The Chapter 11 plan must comply with all the provisions of bankruptcy code The Chapter 11 plan was filed in good faith and all relevant information has been fully disclosed Payments to made unsecured creditors after confirmation will equal or exceed the amount such creditors would receive in a hypothetical Chapter 7 liquidation (a best […]
Confirmation Of The Chapter 11 Plan and It’s Effect Read Post »
Chapter 11 VideoYou probably had little choice when you took out a payday loan. You have bills to pay. Your family needs to eat. You probably knew that the interest rate was very high, but again you didn’t have a lot of options. Now the amount you owe has mushroomed, maybe double or triple of what you
CHAPTER 7 When a sole proprietorship simply cannot continue to pay his/her debts a Chapter 7 may be the best option. A sole proprietorship can include a married couple owning the business together. It must be remembered that when a sole proprietor files a Chapter 7 the person is filing the case. So the filing
How Can Individually Owned Businesses File for Bankruptcy? Read Post »
Businesses VideoWhen it is obvious that finances are out of control good people wait. They delay using our Bankruptcy laws. Why? WAITING CAN AND WILL HURT YOU There is a term for the time one needs to file and when on actual files. It is called a “sweat box”. When in the “sweat box” period: People
Why Wait To File For Bankruptcy? Read Post »
Bankruptcy VideoDo your debts include IRS back taxes? If you do nothing, the interest and penalties will continue to pile up. The IRS may even file liens against your assets or prosecute you for tax evasion. Contrary to what most people think, some federal income tax arrears can be discharged in a Chapter 7 or Chapter
Most U.S. households cannot absorb an unexpected expense of $500, let alone the double whammy of huge medical bills and loss of income. If you are buried in debt because of ongoing health problems or a recent medical crisis in the family, filing for bankruptcy could be the best solution. Our experienced bankruptcy lawyers have
Auto finance companies can repossess a car for any default if you’re one day late. We have seen cars repossessed with only one month in default. Repossession after only one month is rare but they have the legal right to do so. WHAT IS THE REPOSSESSION PROCESS IN ILLINOIS? Once an auto loan is in
Will They Repossess My Car If I Am One Payment Behind? Read Post »
Automobile Repossession VideoRelying on “plastic” can become a problem when credit card balances grow too big or your income shrinks. Perhaps you lost your job or had your hours cut. Maybe you were propping up a small business. Maybe you had a medical crisis or other unexpected bills. Or perhaps you were simply living beyond your means.
How to Better Manage Credit Card Debt Read Post »
Credit Card VideoA car title loan is supposed to be a short-term loan. But the steep interest rates make it almost impossible to pay off. The debt soon doubles or triples. Then the repo man comes to take your vehicle. We Can Help – Complimentary Bankruptcy Consultation If you are in this situation, call the law firm
When property owners, including homeowners, do not pay real estate taxes, the county can “sell” the taxes to a “tax buyer.” Here’s How It Works: If the taxes are delinquent for more than one (1) year, then the county will sell the taxes. A tax buyer pays the county the amount of the delinquent taxes.
What Is Real Estate Tax Sales Redemption? Read Post »
Real Estate Tax