You may not need to file for bankruptcy if you’re facing a mortgage foreclosure. Sometimes debts can take care of themselves. In many states, the mortgage company can’t sue you for the difference between your mortgage and the value of the property. This is called the deficiency. So if you can’t get sued for the [...]
David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
When filing bankruptcy, one of your most important assets (a fancy word for property) is your real estate. All interests you have in real estate must be listed on Schedule A of the bankruptcy paperwork. You think this is easy? Usually it is. But here are some pointers. Be sure you know what interest in [...]
Filing for bankruptcy requires full disclosure of all your property and financial affairs. Never hide property or assets when filing for bankruptcy. Everyone leaves a trail. Even you. If you think you can hide, you’re making a mistake. For example, if you have property you mentioned in a prior document, you will be found out. [...]
Even in bankruptcy, the fifth amendment gives you the right to remain silent. Even in bankruptcy, if you are accused of a crime or fear that you might be, you need to think about the fifth amendment. The United States Constitution protects people against being required to incriminate themselves. However the Bankruptcy Code requires debtors to [...]
After filing for bankruptcy, you will meet with a trustee. Be prepared. There is a way to act and not to act at a meeting of creditors. These tips will help you know what to do. Here’s what to do at your 341 bankruptcy meeting with the trustee. Be on time Dress reasonably – not too [...]
Dear readers – after almost a week, we’ve finally come to the end of the bankruptcy means test form. We’ve figured out your current monthly income, your current monthly disposable income, your allowances and your deductions. And we’ve established whether you are an “above-median income” debtor or not. So we’ve discovered your “applicable commitment period” [...]
