married to a illegal immigrant, needs to file bankruptcy can it be done?

    I am married with a illeagal immigrant with no proof of entering the United States, I had a bad experience with co-signing for a 2008 Nissan Titan. My credit was more than enough to do the job. long story short i turned out to be the actual owner ...

    Richard’s Answer

    Regarding the illegal alien aspect of your question I can say that an illegal alien can file bankruptcy. But, you must have proper identification and documentation requested by the trustee in your case.

    Section 109 makes no mention of legal status as a requirement to be able to seek bankruptcy protection.

    www.chicagomoneylawyer.com

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  • Illegal aliens and bankruptcy...

    My fiancee is in a bind financially and thinking of filing for bankruptcy. He is an illegal alien who overstayed his visa. We are getting married at the end of the year and I was wondering if his bankruptcy could affect my ability to request his l...

    Richard’s Answer

    An illegal alien can file bankruptcy. But, you must have proper identification and documentation requested by the trustee in your case.

    Section 109 makes no mention of legal status as a requirement to be able to seek bankruptcy protection.

    www.chicagomoneylawyer.com

    See question