Bankruptcy, Foreclosure & Loan Modification Posts in March, 2016

Is This Item Exempt from Chapter 7 Liquidation?

If you have filed for Chapter 7 bankruptcy, you know that you will need to have your nonexempt assets liquidated to come up with the money to repay your creditors. This is done under the supervision of your court-appointed trustee, whose job is to recover as much money from you as possible to pay off your creditors. In exchange for this liquidation, your debts are forgiven....
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Can I Get a Credit Card After Bankruptcy?

If you are currently going through the bankruptcy process or have recently completed it, you are probably hearing and reading advice from many different sources. The advice you receive might be contradictory or inconsistent, with some parties advocating strategies that would not work in your situation or seem like they would get you back into debt, rather than help you stay out of it. One piece of advice you have undoubtedly received is to take steps to rebuild your credit. But how?...
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Illinois Woman Permitted to Keep Rare Book of Mormon in Bankruptcy

When you file for Chapter 7 bankruptcy, part of the process is the liquidation of your nonexempt assets to come up with money to pay off your creditors. These assets are those that are not essential to your daily living or working needs. In some cases, disputes arise regarding whether an item should or should not be exempt from the liquidation process....
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Reasons Why a Bankruptcy Claim May Be Denied

When you file for bankruptcy, your claim is not automatically approved. It is possible for the court to deny your claim, putting you in a position in which you continue to face difficulty managing your debt and are subject to collection attempts from your creditor. Why would the court do this? There are a few reasons why a bankruptcy claim may be denied, which are discussed below....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL