Bankruptcy, Foreclosure & Loan Modification Blog

Common Bankruptcy Case Mistakes

Bankruptcy can be complicated. If you are facing a level of debt that has you considering filing for bankruptcy, do it the right way by contacting an experienced bankruptcy lawyer to go over all the pitfalls of the process and determine the right strategy for your case. Your lawyer can ensure that you file your petition correctly and help you avoid certain mistakes that can potentially invalidate your bankruptcy case and keep you in debt. Failing to List All Your Creditors...
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How Can I Protect My Assets from Being Liquidated in a Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is known as liquidation bankruptcy because it involves the liquidation of the filer’s non-exempt assets to make a profit, which is then used to repay the filer’s creditors. Naturally, nobody wants to have his or her assets liquidated, but when an individual files for Chapter 7 bankruptcy, his or her creditors need to recoup at least some of their money....
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Filing for Bankruptcy a Second Time

There is no limit to the number of times you can file for bankruptcy. When your personal debt amount reaches a level where it is impossible for you to pay it down yourself, Chapter 7 and Chapter 13 bankruptcy are there for you to use to have your debts discharged under court supervision. If you have completed a bankruptcy case before, you know that it can be a difficult process that requires you to cede a significant amount of control to the court....
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Three Ways to Avoid Foreclosure

When a homeowner cannot afford to make his or her mortgage payments, the home may go into foreclosure. In short, this means the homeowner’s mortgage lender takes possession of the home. However, this is not an instant process. The foreclosure process can take close to a year to complete in Illinois and early in the process, a homeowner can reverse the process and keep his or her home....
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Sexual Abuse Survivor Group Rejects Archdiocese’s Chapter 11 Bankruptcy Plan

The Archdiocese of Saint Paul and Minneapolis has filed for Chapter 11 bankruptcy and submitted a reorganization plan after facing multiple sexual abuse allegations. In a reorganization plan, the filing party’s creditors can make comments about the proposed plan and either accept or reject the plan’s terms. Whether these are incorporated into the final approved plan or not is at the discretion of the bankruptcy court overseeing the case....
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Why Do Americans File for Bankruptcy?

The answer to this question can seem obvious at first. Americans file for bankruptcy because they have large debts that they cannot repay without help. For these individuals, Chapter 7 and Chapter 13 bankruptcy can offer some financial relief. You might be wondering what causes these filers to get into such debt in the first place. Is it our consumer culture? Stagnant wages? A lack of foresight?...
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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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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL