One of the great fears of filing for bankruptcy protections is that it is entirely unknown: The law, the forms, the consequences. What property can you keep, if any. What debts you can get rid of. What will your future bring. Other posts address these issues. Here, Bankruptcy Forms, you get to see what a [...]
February 2007
The short answer to this question is yes. A lien can mean that the creditor might be able to foreclose/sell the property to satisfy the unpaid debt. But each situation is different and whether or not YOUR debts can lead to a lien on YOUR house is determined by a number of factors, from what [...]
Are you wondering why so many people are filing bankruptcy? Unemployment is one of the key factors in why someone will file bankruptcy. In December of 2006 the unemployment rate was 4.5% and then climbed even higher to 4.6% for the national average by the end of January 2007. Regional unemployment rates for December 2006 [...]
Bill collectors often tell tales to scare you into sending them money. Â Because bankruptcy prevents them from contacting you, they also attempt to dissuade you from filing bankruptcy by telling more tales. Â Check out the facts for yourself. Chapter 7 Bankruptcy is designed to eliminate the heavy burden of debt, while allowing you [...]
One of the debtor-friendly provisions of BAPCPA (the “new” bankruptcy law) is the new IRA exemption. One can now exempt up to one million dollars in an IRA account. Section 522 of the Bankruptcy Code states, in relevant part: (n) For assets in individual retirement accounts described in section 408 or 408A of the Internal [...]
The United States Bankruptcy Court for the Southern District of Illinois includes several Metro East and Downstate counties. There are two Courthouses in the District, one at 750 Missouri Avenue in East St. Louis, and one at 301 West Main Street in Benton. New cases are accepted at either location, and then assigned to a [...]
