I am filing bankruptcy and want to reaffirm my vehicle.
Reaffirming is very complicated. I recommend you find attorney with expertise in this. I have an educational article for you, if you are interested.See question
I am 54 and I am planning on going back to school to fulfill my lifelong goal, and having been planning on doing so most of my life. I can't wait another 4 years to finish my ch 13 before I go back to school.
Great Question!! I need to know more about bankruptcy history. Please tell me more.See question
March 2001 I filed a bankruptcy. Signed the BK paperwork which I have stating I was giving the property back in lieu of foreclosure. Included the city of chicago dept of water as a creditor. BK was discharged 7/23/01. Now the city is attempting to...
Great Question!! This problem can get pretty complicated. What is the creditor doing to you?See question
A 3rd party bought my property for $100K less that what it was worth. I had applied for refinance about 14 days prior to the sheriff sale and mortgage company started the process, also sent a letter that they are appraising the property. But nobo...
Great question! You will soon be sued for a deficiency judgment, 103K plus attorney fees and post judgment interest. I focus on getting people out of these problems. I can send you some educational information if you like.See question
Yesterday I received a notice that my ex is filing chapter 7 bankruptcy. We own a home together however we have split and I no longer live there. He is entirely up to date on all mortgage payments. There is hardly any equity in the home because it...
Great question!!! Protect yourself immediately.
Spouses often use bankruptcy differently
Some spouses use bankruptcy after a divorce has been finalized as an offensive weapon to delay or prevent having to refinance a mortgage. Other couples file bankruptcy before a divorce to simplify the debts before they separate. So how you use bankruptcy depends on your goals in the divorce. Generally it's wise to file a bankruptcy before divorce so you know how the debts are going to be handled.
When one spouse files a bankruptcy after the divorce, creditors usually come after the other spouse to satisfy jointly incurred marital debts. This means that one spouse's bankruptcy filing could send the other spouse into bankruptcy.
The bankruptcy includes everything
Your bankruptcy estate is everything you own and owe at the time the bankruptcy is filed. When spouses file bankruptcy, all property acquired during the marriage is included and potentially available to pay debts. Your bankruptcy estate is everything you own at the time the bankruptcy is filed.
Once the bankruptcy is filed, the court issues an immediate stay to stop creditors from collecting debts. Your spouse will still have to pay child support or alimony; however, they may not have to perform other tasks, such as refinancing to remove one spouse from the mortgage.
I am involved in a case now where the wife is under a court order to refinance and remove her husband's name from the mortgage. For the last several years she has not complied with the order. The wife filed a bankruptcy to restructure her debts and the divorce court is powerless to force her to complete the refinance.
Whether the bankruptcy court discharges a divorce property settlement will depend on whether the debtor can show they cannot pay the debt and still take care of themselves, their dependents, and their business. Generally, property settlements are not dischargeable in bankruptcy.
Exempt property is protected and not available to be sold to pay debts. Each state where a bankruptcy is filed has its own exemptions., For example, in Illinois each filing spouse can "exempt" $15,000.00 of home equity.
An effective way to protect yourself against your spouse filing a bankruptcy is to take lien on property your spouse gets in the property settlement. This makes you a secured creditor. If later, they file a bankruptcy you can repossess the property to pay the debt.
After I exercised 1604 for "Special Right to Redeem" , I will have IN REM Deficiency Judgment against my property. After I will file " Motion to Confirm Redemption and to Stop Eviction" what is next step, I need to do ( I am Pro Se)
An in rem deficiency judgment is entered as part of the foreclosure judgment and only comes into play if the borrower redeems the property. Redemption occurs when the foreclosed property owner reclaims the property by paying the entire amount owed, plus certain additional costs and interest. If the borrower redeems, the in rem deficiency judgment preserves the lender’s right to a lien on the property for the debt balance that remains after the owner pays the redemption amount. (735 Ill. Comp. Stat. 5/15-1604[b]).
Redemption in Illinois. In Illinois, the redemption period for residential mortgages is seven months after the date that the lender serves the complaint on the borrower, either by summons or publication, or three months after the judgment is entered, whichever is later. (735 Ill. Comp. Stat. 5/15-1603[b]).
Additionally, there is a 30-day special right to redeem following the date the sale is confirmed.
This must be paid, and it will impact title, please call me to set up a free consultation. 312-969-0730.See question
We moved from sc in Sept to be closet to my daughter in law because she is ill. It cost us $8ooo to move down to md. And had to buy furniture a bed and odds and ends
Great question! This is a complicated one, the timing is different depending on whether you are re-filing for Chapter 7 or Chapter 13 .
Successive Chapter 7 Cases
With a discharge under a Chapter 7, you can receive a second Chapter 7 after eight years from the date that the first Chapter7 case was filed.
Successive Chapter 13 Cases
With a Chapter 13 discharge, you can receive a second Chapter 13 discharge after two years from the date that the first case was filed.
This can get tricky if you file your second Chapter 13 case between two and six years from the first Chapter 13.
I filed a chapter 13 Pro Se and I'm now in need of an attorney to take over ASAP to make sure everything is filed properly.
Great question, If the attorney agrees to take your case, they will file an appearance. The attorney can agree to put their fees in the plan.See question
I decide to file for divorce in IL, all the settlements are in agreement, but I want to ensure it. I don't know what's the proper steps of this.
Great question? I have to ask what paperwork have you filed already?See question
I have been summoned to court by a credit card collection attorney. I read online that because credit card companies already make so much money off consumers that they can't expect people to pay the full amount because of the massive amounts of in...
Great question, unfortunately creditors can pursue debts for 7 years, then if the judgment is extended you can be pursued even longer. Bank accounts can be frozen and other unpleasantness. Best to have a free consult to go over your options. I'd be happy to consult with you for free.See question