Bankruptcy, Foreclosure & Loan Modification Posts in April, 2017

What Will I be Asked at My Creditors’ Meeting?

The bankruptcy process has multiple stages. You must meet certain requirements before your case can be finalized. One of these requirements is the meeting of the creditors, also known as a 341 meeting. This meeting is part of the process for both Chapter 7 and Chapter 13 bankruptcy cases. At this meeting, the filer and his or her bankruptcy trustee meet with his or her creditors to verify certain pieces of information about the case. It is mandatory for the bankruptcy filer to appear at his or her 341 meeting....
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Pawn America Files for Chapter 11 Bankruptcy

Pawn America, the largest pawn shop chain in the Upper Midwest, has filed for Chapter 11 bankruptcy. The bankruptcy comes after 26 years of operation in four states. According to the company’s bankruptcy filing, it owes somewhere between $10 million and $50 million to its creditors. Most of this debt is from the purchase of fixtures, furniture, and equipment used in its stores....
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Which Debt Collections are Not Halted by the Automatic Stay?

When you file for bankruptcy, an automatic stay goes into effect. This is a legal order to prohibit your creditors from continuing their collection attempts while you focus on working through the bankruptcy process. Do not assume that the automatic stay means that you are no longer liable for your debts or that your creditors cannot resume their collection attempts. Certain debts are not affected by the automatic stay, and in some cases, creditors for debts that are affected can file for relief from the automatic stay....
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What if I Do Not Qualify for Chapter 13 Bankruptcy?

If you are struggling with an intense level of personal debt, consider filing for bankruptcy. Individuals in this situation can file for Chapter 13 or Chapter 7 bankruptcy, depending on the chapter for which they qualify. Often, it is easier to qualify for Chapter 13 bankruptcy, but this is not always the case. Consider Chapter 7 Bankruptcy...
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL