Legal Question in Bankruptcy in Illinois

bankruptcy

I'm thinking of filing bankruptcy and wanted to know a) how to go about this, and b) how the bankruptcy law changes made over the last few years will affect this filing. I have lost my home in foreclosure & the only thing I have left is a small loan to pay off my car (that I've already sold). I don't have anything left & just want to know if this would be the way for me to go to start improving my credit.


Asked on 4/21/08, 12:36 pm

3 Answers from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: bankruptcy

One thing you may need to be concerned about is the sale of your car. Did you pay the proceeds of the sale to your lender? If you did not there could be issues with getting that loan discharged. You need to speak to a bankruptcy attorney about this in order to make sure chapter 7 makes sense for you.

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Answered on 4/22/08, 8:47 pm
Terrance Leeders Leeders Law

Re: bankruptcy

Chapter 7 sounds like a good option to wipe the slate clean for you and get you a fresh start. The major law changes just have your lawyer analyze your income a little more closely and there is a counseling requirement that you can do by phone or internet. Contact me at the email or phone # in my profile, and I'll be happy to offer you a free consultation to discuss your case and options available. Thanks.

Terry Leeders

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Answered on 4/21/08, 12:40 pm
Charles Dobra Charles Wm. Dobra, Ltd.

Re: bankruptcy

There have been MANY changes to the Bankruptcy Code, and many instructions to implement the law. Too many for discussion here. I believe that you live in the Aurora area. I can offer you a FREE consultation--NO OBLIGATION. Just call the number shown in my profile, and we would be happy to see you at a mutually convenient time. Perhaps we can put you on the path to your fresh start.

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Answered on 4/21/08, 1:21 pm


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