Personal Property Exemptions In Illinois For Chapter 7 And Chapter 13

People are always concerned that they can lose their car or furniture  when they file a Chapter 7 case. While it is a reasonable concern, the  law recognizes that one can keep more than just the shirt on his back  when going through bankruptcy. Property exemptions determine what  property debtors may keep. Illinois has its […]

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Can You Eliminate An Underwater 2nd Mortgage In A Chapter 7?

Sadly the Supreme Court of the United States in a unanimous decision  held that a Chapter 7 Debtor cannot wipe out an underwater second  mortgage. The case is Bank of America, N.A. v Caulkett, 575 U.S. _ (2015)(June 1, 2015) An example of an underwater 2nd mortgage would be as follows: This  case did not change anything

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What Is A Chapter 7 Bankruptcy Case? How Does It Work?

Bankruptcy, it’s a word that most people find repugnant, but should  it be so maligned? The fact of the matter is—bankruptcy provides  significant relief to many Americans annually. If you’re drowning in  debt and see no way out, bankruptcy may be the only way for you to start  over with a clean slate. Many Americans

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What Is A Chapter 7 Bankruptcy How Do I Get Started

People file Chapter 7 bankruptcy to get a discharge of debts. At the end of the Chapter 7 you don’t owe the money anymore. Of course, not all debts are dischargeable. For instance: Also,  creditors can file a complaint to except a debt from discharge. This is  rare. A competent lawyer looks for problem areas and can

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Should I Reaffirm My Mortgage In Chapter 7 Bankruptcy?

Often times a person who files Chapter 7 has a home mortgage. Sometimes a first and second mortgage. The client  is current on the monthly mortgage. They ask: “Should I reaffirm my  mortgage”? Lawyers who represent Chapter 7 individuals say “No”. This includes my firm, Robert J. Adams & Associates. In  the final analysis the choice is

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