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Blog Posts in January, 2011

Talking with Lenders About Foreclosure

Even though there has been a lot of negative press about lenders recently, you might be surprised to find that they are not unwilling to talk to you about your options. They are more willing to listen ...
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Do You Have to Appear in Court When Filing for Bankruptcy?

If you are wondering whether or not you will have to go to court for your bankruptcy case, the short answer is yes. However, your required visit to file will not be in front of a judge. You will be ...
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Can Creditors Contact You When You File for Bankruptcy?

You may have many questions when you are first considering bankruptcy, one of them being whether or not creditors are still allowed to contact you. When you have successfully filed for consumer ...
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Which Type of Bankruptcy is Best for You?

If you are considering bankruptcy but aren't sure which type will work best for your situation, consider this: Regular consumers must choose between Chapter 13 and Chapter 7 bankruptcy. The former ...
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One in Four Chicago Homeowners Owe More than Their Houses are Worth

Even though experts say that the great recession ended a year ago there are thousands of families and homeowners who are still experiencing its biting touch. As the national unemployment rate hovers ...
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Chicago Hit hard by Foreclosures

Like other big cities Chicago has been hit hard by the foreclosure epidemic sweeping the nation. The city experienced a twenty percent increase in bank repossessions of foreclosures in 2010, amounting ...
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Exploring Alternatives to Foreclosure

If you are searching for alternatives to foreclosure there are options that allow you to give up ownership of your home without affecting your credit score as much as foreclosure would. You can opt to ...
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Chapter 13 Repayment Plans

There is a long list of requirements when you decide to file for Chapter 13 bankruptcy protection. However, the basis of your success will be dependent on the repayment plan. This must be submitted at ...
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Chapter 7 Bankruptcy Exemptions To Be Aware Of

When you file for Chapter 7 you should become aware of the exemptions that are built into this type of bankruptcy. Depending on the state where you file different types of property will be eligible ...
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5 Out of Every 1,000 Americans Filed for Bankruptcy in 2010

The total amount of bankruptcy filings for 2010 increased eight percent from 2009 amounting to 1.53 million bankruptcies in the US. That means that five out of every 1,000 Americans filed for ...
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Newt Gingrich Proposes that States Should be Allowed to File for Bankruptcy

In a radical move Newt Gingrich, former Speaker of the House, is putting his political weight behind a new bill that would make it possible for states to file for bankruptcy. If this were made ...
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Reasons to Consider Chapter 13 Bankruptcy

Although the popular opinion about filing for bankruptcy is that Chapter 7 is preferable to filing for Chapter 13, there are many reasons to choose the latter. When you opt for Chapter 13 bankruptcy ...
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The Means Test for Chapter 7

If you plan on filing for Chapter 7 bankruptcy you must first become familiar with means testing. This refers to federal laws that determine whether you are eligible for filing for Chapter 7 ...
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Not All Debt is Discharged Under Chapter 7

While filing for bankruptcy can eliminate a large chunk of debts owed, there are still several circumstances that are not covered by bankruptcy. These include but are not limited to: a majority of ...
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Is Chapter 7 Ideal For You?

Not sure if you should file for Chapter 7 bankruptcy or not? Consider these following items before deciding on what type of bankruptcy will work best for your specific financial situation. To start, ...
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Identifying Bankruptcy Myths

Not sure what is myth and what is fact when it comes to filing bankruptcy? Consider these popular misconceptions: The new bankruptcy laws do not make it more difficult to file. Most people who could ...
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What is a Discharge in Bankruptcy?

According to the United States bankruptcy laws, a discharge will release an individual from liability for his or her debt. Once debt has been discharged through the bankruptcy process, the individual ...
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Chapter 13 Bankruptcy Eligibility

In order to file for Chapter 13 bankruptcy, a person must meet several eligibility requirements and complete certain steps. First, the individual must have less than $360,475 in unsecured debt and ...
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Paperwork Required to File for Chapter 7

In order to file for Chapter 7 bankruptcy, you will have to complete several forms including a petition. You will also have to fill out a statement of financial affairs and several schedules. The law ...
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What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is usually filed for by consumers who wish to avoid liquidation and repay the debt they owe to their creditors. People who pursue Chapter 13 and are able to come to a mutually ...
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What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is also known as liquidation bankruptcy. Unlike Chapter 13 bankruptcy, people who choose to file for Chapter 7 do not have to repay the debt they owe to their creditors. Instead, ...
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