Chicago Chapter 7 Lawyer

This example involves Ms. Pina who lives in Chicago, IL, and has never done a bankruptcy case before.  She seeks and needs the advice of a Chicago Chapter 7 lawyer.  She owns a single family home which is co-owned with her friend.  They have one mortgage that they are current on.  She also owns a Condominium, with two mortgages; a first mortgage she is in arrears and the second one she is current on.  The property taxes and assessments are current.  Because she has arrears, she wants to explore her options regarding Chapter 13 bankruptcy.

 

As far as other property is concerned, she owns a 1999 Porsche that is paid in full with 60,000 miles.  Her other property and assets are a checking and savings account.  She has a term life insurance policies, which has a death benefit only and a 401k account.  She was told to list all of her property so that the attorney can provide the best bankruptcy advice. It is from her listing of property that the attorney can base a solid recommendation on.

 

In terms of family size, Ms. Pina is single with three children.  Her monthly income comes from her full time job, child support, and rental income.  Her monthly expenses include her mortgage, (taxes are included in the mortgage), utilities, food, laundry, cleaning, medical and dental out of pocket expenses.  She also has expenses for gasoline, tolls, recreation, insurance, and home maintenance.  She hopes that she can claim bankruptcy and not lose her home.  This is what she is trying to accomplish by contacting an attorney to assist her with her debts

 

Her Illinois bankruptcy case can be filed under Chapter 13 and she will be given thirty-six to sixty months to repay her mortgage arrears.  She will have to remain current on her post-petition mortgage payments as well as make the payment to the Trustee.  Provided that she can do this, her case will succeed.  She should gather all of her bills and payment advices and meet with the attorney.  The attorney will prepare the bankruptcy petition, send it out for signature and later file it with the Clerk of the U.S Bankruptcy Court.  Once the case is filed, the Clerk will send notice of the bankruptcy filing to all creditors, the debtor and the debtor’s attorney.  The meeting of creditors will then be held within a few short weeks after filing.

 

The debtor can rest assured that the attorney will be present at the meeting and will assist in providing the Trustee with any requested amendments.  The case can proceed accordingly from that point forward.

 

 

Posted in Bankruptcy Lawyer |