Crystal Lake Attorney Blog
Posted on Apr 14, 2013
Under some circumstances, your bank can take money from your checking or savings account to satisfy a debt. This so-called "Right to Setoff" allows the bank to remove funds from your acount ...
Continue reading "Beware of the Bank's "Right to Setoff."" »
Posted on Apr 13, 2013
The U.S. Trustee's Office has recently updated the figures that will be used to determine whether a debtor qualifies to file for Chapter 7 Bankruptcy under the "Median Income" test. A ...
Continue reading "U.S. Trustee's Office Designates New Median Income Figures" »
Posted on Oct 13, 2012
Most Chapter 7 cases are completed three months from the time the bankruptcy petition is initially filed. In a typical case, the "341meeting" (also known as the "Meeting of the ...
Continue reading "How Long Does It Take To Complete a Chapter 7 Bankruptcy?" »
Posted on Sep 25, 2012
In a Chapter 7 case, in order to obtain Bankruptcy relief, you are required to attend a meeting called a "341 Meeting," also called a "Meeting of the Creditors," which is conducted ...
Continue reading "What is a 341 Meeting (a.k.a. "Meeting of The Creditors")?" »
Posted on Sep 22, 2012
Most debtors who seek relief under Chapter 7 of the Bankruptcy Code have credit card debt. In most instances, Chapter 7 allows these debtors to discharge their debt. Under certain circumstances, ...
Continue reading "Don't Use Credit Cards Before Filing for Chapter 7 Bankruptcy" »
Posted on Oct 15, 2011
Under the Fair and Accurate Credit Transaction Act (FACTA), you are entitled to receive one free credit report per year. You can obtain your free credit report from www.annualcreditreport.com, which ...
Continue reading "How to Get a Free Credit Report" »
Posted on Oct 13, 2011
A debtor who has previously filed for Chapter 7 Bankruptcy must wait eight years to file again for Chapter 7 protection. This period is calculated based on the date that the respective Bankruptcy ...
Continue reading "Waiting Period for Filing a Subsequent Bankruptcy Petition" »
Posted on Oct 12, 2011
Under Section 362 of the U.S. Bankruptcy Code, creditors are prohibited from continuing any further collection action against a debtor who files for Bankruptcy relief. If a creditor is aware of the ...
Continue reading "Automatic Stay Stops Creditors in Their Tracks" »
Posted on Oct 11, 2011
Under the U.S Bankruptcy Code, an individual filing for Chapter 7 is allowed to keep their property, so long as the property does not exceed a certain dollar amount. The particular dollar amounts are ...
Continue reading "Bankruptcy Exemptions in Illinois- Which Law Applies?" »
Posted on Oct 6, 2011
In the recent case of Ransom vs. FIA Card Services, N.A., the U.S. Supreme Court ruled that a consumer may not use the IRS "ownership expense" deduction for a vehicle when the consumer owns ...
Continue reading "Recent U.S Supreme Court Decision" »
Posted on Oct 5, 2011
If you are planning to file for Chapter 7 Bankruptcy, you should follow the rules and guidelines detailed below: Do Not 1) Give any special preference to a particular creditor. The Bankruptcy law ...
Continue reading "Do's and Dont's Before Filing for Chapter 7" »
Posted on Sep 9, 2011
Our lawyers are pleased to announce the launch of our Crystal Lake general practice blog
Continue reading "Welcome to our Crystal Lake Attorney Blog" »