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David M. Siegel Law
Bankruptcy & Family Law Practicing In Chicago Since 1991
Bankruptcy & Family Law Practicing In Chicago Since 1991
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You can establish credit after a bankruptcy filing. There will be offers for credit. There is life after bankruptcy. The fear of never being able to purchase a car, purchase a home or obtain a credit card is not accurate. There will be opportunities for credit within 6 months to two years after filing for Chapter 7 bankruptcy. You can even purchase a vehicle prior to the Chapter 7 completing. However, be careful with regard to the interest rate on such a purchase.

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Will I lose my property if I file a Chapter 13 Bankruptcy? 

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Who notifies my creditors about my bankruptcy? 

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You can file a Chapter 7 bankruptcy case once every eight years. Thus, you should take corrective action so that you do not run into the same problems that caused you to file in the first place. However, if you absolutely are in need of debt relief within eight years of filing a prior Chapter 7 case, you can resort to Chapter 13. You may be able to propose a percentage repayment plan and receive a discharge depending upon how long it has been since your Chapter 7 bankruptcy filing. Further, you can always file a non-discharge plan and reorganize debt for the term of the plan.

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The chapter 7 bankruptcy filing is a snapshot in time. At the time of filing, the bankruptcy estate is created. If you were to acquire post-petition assets such as a winning lottery ticket, you would be able to maintain that property and still complete the bankruptcy. An exception to this general rule would be an inheritance received within six months of filing. That inheritance would become property of the bankruptcy estate subject to administration by the chapter 7 trustee.

What about a job promotion or increase in pay? These typically would not affect the chapter 7 bankruptcy filing. However, if the change was significant, a savvy trustee could make the argument that you now have the ability to repay all or a portion of your debt and that the continuation of the chapter 7 bankruptcy is tantamount to bad faith. If this were to happen, the trustee or the United States trustee would bring a motion to convert the case to chapter 13 or to dismiss the case in its entirety.


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Filing A Bankruptcy Without An Attorney -

Many people don't feel that they have the funds to hire an attorney to help them with their bankruptcy filing. Instead, they take the bold and daring move the file on their own behalf. I strongly discourage anyone from filing their own bankruptcy case. The federal court system is not one that a non-attorney can navigate with any sort of ease. There's an old expression which states “anyone who represents themselves in court has a fool for a client.” It is derived from the cautionary tale of the perils of trying to do things yourself in areas for which you have no experience or capability. There are many things that one could do in life without professional guidance. Filing a bankruptcy case under either Chapter 7 or Chapter 13 of the Federal bankruptcy code is not one that I would recommend.


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The filing fee is $335.00 for a Chapter 7 bankruptcy filing. The filing fee for a Chapter 13 bankruptcy case is $310.00. Some attorneys will allow for the attorney's fees to be paid over an extended period of time.

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Chapter 7 is the quickest and the simplest case. From start to finish, the case can last approximately 110 days. There is also one meeting that a debtor must appear at which is approximately four to six weeks after filing. The debtor meets with a Trustee who makes a determination with regard to assets. The debtor must testify that all of the information listed in the Petition and schedules is true. The Trustee will likely find that there are no assets which can be sold and paid to creditors. This is because Illinois allows for exemptions which protect a portion of the debtor's real and personal property while going through the bankruptcy process.

http://davidmsiegel.com

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Filing a Chapter 13 within two years of a Chapter 7 bankruptcy case is possible. However, there are limitations with regard to receiving a discharge. A debtor cannot receive a discharge in a Chapter 13 case if it was filed within 4 years of a Chapter 7 case. But the focus should be whether or not the debtor really needs a discharge in the current case. Perhaps, being able to keep creditors at bay will create enough breathing room for a debtor to make the Chapter 13 filing beneficial.

http://davidmsiegel.com

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"You can file a Chapter 7 bankruptcy case once every eight years. Thus, you should take corrective action so that you do not run into the same problems that caused you to file in the first place. However, if you absolutely are in need of debt relief within eight years of filing a prior Chapter 7 case, you can resort to Chapter 13. You may be able to propose a percentage repayment plan and receive a discharge depending upon how long it has been since your Chapter 7 bankruptcy filing. Further, you can always file a non-discharge plan and reorganize debt for the term of the plan."

http://davidmsiegel.com
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