If you are married, you are not required to file a joint bankruptcy. In many cases you should though.
a. If you live in a community property state it is usually wise to file a joint case. Debts incurred by either spouse during a marriage...
L is for Leeders
Ah, a bit of self promoting here!. My name is Terry Leeders, a consumer bankruptcy attorney who practices law in Chicago and the surrounding suburbs.
I've been in practice since 1998, and...
K is for Keep
You can keep a lot of personal belongings when you file bankruptcy, provided that you have an exemption available to protect them. In Chicago, Illinois, an individual debtor can keep up to $4000 of cash and personal belongings. Good news!...
J is for Just Answer
Hey all. If you didn't know, I participate on the Q&A website called Just Answer.com. They also have a sister site called Pearl.com where I answer questions. too.
If you have a specific legal question about bankruptcy,...
I is for Income
Income. So many topics to cover. Schedule I is where income is listed in a bankruptcy petition.
The Means Test Form 22a and Form 22C (chapter 7 or chapter 13 respectively) computes disposable monthly income too. This is a 6 month average...
H is for Homestead exemption
When a debtor files for chapter 7 or chapter 13 bankruptcy, they are allowed certain protections under the bankruptcy code. Among the protections, are exemptions to exempt certain assets from becoming property of the bankruptcy estate. ...
G is for Garnishment
Many people file bankruptcy because a creditor has a garnishment.A garnishment is a court order to deduct a portion of a debtor's wages to pay a creditor who sued the debtor and obtained a judgment.
Garnishments are stopped though the...
Update to B is for Baseball and F is for Fraud…
As a followup to B is for Baseball Bankruptcy and F is for Fraud, Lenny Dykstra, a former baseball star has entered a plea agreement with the...
F is for Fraud
Ok, a nice simple one here folks. Fraudulent debts are non-dischargeable under bankruptcy. Creditors would have the right to file an adversary objection to discharge. The bankruptcy code section...
E is for Educational debts
Debts related to education: tuition, student loans, room and board, etc, are generally not dischargeable in Chapter 7 bankruptcy. There is an exception, if the debtor can show that they are an undue hardship to repay. There are two lines of...