In a Chapter 7 bankruptcy, if you schedule your car loan but do not reaffirm it, your personal liability for the debt is discharged under 11 U.S.C. § 524, meaning the creditor cannot sue you personally for any deficiency or unpaid amounts post-discharge. However, the creditor’s security interest (lien) on the vehicle survives the discharge, […]
Tag Archives: #bankruptcy
As a creditor’s attorney, filing an objection to a debtor’s proposed Chapter 13 bankruptcy plan before confirmation is a crucial step to protecting the creditor’s rights and ensuring compliance with the Bankruptcy Code. The primary objectives of filing such an objection include: 1. Ensuring Compliance with the Bankruptcy CodeOne of the main reasons for objecting […]
At Wator & Associates, P.C. we protect creditor’s rights in the Northern District of Illinois Bankruptcy Court. Our experienced attorneys specialize in navigating complex bankruptcy cases, ensuring creditors receive the maximum possible recovery. Whether you need to file a proof of claim, challenge a debtor’s discharge, or litigate preference actions, we deliver strategic, results-driven representation.Don’t […]
As a creditor’s attorney, filing an objection to a debtor’s proposed Chapter 13 bankruptcy plan before confirmation is a crucial step to protecting the creditor’s rights and ensuring compliance with the Bankruptcy Code. The primary objectives of filing such an objection include: 1. Ensuring Compliance with the Bankruptcy CodeOne of the main reasons for objecting […]
If you drowning in debt, Bankruptcy may be the fresh start that you are looking for. Through Bankruptcy, you may discharge most of your unsecured debt. Our dedicated attorneys can help you ensure your rights are protected through this process. The importance of retaining an experienced attorney cannot be overstated, as often one small mistake […]
News
Bankruptcy Basics – How does the 2005 Bankruptcy Act treat self-employment income for purposes of determining if a debtor qualifies for a Chapter 7 bankruptcy?
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 introduced significant changes to bankruptcy laws, including the treatment of self-employment income for Chapter 7 bankruptcy eligibility. Under the 2005 Act, debtors must pass a means test to qualify for Chapter 7 bankruptcy. This means test evaluates the debtor’s income and expenses to determine […]
Bankruptcy law was designed to help people get a fresh start. Although frowned up, it actually stirs innovation as people can take more risk and innovate, knowing that if things don’t work out, Bankruptcy options are available. Bankruptcy laws were designed with the average hardworking American in mind. Call 773-407-2100 for a free consultation with […]
In a bankruptcy petition, Schedule A/B plays a crucial role in providing a comprehensive overview of a debtor’s assets. When filing for bankruptcy, whether it’s under Chapter 7, Chapter 11, or Chapter 13, individuals are required to disclose all property they own. Schedule A/B combines two previously separate schedules—Schedule A, which listed real property, and […]
Bankruptcy law was designed to help people get a fresh start. Although frowned up, it actually stirs innovation as people can take more risk and innovate, knowing that if things don’t work out, Bankruptcy options are available. Bankruptcy laws were designed with the average hardworking American in mind. Call 773-407-2100 for a free consultation with […]
When an individual finds themselves overwhelmed by debt and unable to meet their financial obligations, filing for bankruptcy can provide a legal framework for debt relief and restructuring. Chapter 13 bankruptcy, often referred to as a “wage earner’s plan,” offers individuals the opportunity to reorganize their debts and create a manageable repayment plan. Central to […]