Chicago Bankruptcy Lawyers - Chapter 7 Bankruptcy

Happy Mother’s Day From Cutler and Associates

Thu, 03 May 2012 19:47:20 +0000

More from Chicago Bankruptcy Lawyers - Illinois Bankruptcy: Cutler & Associates, Ltd ---- Call Us Today!: Cutler & Associates Ltd.

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Cutler & Associates Ltd. Teaches You More About Bankruptcy Procedures

Fri, 27 Apr 2012 19:36:18 +0000

Learn more about bankruptcy procedures with these helpful links from Cutler & Associates Ltd.

To find out more about Chapter 7 bankruptcy, check out this website.
Chicago is located in the northern Illinois bankruptcy court district. To make the bankruptcy process easier, the court has published its rules and procedures; filers should peruse them to make sure they are proceeding correctly.
The American Bar Association provides a chart comparing Chapter 7 and Chapter 13 bankruptcy.
The Bankruptcy Data Project at Harvard University allows you to create charts that show trends in bankruptcy filings over a specified time interval. Try it out!
The American Bankruptcy Institute answers some frequently asked questions about bankruptcy.

Cutler & Associates in Illinois focuses on bankruptcy and foreclosure. Call us at (847) 849-1834 for a FREE Bankruptcy Evaluation.

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Stop Property Repossession in its Tracks with Bankruptcy

Fri, 27 Apr 2012 19:27:35 +0000

If you are facing repossession of your home, car, or other property, you may have an option for stopping the proceedings: bankruptcy. To learn how each type of bankruptcy can stop foreclosure or repossession proceedings, read on.

Chapter 13 Bankruptcy

Chapter 13 is a way for bankruptcy filers with a steady income to repay a portion of their debts over several years. When a bankruptcy petition is filed, it triggers the automatic stay, which prevents all creditors from taking any action to collect on debts. This includes property repossession and foreclosure proceedings. While the bankruptcy is in process, your property will be safe. A Chapter 13 payment plan will make arrangements for you to catch up on past payments on your home or car and continue to make those payments, eliminating the need for foreclosure or repossession.

Chapter 7 Bankruptcy

Like Chapter 13, Chapter 7 contains the automatic stay provision that stops collection during the bankruptcy process. Unlike Chapter 13, however, Chapter 7 bankruptcy serves as a way to liquidate valuable personal property in order to pay debts like medical bills and personal loans, which will be discharged. Debts tied to property, like cars and homes, are usually also discharged, meaning that the filer is released from responsibility for paying them; in return, the filer must forfeit these items of property. In some cases, a filer may opt to speak to his lender regarding reaffirming these loans and continuing to pay them, allowing him to keep the property. Now that other debts have been discharged, he may have the income to make payments on property that was once scheduled for repossession or foreclosure.

Cutler & Associates in Illinois is a law firm that has focused on bankruptcy since 1990. Call us today at (847) 849-1834 to get a FREE Bankruptcy Evaluation.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

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Cutler & Associates Ltd. Gives You A Closer Look Into Chapter 13 Bankruptcy

Fri, 27 Apr 2012 19:21:56 +0000

http://www.youtube.com/v/yT2jR1f8_NY?hl=en&fs=1

If you have a steady income but are faced with overwhelming debt, Chapter 13 bankruptcy may be a way to repay your creditors. Find out more from this video.

Under Chapter 13, you pay some of your income to a bankruptcy trustee, who distributes it among your creditors. This payment plan lasts three to five years, giving you time to make up your debts. Chapter 13 is often preferred by those with large assets because, unlike Chapter 7, it does not require you to liquidate property in order to pay debts.

Cutler & Associates in Illinois is a law firm that has focused on bankruptcy since 1990. Call us today at (847) 849-1834 to get a FREE Bankruptcy Evaluation.

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Cutler & Associates Ltd. Teaches You The Differences Between Secured and Unsecured Debt

Fri, 27 Apr 2012 19:09:37 +0000

In bankruptcy proceedings, a distinction is drawn between secured debt and unsecured debt, and they are dealt with very differently. Read on to learn more about how these types of debts are defined.

What are secured and unsecured debts?

Secured debt consists of loans tied to property, like home and car loans. If a debtor cannot meet these obligations, the lender has the option of repossessing the property to pay the debt. Unsecured debt, on the other hand, is not tied to property and consists of things like credit card debt, medical bills, student loans, and unpaid child support and alimony. If a debtor cannot pay his unsecured debts, lenders may send the accounts to a collections agency, which will attempt to persuade the debtor to pay these debts. Lenders may also sue debtors or garnish their wages.

How are these types of debt dealt with in Chapter 7 bankruptcy?

Chapter 7 bankruptcy deals with unsecured debt by liquidating a filer’s valuable property and using the proceeds to pay as much of these debts as possible. After bankruptcy proceedings are complete, these debts are discharged and the debtor is no longer responsible for them. Secured debts can also be discharged, but the debtor will lose the property they are tied to. Alternatively, a debtor can opt to reaffirm the debt and continue to pay it, allowing him to keep the property.

How are these debts dealt with in Chapter 13 bankruptcy?

Chapter 13 establishes a payment plan that allows bankruptcy filers to pay off a portion of his unsecured debts over a period of three to five years. After this point, any remaining unsecured debts will be discharged. As part of that same payment plan, filers become current with any payments they missed on secured debts, and they can hold on to those properties.

Cutler & Associates in Illinois is a law firm that has focused on bankruptcy since 1990. Call us today at (847) 849-1834 to get a FREE Bankruptcy Evaluation.

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Learn More About What Cutler & Associates Ltd. Bankruptcy Options Can Do You For You

Fri, 27 Apr 2012 18:58:51 +0000

If you’re curious about bankruptcy or if you think it might be the right financial choice for you, take a look at the resources listed here to find out more great information. Before filing a bankruptcy petition, however, contact an experienced bankruptcy attorney at Cutler and Associates, Ltd.

The United States Bankruptcy Courts of the Northern District of Iowa outlines some of the most common reasons that bankruptcy petitions are dismissed.
Student loans cannot presently be discharged in bankruptcy, but some members of Congress want to change that. Read more in this article.
The automatic stay is one of the most important provisions of both types of consumer bankruptcy.
Learn more about how Chapter 13 bankruptcy can stop foreclosure.
This article from Investopedia.com discusses how the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has affected bankruptcy filings.

You can reach our office at (847) 849-1834 to schedule a free consultation in one of our Chicagoland offices.

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Reasons Why Bankruptcy Can Be Denied and Understanding How a Lawyer From Cutler & Associates Ltd. Can Help

Fri, 27 Apr 2012 18:31:09 +0000

Though many bankruptcy petitions are approved and lead to successful debt resolution, some are dismissed, leaving the filer without financial relief. Fortunately, an attorney can help you ensure that your bankruptcy is not subject to dismissal.

Reasons for Dismissal

Reasons a bankruptcy petition can be dismissed include:

Failure to file correct paperwork and pay fees. This is an administrative matter, and filers may be able to correct any issues and resubmit their petition.
Falsifying or failing to list assets and debts. The court must have an accurate picture of your financial situation before it will grant your bankruptcy petition.
Failure to comply with the terms of the bankruptcy process. Before bankruptcy will be granted, you must complete credit counseling and go to a Section 341 meeting with your creditors. If you do not
complete these steps, your bankruptcy will be denied.
Missing Chapter 13 payments. A Chapter 13 payment plan must be followed exactly, and failure to do so may result in a dismissal.
Voluntary dismissal. Occasionally, debtors decide that bankruptcy isn’t right for them, realize that state exemptions will not cover their property, or have a change in their financial situation. Regardless of the cause, filers are perfectly within their rights to stop the bankruptcy process.
Filing too soon after a previous bankruptcy. You must wait a certain amount of time between bankruptcy filings in order to avoid dismissal.

How a Lawyer Can Help

An experienced bankruptcy attorney can help you avoid dismissal. First, an attorney can assist you with filling out the necessary paperwork correctly and in a timely manner and with listing all your assets and debts on the required schedule. An attorney can also argue for a payment plan that is easy for you to follow. With an attorney’s help, you can make sure that bankruptcy is right for you, so you don’t have to ask for a dismissal later.

Cutler & Associates in Illinois focuses on bankruptcy and foreclosure. Call us at (847) 849-1834 for a FREE Bankruptcy Evaluation.

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Cutler & Associates Ltd. Show You The Fundamentals of Bankruptcy

Fri, 27 Apr 2012 16:48:01 +0000

Personal bankruptcy has become more common in recent years. To educate yourself about this important legal and financial topic, simply take a look at this video.

http://www.youtube.com/v/Tp2VGXgWSHk?hl=en&fs=1

One of the most important components of bankruptcy is debt discharge, or release from responsibility for certain debts. Not all debts can be discharged, however, so it is important to speak to a lawyer about your situation. Though it can be a powerful way to deal with debt, bankruptcy is not without consequences, as this video explains.

If you need more information about bankruptcy, schedule a consultation with an experienced attorney at Cutler & Associates, Ltd. by calling (847) 849-1834. Our attorneys will help you find the best solution for your financial situation, so you can get a fresh start.

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Are You A Candidate For Chapter 13 Bankruptcy? Cutler and Associates Helps You Decide.

Fri, 27 Apr 2012 16:35:22 +0000

Though Chapter 13 bankruptcy can be a great way to pay off debt, it isn’t for everyone. Generally speaking, it may be right for you if you fit the following qualifications:

Have a stable income. To repay your debts over a long period, you will need to have a steady income that you can depend on. The bankruptcy court will establish a payment plan based on your current income, which you must maintain in order for the plan to be effective. If you experience frequent fluctuations in your income, Chapter 13 might not be the best choice.
Own a home. If you own a home, Chapter 13 is probably better for you than Chapter 7. Chapter 13 is designed to help you catch up with missed mortgage payments and stay current on new ones, allowing you to stay in your home and avoid foreclosure. Chapter 7 may not necessarily be able to accomplish this.
Have valuable personal property. Unlike Chapter 7, Chapter 13 will not require you to sell any valuable personal property, such as jewelry or antiques, in order to pay debts. Instead, Chapter 13 will simply establish a payment plan so that you can become current with your debts, without needing to liquidate property.
Can commit to living on a strict budget. As part of a Chapter 13 plan, all of your disposable income will be given to the bankruptcy trustee to pay your debts. You will need to become accustomed to living on a very limited budget, with almost no extra money. Though this may not be the lifestyle you are used to, it will allow you to get out of debt.

Cutler & Associates in Illinois is a law firm that has focused on bankruptcy since 1990. Call us today at (847) 849-1834 to get a FREE Bankruptcy Evaluation.

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For More Information About Foreclosure in Illinois, Check Out the Resources Below

Wed, 18 Apr 2012 23:34:54 +0000

In recent blog entries, you’ve read about debts that can and cannot be discharged, bankruptcy and foreclosure in Illinois and many other important financial subjects. You can get more information about these topics by ready the resources below.

You can take a look at the text of the Service Members Civil Relief Act by clicking on this link.

For an analysis of bankruptcies related to medical bills, take a look at this study.

Learn about bankruptcy by debunking these popular myths.

Bankruptcy can be incredibly stressful, but these tips will help you make it through.

Many members of the military were victims of unscrupulous home lending policies. Read this article to learn more about proposed remedies to the problem.

If you’re worried about paying your bills and considering bankruptcy, call Cutler & Associates, Ltd. today at (847) 849-1834 to schedule a free consultation with a bankruptcy attorney in one of our offices in the Chicago area.

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