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Co-Debtor Bankruptcy Stay

Posted January 8, 2017

Filing a Chapter 13 bankruptcy may give you relief while also protecting another person liable for the same debt (a co-debtor) from debt collection activity. This is referred to as the co-debtor stay. The Automatic Stay. One of the benefits of filing for bankruptcy is that, once your bankruptcy petition is filed, your creditors are […]

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Transfers Within One Year of Filing/Risk Losing Your Discharge

Posted December 11, 2016

Section 727(a)(2)(A) of the Bankruptcy Code contains an exception to a debtor’s general discharge when the debtor has transferred property with the intent to hinder, delay or defraud a creditor within one year of filing for bankruptcy protection. The Discharge The ultimate goal in any individual bankruptcy case is for you to receive a discharge […]

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Is My Tax Credit Exempt?

Posted December 4, 2016

Is My Tax Credit Exempt? Your ability to set aside certain property as exempt (i.e. out of the reach of your creditors) is a critical element to your ability to obtain a fresh start and maintain some standard of living as you move forward. When you file for bankruptcy protection, all of your assets are […]

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Where Should I File My Bankruptcy?

Posted November 13, 2016

I recently moved. Where should I file my bankruptcy case? Under the law, the proper place to file your bankruptcy case is in the bankruptcy court located: where you have lived or maintained a permanent residence for the 180 days immediately before you file, or where your principal place of business is located or where […]

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When are Credit Card Charges Non-Dischargeable?

Posted November 6, 2016

One type of debt that is often challenged as non-dischargeable are credit card charges made shortly before a debtor files for bankruptcy. A credit card issuer generally has two avenues for attacking the discharge of credit card debt. The first is to attack it under Section 523(a)(2)(C)(i)(I) for being luxury purchases greater than $675. The […]

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Student Loans Update

Posted November 1, 2016

Two recent decisions from the United States Bankruptcy Court for the Central District of Illinois have made it clear that discharging your student loans in a bankruptcy proceeding remains exceedingly difficult. Secton 523(a)(8) of the Bankruptcy Code provides that certain student loans are not discharged in a Chapter 7 bankruptcy “unless excepting such debt from […]

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IRA Withdrawals Lose Exempt Status When Co-Mingled

Posted October 30, 2016

Do funds removed from an otherwise exempt IRA for the purposes of paying rent and other necessities retain their exempt status after leaving the IRA and being placed in a regular checking account and co-mingled with other non-exempt funds? This was the main question raised in a recent opinion issued by the United States Bankruptcy […]

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Chapter 13 Debt Limits/Does a Guaranty Count?

Posted October 16, 2016

Does a guaranty count as a noncontingent, liquidated, unsecured debt for purposes of the unsecured debt limit set forth in section 109 (e) of the Bankruptcy Code? A Chapter 7 bankruptcy is a straight forward liquidation that is usually completed in 3 to 4 months. In Chapter 7, you are allowed to keep your exempt […]

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Chapter 13 Best Interest of Creditors Test

Posted October 2, 2016

Does your Chapter 13 plan pass the best interest of creditors test? In other words, is the amount paid to creditors through your Chapter 13 plan at least the same amount as creditors would receive if your non-exempt assets were sold and the proceeds distributed by a Chapter 7 trustee. Chapter 13 is an alternative […]

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Avoiding Liens on Exempt Property

Posted October 1, 2016

EXEMPT PROPERTY Filing for bankruptcy, even under Chapter 7, does not mean that you will lose all of your property. In a Chapter 7 filed by an Illinois debtor, the law allows you to keep your exempt property. Exempt property is certain property that is out of the reach of your creditors pursuant to Illinois […]

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