Archived
If someone is on debt settlement program for a year and paid off 2 of their lowerest balance credit cards.All the sudden he get
Marc's answer
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Answered on August 02, 2010
Debt settlement will not prevent suit from one of the creditors out there. The person should speak with a bankruptcy attorney in the area to go...
Archived
Is homestead exemption $15,000 or $30,000 if I'm married and husband is filing for chapter 7 bankruptcy... not myself?
Marc's answer
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Answered on August 02, 2010
It depends on who is on title to the property. If you are both on the deed and your husband files the proper way to list your husbands interest is...
Archived
Could both of our vehicles be seized once we file a Chapter 7?
Marc's answer
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Answered on August 02, 2010
Your car doesn't have any equity for a trustee to go after in a Chapter 7. You should get an appraisal on your husbands car and then speak with an...
Archived
Is junior lien-holder entitled to excess proceeds from trustee sale if debt was discharged in ch7 bankruptcy?
Marc's answer
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Answered on August 02, 2010
Yes, the 2nd mortgage holder is entitled to have its lien paid or get any proceeds after a foreclosure sale after the first mortgage is paid in...
Archived
Illinois Means Test question.
Marc's answer
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Answered on July 13, 2010
It will be taken into consideration now pursuant to the Hamilton v. Lanning decision decided by the Supreme Court, but you must have an experienced...
Archived
Chapter 7, can we NOT reaffirm on our home if our taxes and insurance are part of our monthly payment (escrow) and may go up?
Marc's answer
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Answered on July 13, 2010
In Illinois, for a lender to foreclose on your property you must be in default on payments (behind on the monthly mortgage). If you pay the...
Archived
I have a high credit card debt but own a house that is current can I file bankruptcy and still keep my house
Marc's answer
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Answered on July 13, 2010
It depends on the amount of equity you have in the house and equity in the vehicle whether or not you would lose the property in a Chapter 7...
Archived
I have received a letter from a bankruptcy trustee alleging that I have property belonging to a bankruptcy estate.
Marc's answer
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Answered on July 13, 2010
You would need a bankruptcy attorney to represent your interests in court. Nevertheless, the bankruptcy trustee has the right to file a motion...
Archived
Can a bankruptcy hurt my chances for employment?
Marc's answer
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Answered on July 13, 2010
A potential employer cannot discriminate against you for filing a bankruptcy (federal law). Nevertheless, to say that it never happens in...
Archived
If you don't reaffirm a first & second mortgage in chapter 7 can they take the house from you?
Marc's answer
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Answered on July 06, 2010
No, the mortgage company will not foreclose on a property if you did not reaffirm the debt in the bankruptcy as long as you are current on the...
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