chicagoland

Will Bankruptcy Prevent Your Foreclosure?

Fri, 27 Jun 2014 14:44:00 GMT

Many people filing for bankruptcy do so in the hopes of stopping their lenders from foreclosing on their homes. Bankruptcy offers some powerful legal tools to help these people protect their houses and property from being repossessed by their creditors. However, completely preventing a foreclosure is not guaranteed in all cases of bankruptcy. If your... Read more »

If your debt has become an uncontrollable burden on you and your family, it may be time to think about filing for debtor protection under Chapter 7 or Chapter 13 bankruptcy. These legal actions may be able to help you save property while clearing out a significant amount of debt. For more information regarding your full range of bankruptcy options, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C., today by calling 815-722-2201.
Foreclosure Protection in Bankruptcy

When filing for bankruptcy, a debtor is granted what is known as an automatic stay. An automatic stay allows a debtor to pause their lenders’ collection of payments. This includes housing payments, which will cause any foreclosure processes to stop. However, bankruptcy may not offer protection in the following circumstances:

If a house is already sold
If a foreclosure notice has already been posted
If a lender files to lift the automatic stay with the court

In these situations, a person may not be able to prevent the foreclosure of their home. However, a legal advisor can work with a debtor to better understand all of their options when trying to protect their home.
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If you’re looking for legal help when dealing with a seemingly immovable mountain of debt, we may be able to get you started on the path to financial freedom. To discuss how bankruptcy may work to protect your property from foreclosure and repossession, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., at 815-722-2201 today.

Who Gets Paid First?: Creditor Priority in Bankruptcy

Fri, 27 Jun 2014 14:43:00 GMT

When a debtor files for bankruptcy, they may want to give certain creditors priority of payment. However, priority is a complicated issue in these proceedings. In many situations, a debtor will have little to no say about which creditor is given priority during repayment or after liquidation. In these situations, it is often the decision... Read more »

If your debt situation has become unmanageable, an experienced legal professional may be able to help. For additional information regarding your options as a debtor facing bankruptcy, contact the Joliet bankruptcy lawyers at the Law Offices of Stuart B. Handelman today at 815-722-2201.
Order of Payment in Bankruptcy

There are some situations in which a debtor may feel especially obligated to a creditor or may see a benefit in paying that party off first during bankruptcy proceedings. However, the debtor doesn’t generally have the ability to choose the order in which creditors will be paid during these proceedings. Instead, priority is generally given to the following:

Tax agencies
Employees owed wages
People owed child support

Other than these prioritized groups, there is often little that a debtor can do to direct how their bankruptcy repayment or liquidation is settled.
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If you’re thinking about filing for bankruptcy protection, we may be able to help. Contact the Joliet bankruptcy attorneys at Law Offices of Stuart B. Handelman by calling 815-722-2201 today to discuss your situation with a qualified member of our legal team.

Why You Should Avoid Intentional Debt before Bankruptcy

Fri, 27 Jun 2014 14:43:00 GMT

With the help of a bankruptcy attorney, a person may be able to carefully handle their debt problems and lower or eliminate their obligations to creditors. However, this doesn’t mean that a person can intentionally rack up debt before filing for bankruptcy. If a person uses their credit cards heavily before filing for bankruptcy and... Read more »

If you’re thinking about filing for bankruptcy and want to avoid common pitfalls, you may want to consult with a bankruptcy lawyer before moving forward. For more information about how we may be able to make your bankruptcy filing process as easy and worry-free as possible, contact a Joliet bankruptcy lawyer at the Law Offices of Stuart B. Handelman, P.C., today by calling 815-722-2201.
Recent Credit Card Debt and Bankruptcy

A recent charge on a credit card may be looked at suspiciously by a bankruptcy court. In many instances, people may recognize well in advance that they are going to need to file for bankruptcy. As other debts increase steadily, some debtors may think that they might as well spend money by charging items on their credit cards if they can quickly get rid of it through bankruptcy. However, this isn’t the case.

The following may be considered fraudulent purchases if they are non-essentials and charged before a person files for bankruptcy:

Vacations
Clothing that isn’t needed
Make-up and other cosmetics
Recreational or expensive vehicles
Home furnishings and appliances
Electronics

Other items may be considered luxury items as well, which cannot be discharged if put on a credit card prior to bankruptcy.
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There are many problems a debtor may face before filing for bankruptcy if they don’t consult with an experienced attorney. To discuss how you should prepare for bankruptcy and how we may be able to assist you with this process, contact a Joliet bankruptcy attorney at the Law Offices of Stuart B. Handelman, P.C., today by calling 815-722-2201.

What You Should Know about Bankruptcy Rejections

Fri, 27 Jun 2014 14:38:00 GMT

When a person files for bankruptcy, there is no guarantee that their request will be accepted. While a person may have the right to file for bankruptcy, the bankruptcy courts may still reject a debtor’s case if it doesn’t meet the necessary qualifications. It is helpful for a debtor to know some of the reasons... Read more »

If you’re thinking about filing for bankruptcy, you may want the help of an experienced attorney to bolster your case. For more information regarding your options as you begin the bankruptcy process, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C. today by calling 815-722-2201.
You Should Know That Chapter 7 and Chapter 13 Requirements Differ

When a debtor considers filing for bankruptcy, they should know the difference between Chapter 7 and Chapter 13 bankruptcy. Because of the means test, a person considering Chapter 7 bankruptcy may find their request rejected due to their income. Similarly, the repayment plans of Chapter 13 bankruptcy can lead to bankruptcy rejection due to a poorly put-together plan.
You Should Know That Creditors Have Bankruptcy Rights

A debtor filing bankruptcy has special legal protections that prohibit creditors from harassing them and, in some cases, from foreclosing on their property. However, creditors also have rights under bankruptcy. Some creditors may file for protection over their loans, preventing a person from discharging these debts. In some cases, these creditor rights can make Chapter 13 repayment plans difficult to draft and get passed by a bankruptcy trustee.
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If you’re on your last leg financially, bankruptcy might be the right choice for you. To discuss your case in further detail, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C. at 815-722-2201.

When Should You File for Bankruptcy?

Fri, 27 Jun 2014 14:38:00 GMT

Timing is an important part of filing for bankruptcy. While many debtors may think that filing for bankruptcy quickly is the best way to get immediate debt relief, there are some instances when a person may want to consider other options for a short time before filing. This can end up saving them a considerable... Read more »

If you’re searching for a way out of your debt problems, bankruptcy may the solution you’re looking for. To discuss your options with an experienced advisor, contact the Joliet bankruptcy lawyers at the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.
Best Times to File

A person considering bankruptcy may want to think about delaying their case or may want to speed up their decision-making process, depending on what options are available. Time can play a major factor in bankruptcy in the following situations:

Filing for foreclosure protection quickly to prevent the loss of a house
Waiting to allow certain expenses to become dischargeable
Waiting to dilute wages to allow for Chapter 7 filing due to lost or cut income
Waiting for a mortgage modification
Filing before a division of property from a divorce

If a person is considering bankruptcy, he or she may want to consider when to file in addition to what type of bankruptcy to file under.
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Your debts shouldn’t take over your life. If you’re feeling like you don’t have any options left when dealing with your creditors, it may be time to take strong action towards a freer financial future. For more information regarding your debt-relief options, contact the Joliet bankruptcy attorneys at the Law Offices of Stuart B. Handelman today at 815-722-2201.

What You Need to Know about the Homestead Exemption

Fri, 27 Jun 2014 14:37:00 GMT

When a person files for Chapter 7 bankruptcy, they may file for certain exemptions that can help them protect their property from being foreclosed or sold off by the bank. These exemptions can extend to several different types of property, including real estate and houses. An exemption on this property can allow the property owner... Read more »

If you are facing bankruptcy due to overwhelming debt, there may be methods available to help you to retain the property that is important to you and your family. For more information regarding your options, contact the Joliet Chapter 7 bankruptcy lawyers of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.
Some Tips about the Homestead Exemption

A debtor looking for help holding onto their property should consider the following tips about the homestead exemption:
#1: Filing Occurs before a Bankruptcy

When a person wants to file a bankruptcy exemption, they need to do so before other bankruptcy proceedings begin. Also, they need to make sure that they are filing with the right office for the homestead exemption.
#2: The Homestead Exemption Can Cover Different Types of Property

According to Illinois bankruptcy law, the exemptions available for real estate and houses can cover several different types of property. This can include condominiums, houses, mobile homes, and other properties. Just because a person does not own a house does not mean that they cannot file for the homestead exemption.
#3: Spouses Can Couple Their Limits

When spouses file for a homestead exemption in bankruptcy, they can couple their exemption limits. Normally, these limits are set at $7,500 for individuals.
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If bankruptcy is on the horizon and you need help fighting for property that is crucial for your family, our experienced attorneys may be able to help you. To learn more, contact the Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman at 815-722-2201 today.

What Should You Bring to a Meeting with Creditors?

Fri, 27 Jun 2014 14:37:00 GMT

A debtor filing for Chapter 7 or Chapter 13 bankruptcy will eventually need to meet with creditors or a bankruptcy trustee to discuss the nature of his or her bankruptcy. While this may seem stressful, a person can generally get through this meeting smoothly with the help of a knowledgeable legal advisor in order to... Read more »

If you’re thinking about filing for bankruptcy, you may benefit greatly from the guidance and assistance of an experienced bankruptcy attorney. To learn more about how we may be able to help you throughout the Chapter 7 or Chapter 13 process, contact a Joliet bankruptcy lawyer of the Law Offices of Stuart B. Handelman at 815-722-2201.
Documents Needed for Creditor Meetings

When people begin to speak with their creditors during the Chapter 7 or Chapter 13 bankruptcy process, they will meet in what is known as a 341 hearing. These meetings are primarily used to verify the validity of the debtor’s claims for bankruptcy.

To prepare for this meeting, a person heading into bankruptcy should collect the following pieces of information:

Deeds to property
Titles on cars
Bank statements
Mortgage-related documents
Available tax returns
Pay stubs

These documents may be used by the bankruptcy trustee to determine whether a person is allowed to continue with the bankruptcy process. The individual filing for bankruptcy may also be asked a series of questions by the trustee, which can be easier to work through with the help of a legal advisor.
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If your expenses have pushed you towards a state of insolvency, we may be able to help you prepare and file for bankruptcy. For more information about our dedicated legal services, contact the Joliet Chapter 13 lawyer or Chapter 7 lawyer of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.

What Public Pensions Are Protected in Illinois?

Fri, 27 Jun 2014 14:36:00 GMT

Pension programs keep many people prepared for the future, often as a reward for life-long work in a public sector job. However, bankruptcy may require a person to give up most of their property or assets. Because these pensions are so important, Illinois’s state bankruptcy exemptions work to protect these pensions from forfeiture. If you... Read more »

If you are considering bankruptcy as a way to work through debts that you otherwise have no hope of paying, we may be able to help you recognize and use exemptions that can save you a substantial amount of money. To learn more about our services, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.
Is My Pension Safe?

In Illinois, the following pensions are protected from bankruptcy through a state exemption:

Police pensions
Prison employee pensions
Firefighter pensions and pensions for survivors of a deceased firefighter
Civil service and government pensions
Sanitation district worker pensions
Pensions for judges
Park worker pensions
Teacher pensions, including state university pensions
Public librarian pensions
ERISA benefits

These protected pensions are crucial for many people, as they may be the primary source of income once an individual has retired and may be the only means of meeting living expenses or making payments toward existing financial obligations.
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If you cannot keep pace with your financial obligations any more, we may be able to help you to hold your creditors at bay through bankruptcy proceedings. For more information, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman at 815-722-2201 today.

What Is the Mortgage Forgiveness Debt Relief Act?

Fri, 27 Jun 2014 14:34:00 GMT

In 2007, U.S. lawmakers passed a law meant to provide individuals going through the bankruptcy process additional financial protection if their mortgage debts are canceled or forgiven. This law, known as the Mortgage Forgiveness Debt Relief Act, makes sure that a person won’t pay taxes on mortgage debt if their mortgage debt was canceled or... Read more »

If your bankruptcy process will include substantial mortgage debts that may be forgiven or canceled, the Mortgage Forgiveness Debt Relief Act may be applicable to you, especially if you will have tax liabilities for these loans. To learn more about your financial options and what you can do during bankruptcy, contact a Joliet bankruptcy lawyer at the Law Offices of Stuart B. Handelman, P.C., today by calling 815-722-2201.
How Does This Law Work?

The Mortgage Forgiveness Debt Relief Act applies to the bankruptcy process in the same way it applies to mortgage debts forgiven or canceled through other debt relief solutions. This means that a person who gets their mortgage debts forgiven or canceled during bankruptcy may not need to pay taxes on the remaining balance of their loan, which would normally still be taxable.

The qualifications for the Mortgage Forgiveness Debt Relief Act include the following:

The cancellation or forgiveness must occur between 2007 and 2012

Forgiven debt must have been spent on home improvements

Forgiven or canceled debt must be tied to a principle residence, not a vacation home

Mortgage modification or restructuring qualifies

Foreclosures qualify

Under this law, a person can avoid being forced to pay taxes on debt they no longer carry. However, the IRS will still require people to take note of these debts on a tax return.
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The Mortgage Forgiveness Debt Relief Act is a limited-time offer from the federal government to protect homeowners from being unnecessarily taxed on debts they no longer hold. If you believe you may qualify for this law, it may be important to take action quickly. For more information about your options, contact our Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., today at 815-722-2201.

What Is a Notice of Chapter 13 Case?

Fri, 27 Jun 2014 14:32:00 GMT

A debtor in Chapter 13 bankruptcy will receive a special notice from the court after they file for bankruptcy protection. Known as a Notice of Chapter 13 Case, this document contains important information gathered from the debtor’s filing that is sent out to both debtor and creditors. This information gives an overview of the case,... Read more »

If you are facing bankruptcy due to overwhelming debt obligations or unexpected major expenses, we can help you with your case. For more information about how bankruptcy may be able to provide you with a fresh start, contact the Joliet Chapter 13 bankruptcy attorneys at the Law Offices of Stuart B. Handelman by calling 815-722-2201.
What Can Be Found in a Notice of Chapter 13 Case?

Chapter 13 notices are given to the debtor and creditor, in part, to establish the details of a bankruptcy for all parties involved. Debtors can review their information to ensure that the court did not make clerical errors, while creditors should use these notices as their first opportunity to challenge bankruptcy claims.

These notices include the following information:

Facts and figures about the case
An overview of the submitted repayment plan
When creditors should meet
When creditors need to file their objections to the plan
When the confirmation hearing for the case is set

A debtor should carefully review this information before bankruptcy proceedings continue, as any errors by the court may influence their case dramatically.
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If you have are struggling to remain afloat, financially, bankruptcy may offer a viable solution to this difficulty. To learn more, contact the Joliet Chapter 13 bankruptcy lawyers at the Law Offices of Stuart B. Handelman at 815-722-2201 today.

What If You Fail the Means Test?

Fri, 27 Jun 2014 14:29:00 GMT

Many debtors attempt to file for Chapter 7 bankruptcy, but aren’t able to do so successfully as they are unable to pass the necessary means test due to making too much income. Although there are some factors that can modify a person’s means test result, having an income that is significantly over the state average may leave people in serious debt without the option to file for Chapter 7 bankruptcy. However, even in these cases a person may have other options available to them.

If you’re looking for a way to manage your cumbersome debt, our attorneys may be able to help you by informing you of your options and potentially helping you start the bankruptcy process. For more information about debt solutions, contact our Joliet Chapter 13 bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C., today at 815-722-2201.
When Chapter 7 Bankruptcy Isn’t an Option

Chapter 7 bankruptcy can offer a debtor the opportunity to have their debts discharged, but it is often at the cost of property liquidation. However, due to the speed and scope of Chapter 7 bankruptcy, it’s a very popular choice for many debtors desperate to get out of debt. Yet, many debtors are not eligible to file for Chapter 7 relief due to bringing in too much income, according to the means test. In these cases, the following options may be available:

Debt negotiation
Filing to stop creditor harassment
Chapter 13 bankruptcy

In many cases, debtors will opt to file for Chapter 13 bankruptcy if they can’t file for Chapter 7 bankruptcy or it is determined that it will be a better financial decision. While Chapter 13 bankruptcy requires a repayment plan for debt, it can also allow for substantial debt discharging and can even be used to prevent a foreclosure.
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If your debt has become an uncontrollable problem in your life, our experienced advisors want to help you find financial relief. To discuss your options in further detail with an attorney prepared to assist you, contact our Joliet Chapter 13 bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., today by calling 815-722-2201.

What Is a Chapter 13 Confirmation Hearing?

Fri, 27 Jun 2014 14:29:00 GMT

A debtor filing for Chapter 13 bankruptcy protection needs to follow the proper procedure to get their debt repayment plan in place. This means filing a repayment plan and confirming that plan in what is known as a confirmation hearing. At this hearing, a debtor may be required to make changes to their plan according... Read more »

If your debt has become uncontrollable, bankruptcy may be the right solution for you. To learn more about your options as a debtor facing bankruptcy, contact the Joliet Chapter 13 bankruptcy lawyers from the Law Offices of Stuart B. Handelman by calling 815-722-2201.
Confirmation Hearing Challenges

When a person files for Chapter 13 bankruptcy protection, they will be expected to file a repayment plan with the court, which can be reviewed by the court and that debtor’s creditors in the confirmation hearing. A confirmation hearing may result in some of the following challenges to a repayment plan:

Trustees may disallow plans that violate bankruptcy laws
Automotive creditors may want to readjust car values cited in the plan
Housing creditors may demand more payment for the house’s value

These points can be brought up and clearly argued in the confirmation hearing, which can eventually lead to an agreement on the payment plan that a debtor will follow.
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If you are looking for a powerful debt solution, we may be able to help. For more information about how bankruptcy can help you to end creditor harassment and deal with debt of any size, contact the Joliet Chapter 13 bankruptcy attorneys from the Law Offices of Stuart B. Handelman at 815-722-2201 today.

What If You Cannot Afford Credit Counseling?

Fri, 27 Jun 2014 14:25:00 GMT

A debtor needs to provide proof that he or she has completed credit counseling before being allowed to file for bankruptcy protection. The services of a credit counseling agency may not be free, and a prospective bankruptcy filer is responsible for paying any pertinent fees. There are restrictions placed upon these fees, making it easier... Read more »

If your debts have become uncontrollable and are having a major impact on ability to keep up with the essential cost of living, we can help you through the bankruptcy process. For more information about the options available to you, contact the Joliet bankruptcy lawyers of Law Offices of Stuart B. Handelman, P.C., at 815-722-2201.
Credit Counseling Cost Considerations

If a debtor is in such poor financial standing that they are unable to afford credit counseling, there may be some options available for them. To keep the cost of this pre-bankruptcy requirement low, the following rules are in place:

All counseling services must be priced at a reasonable level
If a person cannot afford the full rate, they must receive a discount
If a person is severely impoverished, they may receive free counseling

No credit counseling agency is permitted to overcharge for these services, as this is a direct violation of the law. If a person has problems with this portion of the bankruptcy process, they may want to consult with a legal advisor about how to resolve the matter.
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Do not delay seeking legal counsel and representation if you believe that your present financial circumstances may warrant a bankruptcy filing. Contact the Joliet bankruptcy attorneys of Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.

What Happens to Your Utilities?

Fri, 27 Jun 2014 14:24:00 GMT

Many people have strong fears about filing for bankruptcy on the basis that they may lose important services that they need for everyday life. While, many of these fears are reasonably rooted in half-truths about the bankruptcy code, they are often unfounded as they don’t take into account the full protection offered by bankruptcy. Many debtors worry about losing their access to utilities; however this does not have to happen when a person files for bankruptcy. While these companies may shut off the power or water under certain circumstances, there are also protections available to prevent this.

If you’re thinking about filing for bankruptcy to help you break free of your overwhelming debt, you may want to consult with a legal advisor in order to learn more about the law and how you will be affected. To discuss what protections may be available to you, contact our Joliet Chapter 7 bankruptcy lawyers at the Law Offices of Stuart B. Handelman at 815-722-2201 today.
Utility Protection in Chapter 7 Bankruptcy

Chapter 7 bankruptcy usually affords debtors extremely powerful bankruptcy protections, including ones that can keep a person’s utilities running despite going through the liquidation process. In order to use this protection, debtors typically need to offer their utility company a form of assurance of payment, such as:

A deposit of cash
A letter of credit
Paying ahead for future services
Agreed upon payment methods between the utility company, the debtor, and the trustee

A person has twenty days to provide these assurances to their utility company. If they can’t provide this assurance or simply can’t pay, they may not be able to adhere to the court’s demands for this bankruptcy protection and may have their services shut off.
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If you’re battling to keep your household in order prior to filing for bankruptcy, we can help you understand what options are available to you. For additional information regarding bankruptcy provisions and law, contact our Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman today by calling 815-722-2201.

What Happens to Your Retirement Money in Bankruptcy?

Fri, 27 Jun 2014 14:23:00 GMT

A person thinking about their future may decide to contribute heavily to a retirement plan that can keep them financially secure well into their older years. If financial problems arise before they reach retirement, they may want to consider bankruptcy as a way to handle their debt. Additionally, certain bankruptcy exemptions may be able to... Read more »

If you are struggling with overwhelming debt, bankruptcy may be the best way for you to protect your future and regain control over your finances. To learn more about the options that may be available to you, contact the Joliet bankruptcy lawyers at the Law Offices of Stuart B. Handelman, P.C., today by calling 815-722-2201.
Retirement Plan Exemptions

When a person files for bankruptcy, they may be allowed a variety of exemptions that can help them protect their assets. In particular, exemptions are available for those concerned about their retirement plans. Many of these plans are protected during the course of a bankruptcy.

Retirement plans that may be protected by a bankruptcy exemption include the following:

401(k)s
IRAs, including Roth, SEP, and SIMPLE plans
403(b)s
Keoghs
Money purchase accounts
Profit-sharing accounts
Defined-benefit accounts

There are some limits for the amount of money a person can protect in these accounts in some situations. A person may want to speak with an attorney to learn more about how these exemptions work in detail.
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If you’re looking for a way out of debt, bankruptcy may be your best bet. For more information about your options and how bankruptcy could work for you, contact the Joliet bankruptcy attorneys at the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.

What Does Your Bankruptcy Trustee Do in Chapter 13 Bankruptcy?

Fri, 27 Jun 2014 14:22:00 GMT

When a person files for Chapter 13 bankruptcy, they need to work through the process with a bankruptcy trustee overseeing their case. These individuals wield far-ranging legal powers to organize and facilitate the bankruptcy process, keeping a fair balance between debtor discharges and creditor repayment. They can play a particularly important role in Chapter 13... Read more »

If you are facing bankruptcy and are planning to file for Chapter 13 protection, we can help. For additional information about your legal options, contact the Joliet Chapter 13 bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C., at 815-722-2201 today.
Chapter 13 Bankruptcy Trustees

Trustees in Chapter 13 bankruptcy work with a debtor and their creditors throughout the bankruptcy process. When a person first files, a trustee will begin the process of verifying their financial claims and can begin a bankruptcy case at that point. When a debtor is preparing for debt discharges, a trustee again must review the process and complete the case.

Chapter 13 bankruptcy trustees are responsible for a wide range of tasks during bankruptcy, which can include the following:

Reviewing all bankruptcy petition documents
Analyzing and reviewing a payment plan
Bringing together a debtor’s creditors for questioning about the debts
Facilitating and administrating the repayment plan
Citing objections throughout the bankruptcy process

A trustee is ultimately responsible for accepting payments from a debtor and giving that money to the creditors according to the repayment plan.
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A knowledgeable legal advisor can help a person better navigate the sometimes complex and difficult Chapter 13 process more easily. If you are thinking about considering bankruptcy, you may wish to consider consulting with a reliable legal representative. Contact the Joliet Chapter 13 bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201.

What Does Chapter 13 Bankruptcy Offer That Chapter 7 Doesn’t?

Fri, 27 Jun 2014 14:21:00 GMT

A debtor filing for bankruptcy may opt to pursue Chapter 13 bankruptcy instead of Chapter 7 due to the unique benefits offered. Chapter 7 bankruptcy, often known as liquidation bankruptcy, does offer strong debt relief solutions, but often comes at a high cost to the debtor’s property. On the other hand, Chapter 13 bankruptcy provides... Read more »

If you’re thinking about filing for bankruptcy and need help choosing which type to file under, our advisors may be able to help. For more information regarding your options, contact the Joliet Chapter 13 bankruptcy attorneys of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.
3 Unique Ways Chapter 13 Bankruptcy Can Help

Chapter 13 and Chapter 7 bankruptcies are both powerful debt relief options. However, there are significant differences between them. For Chapter 13 bankruptcy, debtors can expect the following protections and benefits:

The ability to cram down, or reduce the amount, of certain debts
Protection of property from liquidation, even for nonexempt items
Quick foreclosure protection

Especially for families that rely on their personal property and real estate, these protections can prove extremely important.
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If you can’t manage your debt any more, we may be able to work with you to find a suitable bankruptcy solution. To learn more, contact the Chapter 13 bankruptcy lawyers of the Law Offices of Stuart B. Handelman at 815-722-2201 today.

What Does a Bankruptcy Trustee Do in Your Chapter 7 Case?

Fri, 27 Jun 2014 14:20:00 GMT

A person filing for Chapter 7 bankruptcy may notice that their case is heavily influenced by a court-appointed trustee who oversees the whole process. These individuals work closely between debtors and creditors to keep the Chapter 7 process as impartial as possible. Because of their involvement in the bankruptcy process, bankruptcy trustees are extremely important... Read more »

If you or someone you know is struggling to manage your debts, Chapter 7 bankruptcy may be the solution to your financial problems. To learn more about how this debt relief solution may be the answer you’re looking for, contact a Joliet bankruptcy lawyer at the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.
The Role of the Trustee

A bankruptcy trustee plays a crucial role in any Chapter 7 bankruptcy case. This is, in part, why it’s so important for a debtor to have the proper legal representation. An experienced attorney will be better prepared to present information and arguments to a trustee without wasting any of the trustee’s time or additional effort. This can speed up the process in many cases.

Trustees are responsible for the following in a Chapter 7 bankruptcy:

Checking bankruptcy documents and information before a case begins
Questioning the debtor about their finances
Beginning and overseeing the liquidation process
Objecting to unfair or illegal actions during bankruptcy

Because the bankruptcy trustee oversees the liquidation process, they take care of pricing properties for sale and making sure that creditors are informed of the value of that property.
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If you’re thinking about filing for bankruptcy but aren’t sure where to begin, one of our experienced legal advisors may be able to point you in the right direction. To discuss how Chapter 7 bankruptcy may be the right choice for your debt problems, contact a Joliet bankruptcy attorney of the Law Offices of Stuart B. Handelman, P.C., at 815-722-2201 today.

What Debts Survive Bankruptcy?

Fri, 27 Jun 2014 14:19:00 GMT

Bankruptcy can provide a debtor with a powerful solution to get rid of debt that plagues their financial freedom. However, some debts are exempted from the bankruptcy process. This means that a debtor will still need to pay these debts even after filing for protection. However, the debt reduction provided by bankruptcy will usually put... Read more »

If you’re trying to deal with your debt problems, but can’t seem to make any headway with your creditors, we may be able to help. For more information about how bankruptcy can be used to get a fresh start on your finances, contact the Joliet bankruptcy lawyers of Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.
Non-dischargeable Debts in Bankruptcy

When a person files for bankruptcy, they may expect the law to quickly deal with each of their loans and obligations quickly and completely. However, bankruptcy doesn’t work that way. Creditors have the right to challenge a debtor in many parts of bankruptcy proceedings and some debts aren’t able to be discharged. These debts can include the following:

Debts linked to personal injury settlements caused by drunk driving
Financial penalties from criminal violations, including traffic tickets
Any type of debt not listed when filing for bankruptcy

In Chapter 7 bankruptcy, these debts will simply not be discharged and will be left over after the proceedings are finished. In Chapter 13 bankruptcy, a debtor needs to pay these debts off. This means that they will be part of a repayment plan and will not be discharged after the repayment plan is finished.
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Bankruptcy may seem frightening, but it can actually be a great way for a person in need of help to break out of their overwhelming debts. To learn more about your options when filing, contact the Joliet bankruptcy attorneys of Law Offices of Stuart B. Handelman, P.C., at 815-722-2201 today.

What Constitutes Fraud in Bankruptcy?

Fri, 27 Jun 2014 14:19:00 GMT

A person may have their bankruptcy dismissed by the courts if they are found to have defrauded their creditors. Fraudulent actions against creditors are treated very seriously by bankruptcy courts. As one punishment, any actions that violate the terms of a bankruptcy can result in the outright dismissal of one’s bankruptcy case. If you are... Read more »

If you are unsure about whether you have done something that could jeopardize your bankruptcy, you should consult with a legal advisor about your situation. To discuss your bankruptcy options in further detail, contact the Joliet bankruptcy lawyers of Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.
Defrauding a Creditor

If a person is caught defrauding someone they owe money to, then their case may be rejected by a bankruptcy court and they are likely to face punishments from that creditor for their dishonesty. The following actions may be regarded as suspicious or even illegal by bankruptcy courts:

Moving property or assets to another person’s account just before bankruptcy
Intentional misrepresentation of personal information when filing for bankruptcy
Intentional misrepresentation of financial information when filing for bankruptcy
Spending money on luxury items after insolvency was obvious

These sorts of actions can easily result in the dismissal of a bankruptcy case and potential action against the debtor from the creditor.
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The bankruptcy process can seem complicated and overwhelming, making it easy to overlook potentially costly errors. To ensure that your case is handled correctly, contact the Joliet bankruptcy attorneys of Law Offices of Stuart B. Handelman, P.C., at 815-722-2201.

What Are Unsecured Debts?

Fri, 27 Jun 2014 14:18:00 GMT

Many common types of debt are considered unsecured. In basic terms, this means that there is not any property a creditor can automatically repossess or foreclose on to secure the debt. However, that does not mean that unsecured debts are harmless for a person’s finances. In fact, many of the most common forms of debt... Read more »

If you feel like your financial options have run out, it may be time to turn to bankruptcy as a way out of your debt. To learn more about how this powerful debt solution may be able to help you get a fresh start on your finances, contact the Joliet bankruptcy lawyers of Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201.
Examples of Unsecured Debts

When a person does not pay an unsecured debt, they will not typically lose property as a direct result. However, a creditor may still take action against a debtor. If a creditor can secure a court judgment, they may garnish wages or take other actions against the debtor. Debts that qualify as unsecured debts generally include the following:

Student loan debts
Credit card debts
Medical costs
Loans that were not secured to collateral property
Income taxes in some cases

In bankruptcy, these debts are often given secondary priority to secured debts. This is due to the complications of foreclosure and repossession. There are some exceptions that specifically protect certain unsecured debts, however. For example, student loans are not dischargeable.
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If you have been pushed to the point of being unable to pay back your unsecured debts, bankruptcy may be a sensible choice for you. For more information about how to begin the process of filing, contact the Joliet bankruptcy attorneys of Law Offices of Stuart B. Handelman, P.C., at 815-722-2201 today.

The Means Test

Fri, 27 Jun 2014 14:18:00 GMT

In order to qualify for bankruptcy, there are a few important requirements a person must meet, depending on the specifics of their financial situation. Chapter 7 bankruptcy has unique standards and in order to determine if a person is eligible for this type of support they must first pass the Means Test. Anyone that is... Read more »

Anyone that is interested in potential bankruptcy options should discuss their questions and concerns with a qualified attorney. The legal team at the Law Offices of Stuart B. Handelman, P.C. is prepared to help understand your options regarding bankruptcy. Contact our offices at 815-722-2201 to review your case and discuss your situation with a knowledgeable lawyer today.
How the Means Test Works

Before a person is granted Chapter 7 bankruptcy, they must meet all of the requirements made standard in the Means Test. An eligible candidate will display considerable need compared to other in a similar situation. The Means Test:

Considers the median income of the state compared to the income of the applicant
Considers the average disposable monthly income of the applicant
If the individual is above the median, they will be denied Chapter 7, but if they are below the median, they will be granted type of help.

There are many specifications that accompany a bankruptcy case and it is important to consult a knowledgeable attorney when preparing for your application.
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At the Law Offices of Stuart B. Handelman, P.C., we are prepared to work with you to tackle any of your financial challenges. If you believe that Chapter 7 bankruptcy may be the right option for you, contact our offices at 815-722-2201 to discuss your rights with a knowledgeable attorney today.

The Importance of Honesty in a Bankruptcy Filing

Fri, 27 Jun 2014 14:17:00 GMT

Filing for bankruptcy can be a source of distress for anyone. However, an attorney may be able to help someone work quickly through the necessary paperwork and start the legal process of eliminating their debts. During this time, it is essential for a person to disclose all and any debts they may owe. When it... Read more »

If you are considering a bankruptcy filing, our experienced advisors can help you to avoid mistakes which could lead to the rejection of your case. For more information about our full range of services, contact the Joliet bankruptcy lawyers at the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.
Problems with Omissions and Deceptions

Some debtors may think that they can leave certain creditors out of their bankruptcy proceedings. Sometimes, creditors may be close friends or personal acquaintances. This sort of connection may leave someone wanting to pay that creditor in full separately from other debtors. However, these omissions can raise the following issues:

Allegations of fraud
Disrupting fair dealings with other creditors
Not properly discharging certain debts

On the other side, debtors who hide their assets, not their creditors, can face significant legal penalties.
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If your debts have become too much for you to handle, we can help you to determine whether bankruptcy may be a possible solution to your current difficulties. To learn more about your rights and obligations as a debtor, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., at 815-722-2201.

Stripping Off Mortgages in Chapter 13 Bankruptcy

Fri, 27 Jun 2014 14:16:00 GMT

Mortgages are often one of a person’s largest debts, making them vital parts of their repayment plan when filing for Chapter 13 bankruptcy. Fortunately, if a person has more than one mortgage and is filing for Chapter 13 bankruptcy, they may be able to apply for mortgage modification, which may potentially save them a substantial amount of money in the long run. Mortgage modification allows a person to “strip off” secondary mortgages under certain circumstances, allowing them to value that mortgage at zero.

If you’re thinking about filing for Chapter 13 bankruptcy, you may want to discuss your full range of options with a knowledgeable legal advisor before moving forward. For additional information about how you may be able to save money in your case, contact our Joliet Chapter 13 bankruptcy lawyers at the Law Offices of Stuart B. Handelman today at 815-722-2201.
How Does Stripping Off Mortgages Work?

A person who wants to strip off a mortgage first needs to qualify in order to be able to do so. For a person to qualify, they must:

Have a second, or even third, mortgage
Possibly have a home equity line of credit
Have mortgages that completely exceed the value of the property

If any part of these second or third mortgages is covered by the home’s equity, the mortgages that cover that portion cannot be stripped off. However, when a person does strip off a mortgage, these loans shift from being considered secured debts to being unsecured debts. As a result, these loans may be handled differently and save you time, effort, and money.
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Chapter 13 bankruptcy can offer a variety of solutions to someone looking to get a fresh financial start. If you believe bankruptcy may be right for you or want to explore your options, contact our Joliet Chapter 13 bankruptcy attorneys at the Law Offices of Stuart B. Handelman today by calling 815-722-2201.

Student Loan Debt Options

Fri, 27 Jun 2014 14:16:00 GMT

Many Americans were sold the dream of a college education as the fast track to a high-paying, highly-rewarding job. However, a poor job market and the over-saturation of postgraduate degree-holding candidates have left many college graduates without the opportunity to pay back their loans as expected. Combined with other financial struggles, these debts can crush... Read more »

If you need help getting out of a desperate financial position, our experienced advisors may be able to help. Bankruptcy is a powerful solution that can work for those with many types of debt to make life more manageable. For more information, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman at 815-722-2201 today.
Is Discharging through Bankruptcy an Option?

Many debtors are pushed into bankruptcy because of several problems affecting their finances at once. Because student loans can prove difficult for many to repay, they may want to find a way to discharge these loans. However, incidents of student loan discharges are rare among all debtors and practically unheard of among recent graduates.
Deferment Is an Option for Many

If a person can’t pay their loans, the government will often allow them to put off payment for up to three years. While discharging these loans isn’t a realistic option for recent graduates, deferment is. Coupled with bankruptcy, deferring a loan may give a person the chance to get their life back on track.
What about Cancelling Loans?

In some cases, loans may be canceled. This is rare, however, and may not be a reliable option for most recent graduates. It may be wiser for these graduates to focus on managing other debt burdens and working on student loans after they have reestablished themselves financially.
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If you’re facing bankruptcy due to financial hardships related to student loans, there may be options available to help you manage these loans while you deal with your other obligations. To learn more about these options, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.

Is Your Pension Affected by Bankruptcy?

Fri, 27 Jun 2014 14:15:00 GMT

Workers who put in long years of service at a company may be given substantial pensions to improve their quality of life during retirement. Many times, these pensions are coupled with other retirement plans, giving a person a decent sum to draw from when they stop working. Due to the importance of this financial support,... Read more »

If you’re considering bankruptcy as a way to work towards debt freedom, we may be able to help you keep some assets that are crucial for your future. To learn more about exemptions and excluded assets in bankruptcy, contact a Joliet bankruptcy lawyer of Law Offices of Stuart B. Handelman today by calling 815-722-2201.
Pensions and Bankruptcy

People’s pensions are generally excluded from the bankruptcy process. This means that an individual may not need to file for a specific exemption, but he or she still needs to indicate these excluded assets during the bankruptcy process. An attorney can help someone handle this part of filing for bankruptcy.

Pensions protected during bankruptcy include the following:

IRAs in some situations, often linked to educational retirement accounts
ERISA-qualified plans
Tax deferred annuity plans
Government retirement accounts
Deferred compensation plans

A person should consult with a legal advisor about what steps to take if he or she is considering filing bankruptcy and has pensions to protect. There are some rules and limitations to these pension protections that a debtor may want to know more about.
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Bankruptcy may be the solution you’re looking for to protect your assets when dealing with your debt problems. To discuss your first steps towards a brighter financial future, contact a Joliet bankruptcy lawyer of Law Offices of Stuart B. Handelman at 815-722-2201 today.

Is Credit Card Debt ever Classifiable as Secured Debt?

Fri, 27 Jun 2014 14:14:00 GMT

Although filing for bankruptcy can start a person down the path to financial freedom, that process can be complicated if a person waits too long to file and has significant secured debts. If a person does not take advantage of bankruptcy protection early, a creditor with secured debt may be able to take collateral property from a debtor without needing to get a special court order. In some cases, this secured debt may even include debts such as credit card accounts, even though credit card debt is usually considered unsecured.

If your debts have overwhelmed your ability to take care of your family or yourself, it may be time to look for a powerful legal solution like bankruptcy. To learn more about how bankruptcy may be able to give you a fresh start, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.
Secured Credit Card Debt

In some instances, a credit card account may have certain security requirements added to it by the bank or by the card provider. When this happens, any debt attached to that card may become secured debt. This means that a creditor has access to collateral property if the debtor cannot pay the balance due in a satisfactory manner.

Credit card debt can become secured in the following situations:

A credit card provider designates that all purchases made with their company’s products be classified as secured debt
Banks may make any debt on a new credit card secured debt
Banks may make any debt on a renewed credit card secured debt

There is no need to continue to struggle with debts, whether they are secured or unsecured. To learn how a bankruptcy filing might help you to move on, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., at 815-722-2201 today.

How Does Household Size Affect the Means Test?

Fri, 27 Jun 2014 14:13:00 GMT

When someone files for Chapter 7 bankruptcy, they have to fulfill a basic requirement known as the means test. This requirement takes their income and compares it to the average income in the state. If their income is less than that average, they can file for Chapter 7 bankruptcy protection. However, there are many factors... Read more »

If you’re considering pursuing bankruptcy due to overwhelming debts and other factors, we may be able to help you. For more information regarding your options, contact the Joliet Chapter 7 bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C., today by calling 815-722-2201.
Who Counts as Part of a Household?

Those in charge of a large household may be given special consideration during the means test. After all, a higher income will be expected if more people need to be cared for with that money. A head of a household may count the following people as a part of their household for the means test:

People they pay a significant amount of money to support at home
People counted as dependants for tax purposes
People counting the house as their primary residence

There’s no exact science for determining household members. Some bankruptcy courts will use different parameters to figure out whether a person is actually a member of a household or not. However, these three factors are the most commonly considered.
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Bankruptcy can be a powerful solution to debt issues that the head of a large household may need to think about as a means to move forward for their family’s sake. To learn more about this process and how it may help you, contact the Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., at 815-722-2201 today.

How Long Does Bankruptcy Take?

Fri, 27 Jun 2014 14:13:00 GMT

Many debtors considering bankruptcy are severely burdened by the weight of their debts and the stress they cause. These debtors simply want to be rid of their debt and may not want to wait a significant period of time for relief to come. However, this may not always be possible as the length of time... Read more »

If you’re thinking about filing for bankruptcy, our attorneys are prepared to help you evaluate your options and take the next step with you. Call our Joliet bankruptcy attorneys at the Law Offices of Stuart B. Handelman, P.C., today at 815-722-2201 to learn more about how to begin filing for bankruptcy.
Understanding Bankruptcy Timeframes

When a person files for bankruptcy, there are several issues that can influence how long it takes to finish the bankruptcy process. If a person is worried about the amount of time their bankruptcy will take, they should consider the following:

Chapter 7 bankruptcies are typically faster
Chapter 13 bankruptcy repayment plans typically take 3-5 years to complete
Bankruptcy may progress slower if creditors have objections

Generally speaking, Chapter 7 bankruptcies can take up to one year to complete, but are usually finished in a matter of months. In contrast, repayment plans can make Chapter 13 bankruptcy last a few years, often between 3 and 5 years. Each of these offer different options to debtors and should be discussed with a knowledgeable attorney.
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If you’re thinking about filing for bankruptcy and want to work through the process with a professional advisor to ensure things run smoothly, our legal team may be able to help. To discuss your options for debt relief, contact our Joliet bankruptcy lawyers at the Law Offices of Stuart B. Handelman, P.C., today at 815-722-2201.

How Does Bankruptcy Affect Your Credit Score?

Fri, 27 Jun 2014 14:12:00 GMT

Credit scores are used by lenders to determine how financially safe it is to enter into a loan agreement with an individual. Unfortunately, it is true that bankruptcy damages a person’s credit score, potentially making it difficult for people to acquire a loan after bankruptcy. However, there are times when an individual’s financial situation is... Read more »

If you’re concerned about your future after bankruptcy, we may be able to help you work through the bankruptcy process and offer important advice about what comes next. To discuss what options are available to you, contact a Joliet bankruptcy attorney of the Law Offices of Stuart B. Handelman today at 815-722-2201.
Credit Scores and Debt

When a person considers bankruptcy, it is usually because he or she is deeply in debt and possibly facing foreclosure. At this point, a person’s credit score is typically already damaged due to missed or late payments. In these situations, bankruptcy provides a chance to free yourself from debt and start over again.

The following may lower a person’s credit score before he or she files for bankruptcy:

Failing to make payments
Accruing more debt to cover old debts
Foreclosure

While bankruptcy may harm a person’s credit score in the short-term, it ultimately frees a person from his or her debts in order to rebuild a credit score through positive credit actions. Rebuilding your credit score after bankruptcy often occurs faster than if you are still struggling against long-term debt.
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If you’re considering bankruptcy but are frightened about how it affects your credit, we may be able to answer your questions and deal with your concerns. To learn more about how bankruptcy works and what it means for a person’s long-term financial health, contact a Joliet bankruptcy attorney of the Law Offices of Stuart B. Handelman today by calling 815-722-2201.

How Do Debt Discharges Affect Co-signed Debts?

Fri, 27 Jun 2014 14:12:00 GMT

When a person co-signs on a debt, they promise to share their responsibility for that loan with one or more people. However, this shared liability can become burdensome if one of those co-signers files for bankruptcy. This problem typically arises because a debt discharge that is granted to a debtor during bankruptcy will generally only... Read more »

When you are or someone you share a loan with is considering bankruptcy, all factors affecting the situation must be considered. In order to fully understand how bankruptcy will affect you and potentially grant you financial relief, contact a Joliet bankruptcy lawyer at the Law Offices of Stuart B. Handelman, P.C., today at 815-722-2201.
Co-signed Debts Changed by Bankruptcy

The liability for co-signed debts changes once a debt discharge is granted, but the value of the debt is not actually affected. The co-signers with their names still on the loan will take over the remainder of the debt. Some of the most common types of co-signed loans or debts that are important in bankruptcies include:

Business debts shared between debtors
Co-signed home loans
Rent or lease signings co-signed by another individual
Co-signed auto loans

Bankruptcy is a very viable debt relief option for many people; however, it can be complex and affects people in unique ways. For this reason, it is always in a person’s best interest to consult with a bankruptcy attorney prior to filing for bankruptcy.
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If you are overwhelmed by debt, we may be able to assist you in the process of filing for bankruptcy. To learn more about how to prepare for bankruptcy, contact a Joliet bankruptcy attorney at the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.

How Can Chapter 7 Bankruptcy Work for Small Business Owners?

Fri, 27 Jun 2014 14:11:00 GMT

When a small business owner faces financial problems because of personal or business debts, they may want to consider bankruptcy as an option for returning to financial freedom. Unfortunately, depending on the size of the business, a small business owner may have to claim these debts as their own financial responsibility. In these situations, debtors... Read more »

If you’re thinking about bankruptcy as an option to help with your small business debts, you may want to learn more about what the process entails. For additional information, contact the Joliet Chapter 7 bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C., today by calling 815-722-2201.
How Chapter 7 Bankruptcy Helps a Business Owner

Larger businesses may need to file for bankruptcy protection under a different set of rules than small businesses. This is because small businesses are commonly owned by a single person or by a partnership. This type of ownership means that any business expenses are commonly tied to a single owner. When that person faces financial hardship, they may want to consider bankruptcy.

Small business bankruptcy can help a business owner in the following ways:

Cut financial ties between a business owner and the business
Allow the business owner to handle overwhelming personal debts
Resolve serious financial issues without necessarily ruining the business

In some cases, the court will allow a business to stay open after bankruptcy, giving the small business owner the opportunity to re-establish themselves financially. However, for business owners particularly concerned about losing their business, Chapter 7 bankruptcy may not be the right approach.
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If your debt has grown to uncontrollable levels, it may be time to think about bankruptcy as a serious option to save your business and yourself. For a free consultation, contact the Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., today at 815-722-2201.

Debtor Education Courses and Debt Discharge

Fri, 27 Jun 2014 14:10:00 GMT

There are many different requirements that must be met when a person is filing for bankruptcy, including the attendance of a debtor education class. A person involved in either a Chapter 7 or Chapter 13 bankruptcy case will need to attend a class about financial management in addition to the credit counseling session at the... Read more »

If you’ve been thinking about filing for bankruptcy, we may be able to help you navigate the difficult legal system involved with this debt reduction process. For more information about your options, contact a Joliet Chapter 13 lawyer or Chapter 7 attorney of the Law Offices of Stuart B. Handelman today by calling 815-722-2201.
Pre-Discharge Debtor Education

In Chapter 7 and Chapter 13 bankruptcy cases, a debtor needs to attend two different financial courses or consultations. The first occurs before filing; it is a credit counseling session completed with a court-approved agency. The second must be fulfilled before a person can receive a discharge order. Basically, it is a course that covers important financial management information.

This debtor education must be completed according to the following rules:

Course information must cover government-required curriculum points

Course must last at least two hours

Course must be through a court-approved agency

Form 23, or proof of course completion, needs to be filed within 45 days after the first creditor meeting in Chapter 7 bankruptcy

Form 23 needs to be filed before the last payment plan amount is paid in a Chapter 13 situation

If debtors fail to complete this education course within the required amount of time, they won’t be able to complete their bankruptcy.
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If you’re facing uncontrollable debt and need a solution, we may be able to help you. To learn more about your options and responsibilities as a debtor during the bankruptcy process, contact a Joliet bankruptcy lawyer of the Law Offices of Stuart B. Handelman at 815-722-2201 today.

Filing for Bankruptcy Again

Fri, 27 Jun 2014 14:10:00 GMT

If a person successfully files for bankruptcy, they may be able to have many of their debts discharged. However, some people may have significant debt that cannot be discharged legally or may suffer a financial crisis due to injury or misfortune. If this plunges a person back into a state of financial despair, they may... Read more »

If you are considering filing a second or successive bankruptcy, we may be able to help you begin this process. There are some limitations on these successive discharges that can complicate the process significantly. To learn more about how we may be able to help you back onto the path to financial freedom again, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C., at 815-722-2201.
Filing Successive Bankruptcies

When the courts consider whether a person is allowed to file for bankruptcy again, they first qualify the time limit according to whether a discharge was granted. If the discharge was granted, the time limits will be enforced.

Accordingly, the following time limits are set for filing successive bankruptcies:

Two successive Chapter 7 discharges require an 8-year break from the date of filing
Two successive Chapter 13 discharges require a 2-year break from the date of filing
A Chapter 13 discharge followed by a Chapter 7 bankruptcy requires a 6-year break
A Chapter 7 discharge followed by a Chapter 13 bankruptcy requires a 4-year break

Depending on what occurs in the first bankruptcy, these time limits can become complicated. If debts are not fully discharged, the waiting period may be changed accordingly. This confusion is one reason why retaining the services of a legal advisor is typically beneficial.
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Bankruptcy can offer you another chance to develop financial stability, and we can help you when your previous bankruptcy has proven to be insufficient. Contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.

Chapter 13 Bankruptcy Options for Debtors with No Income

Fri, 27 Jun 2014 14:09:00 GMT

A person filing for Chapter 13 bankruptcy is expected to keep up with a repayment plan. However, this may not be possible if a person loses their income due to job loss or they cannot afford payments due to a financial emergency. In these situations, a person may need to have their bankruptcy converted or... Read more »

If you are thinking about filing for bankruptcy, you may want to consider your full range of options before taking significant action. For more information about how we may be able to help you through this process, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C., at 815-722-2201.
Working through Bankruptcy Without a Steady Income

For many debtors, Chapter 13 and its many benefits may simply not be feasible due to a lack of a dependable and sufficient income. The courts will often dismiss Chapter 13 cases if debtors are unable to afford the repayment plan.

However, these debtors may consider some of the following opportunities:

Filing for Social Security if hardship is due to a disability
Filing for unemployment if hardship is due to being laid off
Converting a case to a Chapter 7 bankruptcy
Requesting a modification to a repayment plan before it is accepted

These options may allow a person to either reevaluate their sources of income or modify their bankruptcy to proceed. A competent and capable legal representative can help to guide a debtor through this process.
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If you can no longer manage your debt load and are lacking income, you should not hesitate to speak with an experienced lawyer. Contact the Joliet bankruptcy attorneys at the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.

Can I Keep This? What to Remember about Exemptions for Personal Property in Illinois

Fri, 27 Jun 2014 14:08:00 GMT

A debtor filing for bankruptcy may want to consider their exemption options if they want to file for Chapter 7 bankruptcy. These exemptions allow debtors to keep property that may be important or personally meaningful. Property that is not covered by an exemption may be exposed to sale as a part of the liquidation process,... Read more »

If your debt load has become unmanageable, you may be eligible to file for Chapter 7 bankruptcy. For additional information regarding your rights and options, contact the Joliet Chapter 7 bankruptcy lawyers of the Law Offices of Stuart B. Handelman at 815-722-2201 today.
3 Things to Know about Personal Property Exemptions

The laws affecting Illinoisans are not the same for other people in other states. This is why, when looking for advice, a debtor may want to go to a professional attorney to learn what they can about their own state’s standards. In Illinois, a person may want to consider the following about personal property exemptions:
#1: Personal Injury Claims Are Protected

A major issue for many people is whether they will be allowed to receive their personal injury rewards during bankruptcy. These rewards and settlements can be crucial to cover the cost of medical bills or lost wages due to an injury. In Illinois, a person can exempt up to $7,500 of their personal injury sum. Additional, certain wrongful death settlements may be considered exempt.
#2: Vehicles Are Covered

A person can file for a bankruptcy exemption for a car or truck up to $1,200, which can be coupled with another exemption for additional protection. Additionally, boats can be exempted as long as they are over 12 feet in length.
#3: Necessary Property Is Generally Exempted

Exemptions for other important and necessary property are often available. This means that a person can protect important property such as clothing, medical devices and drugs, and textbooks for school.
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If bankruptcy seems like the best option for you, we may be able to help you find out what exemptions and benefits may be available to help. To learn more about gaining a fresh start through bankruptcy, contact the Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.

Can Bankruptcy Help with My Student Loan Debt?

Fri, 27 Jun 2014 14:07:00 GMT

The Federal Reserve Bank of New York has cited American student loan debts totaling $1 trillion nationwide. With the cost of tuition steadily increasing, many students are faced with the proposition of either taking out more debt to pay for school or not receiving a college education. For those students wanting a higher-paying, higher-responsibility job,... Read more »

If you have been pushed beyond your financial means by student loan debts, there may be some solutions available to help you deal with these loans. To discuss your situation with a skilled, experienced, and compassionate attorney, contact the Joliet bankruptcy lawyers at the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201.
Will Bankruptcy Help?

In short: yes and no.

Bankruptcy can help a student who is in need of help with overwhelming debts. By filing for bankruptcy, a student can have many of their major consumer debts wiped clean. This allows them to focus more intently on their student loan debts.

However, student loan debt is not considered dischargeable under bankruptcy law.
What Are My Options?

Although student loan debt cannot be eliminated through a bankruptcy filing, a student may still benefit from filing. Often, student loan debts are not the only financial burden a student faces. Credit card debt is still a major issue for many students, as the cost of living outpaces their earning capacity.

In addition to bankruptcy, there may be some special government programs and debt negotiation strategies available to combat debt and work to consolidate debts.
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If you are having a difficult time staying in control of your finances because of overwhelming debts, we may be able to help you. For more information regarding your rights and options as a debtor in distress, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.

Benefits of Debt Negotiation

Fri, 27 Jun 2014 14:07:00 GMT

People that are facing overwhelming financial obligations understand the challenges associated with getting out of debt. When you feel like you are in a hopeless situation, it is important to remember that no financial crisis is impossible to overcome. There are tools available to help you deal with your obligations and move forward from this... Read more »

Debt negotiation is a way for people to work their debts down to a manageable amount and make a plan to rid themselves of their financial burdens. Contact the Joliet debt negotiation attorneys at the Law Offices of Stuart B. Handelman, P.C., for more information about this subject or to discuss your situation with a knowledgeable lawyer today.
How Debt Negotiation Works

If a person is able to pay back their debts, but may not be able to meet the minimum payments required to avoid credit problems and financial distress, they may qualify for lower payments. Debt negotiation is a way for people to work their outstanding debts to a more reasonable amount and eliminate this unnecessary strain. Debt negotiation can help qualifying individuals:

Get rid of or lower their interest rates
Pay one large lump-sum payment to eliminate their debts
Extend the period they have to repay the outstanding balance
Settle with their creditor to minimize debts

Debt negotiation offers financial relief as well as emotional peace of mind. There is no reason to worry about your financial stability any longer.
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The dedicated Joliet debt negotiation lawyers at the Law Offices of Stuart B. Handelman, P.C., know that you may be dealing with challenging financial burdens. If you feel that you may qualify for debt negotiation, do not hesitate to contact our offices at 815-722-2201.

Bankruptcy or Debt Negotiation?

Fri, 27 Jun 2014 14:06:00 GMT

In many cases, a person may not realize the full extent of their debt problem until it’s too late. With debts building up and income often remaining flat, a person may find him or herself simply unable to keep pace with financial obligations. If this is the situation, a person has two principal options for... Read more »

If you are facing overwhelming financial obligations, you may be entitled to pursue bankruptcy or renegotiate the terms of some of your repayment agreements. For more information regarding your options, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., at 815-722-2201 today.
The Pros and Cons of Bankruptcy

Bankruptcy is often considered the most comprehensive solution for debt problems. When a person cannot handle their minimum payments, they may qualify for bankruptcy. Through this process, a person can either file for Chapter 7’s liquidation bankruptcy or Chapter 13’s repayment plan.

While bankruptcy may be an attractive solution for some, filing for bankruptcy has a negative impact on a person’s credit score and may influence their ability to get loans in the future. Also, there are some cases in which a Chapter 7 bankruptcy may expose a filer’s assets or property to bankruptcy sale.
The Pros and Cons of Debt Negotiation

Debt negotiation offers debtors the option to consolidate loans, negotiate the terms of a loan, and even extend their payment periods. Naturally, creditors want to recover the money that is owed to them by debtors. If this means accepting lower-profit terms for a loan, many creditors will be quicker to agree to that sort of change as opposed to losing the value of that debt in a debt discharge.

While this type of debt solution can offer a great way for some debtors to deal with their obligations, it does not provide the same sort of legal protections and opportunities as bankruptcy. After all, a creditor can reject a debt negotiation plan if they do not agree to it.
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If you have reached a breaking point with your debts and need help dealing with these obligations, we are prepared to be of assistance. To learn more about debt negotiation or bankruptcy, contact the Joliet bankruptcy lawyers at the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.

Are You Allowed to File for Chapter 7 Bankruptcy?

Fri, 27 Jun 2014 14:04:00 GMT

There are several things a debtor needs to prove if they want to file for Chapter 7 bankruptcy protection. This type of bankruptcy, commonly known as liquidation bankruptcy, has more powerful protections attached to it than Chapter 13 bankruptcy in terms of the elimination of debts. However, due to this effectiveness, there are a number... Read more »

If you are seeking a solution to an overwhelming debt situation, it may be appropriate to consider filing for bankruptcy protection. For more information regarding this powerful solution to many debtors’ problems, contact the Joliet Chapter 7 bankruptcy lawyers of Law Offices of Stuart B. Handelman, P.C., at 815-722-2201 today.
Eligibility for Chapter 7 Bankruptcy

In 2005, the U.S. government added a new rule of eligibility to the bankruptcy process. With this addition under the law, there are five ways a person may be ruled ineligible for Chapter 7 bankruptcy. These include:

Having a bankruptcy dismissed in the past 180 days
Having a debt discharged in the past 8 years
Having enough money to repay debts
Defrauding creditors
Failing to meet the means test, or having more income than the state average

A person unsure about whether they might be ruled ineligible for Chapter 7 bankruptcy should consult with their legal advisor about what next steps to take if they are still interested in bankruptcy protection.
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Bankruptcy is frequently a desirable option for people who need debt relief promptly and cannot forestall their creditors any more. If you have reached this point with your finances, contact the Joliet Chapter 7 bankruptcy attorneys of Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201.

Are You Allowed to Convert a Chapter 13 Bankruptcy to a Chapter 7 Bankruptcy?

Fri, 27 Jun 2014 14:03:00 GMT

When a person is working through a Chapter 13 bankruptcy payment plan, they may encounter very serious financial problems that they had not anticipated. These plans can often take years to complete, leaving the debtors vulnerable to new challenges that may arise in the course of paying back their existing debts. Injuries, job losses, and other concerns can leave a person without the ability to pay according to the terms of their bankruptcy plan. As a result, these debtors may want to consider converting their bankruptcy to a Chapter 7 bankruptcy.

If you are considering a move to convert your bankruptcy from a Chapter 13 case to a Chapter 7 case, we can help. Contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C., at 815-722-2201.
When You Can Convert Your Case

A person who qualifies for Chapter 7 bankruptcy may be allowed to convert their existing Chapter 13 case to a Chapter 7 case at any point in time. There is an exception in that two Chapter 7 discharges cannot occur within an 8-year span.

In order to convert to a Chapter 7 case, a person needs to fulfill the following:

Passing the means test
Filing the proper paperwork
Going through an additional meeting with creditors
Filing for exemptions in the Chapter 7 case

In some cases, different courts treat deadlines differently. A person may want to consult with a legal advisor to find out how they should prepare to convert their case.
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If you cannot manage a Chapter 13 case any longer and want to convert your case, we may be able to advise you through this often complex process. To learn more, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today

4 Pieces of Information You Need to Have Ready

Fri, 27 Jun 2014 14:02:00 GMT

Many debtors turn to bankruptcy when they cannot keep pace with their financial obligations. With a seemingly impossible debt burden to deal with, debtors may use bankruptcy as a way to either clear out their debts altogether or find a way to lower their payments. However, a debtor needs to prepare the proper documents and... Read more »

If you are struggling to cope with your debts, bankruptcy may offer an effective solution. To learn more, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.
Important Information

A bankruptcy filing will need to be accurate and thorough, or else a filer may have his or her claim rejected. In some cases, simple mistakes could lead to allegations of bankruptcy fraud. The following information is important to gather in advance of your filing.
#1: Income and Expenditures

In the case of Chapter 7 bankruptcy, a report of a debtor’s income and expenditures is required for the means test, which compares this income to the state’s average. Additionally, determining income and expenditures can prove crucial for Chapter 13 bankruptcy repayment plans, which require a person to dedicate their disposable income to paying off debts.
#2: Liabilities and Assets

In order to work through the bankruptcy process, the court will need to know how much a debtor owes and to whom. This can help the court determine which debts are linked to collateral and which debts are considered priority obligations.
#3: Contracts and Leases

If a person is still tied to a contract or a lease, they need to provide this information to the court. Keeping track of this information can help the court better understand a debtor’s larger debts, including home loans.
#4: General Statement of Finances

When a debtor files for bankruptcy, they will be expected to prepare a statement of their finances. This statement gives the court a clear understanding of how the debtor’s finances work, how they make basic payments, and how certain debts work in their life. The court can provide a fairer solution through bankruptcy with this statement.
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If you can no longer bear your debt obligations, it may be time to consider bankruptcy. To discuss your options as a debtor, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.

3 Ways Your Divorce May Cause Bankruptcy

Fri, 27 Jun 2014 14:01:00 GMT

When a married couple goes through a divorce, both people may be faced with significant financial problems once the legal proceedings are over. In part, this is because each person needs to deal with their own finances for the first time since the marriage. However, the more common reason is due to the results of... Read more »

If you are facing bankruptcy after a divorce, there may be legal options available for you to protect your property during these difficult times. For more information, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C. by calling 815-722-2201.
The Impact of Divorce on Personal Finances

A person coming out of a divorce may face the following issues with their finances because of these legal proceedings:
#1: Alimony

If a person has been married for a long period of time, alimony payments may leave one person in the marriage providing financial assistance to the other. While this is meant to help the couple adjust to life separated from each other, alimony can actually drive someone into financial trouble.
#2: Loss of Property

When property is divided, a person may lose a substantial amount of the items, real estate, or vehicles they purchased. As a result, new expenses may arise. For example, if a person is left paying for a new car because they lost their old one, the consequences on their finances can prove severe.
#3: Child Support

If the couple had children, one parent may be held responsible for providing regular support for that child. This is especially the case if one parent receives full custody. These payments can significantly wear down a person’s finances.
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If you are facing difficult times because of your financial worries, bankruptcy may be the right solution for you. To discuss how bankruptcy may bring you back the financial freedom you once enjoyed, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C. at 815-722-2201.

3 Things You Should Know about Cramdowns

Fri, 27 Jun 2014 14:00:00 GMT

When a debtor files for bankruptcy, they may be able to reduce some of their loans through an action known as a cramdown. This action allows a debtor to move secured debt, such as car loans, to unsecured debt. In a Chapter 13 repayment plan, this allows a person to deal with these important loans... Read more »

If you are facing bankruptcy due to your inability to pay back creditors, we may be able to help you take the first steps towards financial freedom. Contact the Joliet Chapter 13 bankruptcy lawyers of Law Offices of Stuart B. Handelman at 815-722-2201 today.
Important Information about Cramdowns

Before you take action in reducing your loans, you should know the following about cramdowns:
#1: Cramdowns only affect certain secured loans.

Cramming down all loans is not allowed in Chapter 13 cases. A person can only use this tactic to lower the principle balance on a debt if it is considered secured. In basic terms, this includes most debts that can have the property repossessed by the creditor due to a failure to pay. However, mortgages on a primary residence such as a family’s house are not able to be crammed down.
#2: Cramdowns reclassify secured debt as unsecured debt.

The most important benefit of a cramdown is to shift the paid amount of a debt to an unsecured debt. The remaining balance on the debt will still need to be paid according to the rules of secured debt in Chapter 13, but this paid-off amount can be paid back according to the significantly looser regulations on paying back unsecured debts. This allow for lower or less frequent payments, namely through a reduction of interest rates.
#3: Time restrictions affect cramdowns.

A person is not allowed to purchase a brand new car and immediately cram down the small amount that they have paid on it. For automobiles, a person needs to have owned that vehicle for at least 910 days prior to filing for bankruptcy. For other personal property, a similar rule exists. However, this rule sets the required time of ownership at one year.
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If your financial troubles have become an inescapable problem for you, our experienced attorneys may be able to assist you with your concerns and questions. To learn more about your options, contact the Joliet Chapter 13 bankruptcy attorneys of Law Offices of Stuart B. Handelman by calling 815-722-2201 today.

3 Things You Ought to Know about Chapter 13 Bankruptcy

Fri, 27 Jun 2014 13:59:00 GMT

Chapter 13 bankruptcy is available for debtors who want to address their creditor obligations, but do not want to go through liquidation. Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy allows a debtor to work through their debt in a way that takes their own financial limitations into account. With Chapter 13 bankruptcy, a debtor can... Read more »

Although this bankruptcy requires more long-term planning and work than Chapter 7 bankruptcy, it can also provide debtors with the fresh start and new life that they are seeking. To learn more about Chapter 13 bankruptcy, contact the Joliet Chapter 13 bankruptcy lawyers of the Law Offices of Stuart B. Handelman at 815-722-2201 today.
Important Chapter 13 Considerations

It is important that debtors take necessary steps to ensure that they adequately understand their legal rights and obligations through the bankruptcy process. The following are three significant considerations.
#1: Chapter 13 bankruptcy puts the debtor before the creditor.

Chapter 13 bankruptcy helps a debtor work through their problems by allowing them to submit a debt repayment plan. This plan addresses creditor obligations, but generally only has the debtor pay whatever their disposable income can provide. Property loss is usually only in cases when a debtor wants to give up collateral on loan instead of paying it.
#2: Chapter 13 bankruptcy can deal with debts debtors cannot otherwise handle.

Once the Chapter 13 repayment plan is complete, a debtor may not be responsible for paying back that debt anymore. With debts that are not considered priority obligations or are not attached to collateral, debts that are paid through a repayment plan will often expire with the end of the plan.
#3: Foreclosure stops under Chapter 13 bankruptcy.

A debtor filing for Chapter 13 bankruptcy can stop the foreclosure process on their home. Although this does not eliminate the debt, the creditor cannot continue with foreclosure proceedings unless the foreclosure is actually complete by the time to debtor files for bankruptcy.
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If you are struggling with collectors and creditors calling, we may be able to help you file for Chapter 13 bankruptcy. To discuss your legal options further, contact the Joliet Chapter 13 bankruptcy lawyers of the Law Offices of Stuart B. Handelman at 815-722-2201 today.

3 Things to Look for in an Attorney

Fri, 27 Jun 2014 13:58:00 GMT

When a person considers bankruptcy as a solution to their debt problems, they should be able to trust their legal advisor who can help them with their problems. Finding this advocate can prove difficult, though. To identify the right attorney for one’s demeanor and situation, a debtor should carefully assess a variety of different traits.... Read more »

If you are struggling financially and believe that bankruptcy may be the right choice for you, it is important to know your options before going forward. To learn more about your rights and options as a debtor, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman at 815-722-2201 today.
Factors that Merit Attention

Each attorney has an incentive to attempt to persuade you that he or she is the right one to handle your case, and the reality is that there are many highly qualified advocates available to serve you. But as you prepare to face such a significant matter in your life, you may wish to bear the following factors in mind when choosing the attorney in whose hands you will place your future.

#1: Experience
An attorney with a strong reputation for excellence can use their past experiences inside and outside court to help a debtor deal with the stress of bankruptcy. When a creditor fights to collect a debt that is owed, an experienced attorney often has the ability to challenge the creditor and ensure that a debtor’s rights are fully protected.

#2: Respectfulness
Although it may seem like a small trait for a successful attorney to have, a little respect and friendliness can go a long way in the tough times of a bankruptcy. A debtor needs to be able to take confidence from their legal advisor and needs to know that their advisor will do what’s right for them, without adding needless judging to an already difficult situation.

#3: Determination
The ideal attorney is an experienced litigator who shows respect for their clients and who fights for their client’s rights aggressively. In bankruptcy cases, there is no exception. A determined lawyer will stand up for their clients when their clients need them most.
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If you are looking for an attorney to assist you with your bankruptcy, we can help you with your case. For more information, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.

3 Myths of Do-It-Yourself Bankruptcies

Fri, 27 Jun 2014 13:56:00 GMT

Some people look at bankruptcy as a straightforward process that requires some simple, if thorough legal paperwork. The truth of the matter is that there are more than just some facts and figures that a person needs to provide in order to make it through bankruptcy. Bankruptcy is actually a fairly complicated process that can... Read more »

If you are convinced that you can handle your own bankruptcy, you may want to at least know your options and what kind of challenges you might encounter. For a free consultation about how bankruptcy really works, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.
Clearing Misunderstandings

There are a number of misconceptions which can lead a debtor unfamiliar with the bankruptcy process to commit costly errors in the handling of his or her case. Before you attempt to go it alone, it is important that you understand the truth about the following bankruptcy myths.

Myth: Bankruptcy’s as simple as filing.
Truth: Bankruptcy can be a long, complex series of legal battles between a debtor, their creditors, and the bankruptcy trustee. With help from an attorney, a debtor can be prepared to respond to these difficulties.

Myth: Bankruptcy attorneys cost too much.
Truth: In reality, a person’s legal advisor may end up saving them money by ensuring that a case claims appropriate exemptions in Chapter 7 bankruptcy or creates an efficient repayment plan in Chapter 13. Also, an attorney can defend a debtor’s rights when a creditor challenges them during bankruptcy proceedings.

Myth: I can represent myself as well as any attorney can.
Truth: As stated before, many bankruptcies are far from simple legal procedures. If creditors wish to argue for their right to receive payment, they will bring their full legal resources to bear. A debtor needs to be ready to handle this, or they may not get as much out of a bankruptcy as expected.
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If you are drowning in debt and need a way out, bankruptcy might be the right solution for you. Do not fall prey to sales pitches by bankruptcy software companies or do-it-yourself gurus. For vigorous and knowledgeable representation, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman at 815-722-2201 to learn more.

3 Important Things about Chapter 7 Bankruptcy

Fri, 27 Jun 2014 13:55:00 GMT

Chapter 7 bankruptcy can help a debtor to gain freedom from the heavy burdens of excessive debt. Whether from loans or credit card debt, financial obligations to creditors can easily become too much for a person to handle. To get their life back from the constant hassling, debtors may want to consider Chapter 7 bankruptcy... Read more »

If you are facing overwhelming debt and are seeking an end to your financial troubles, bankruptcy may be right for you. To learn more about your legal options as a debtor, contact the Joliet Chapter 7 bankruptcy lawyers at the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.
Things You Must Know

Each chapter of the United States Bankruptcy Code has different provisions and requirements, and it is important that you understand certain important elements of Chapter 7 bankruptcy proceedings before you file.
#1: You Have to Qualify for Chapter 7 Bankruptcy

Chapter 7 bankruptcy requires a debtor to qualify for this type of bankruptcy. According to federal bankruptcy code, a debtor needs to prove that they have gone through credit counseling and pass the means test before they can file for Chapter 7 protection.
#2: Chapter 7 Bankruptcy May Result in the Loss of Property

Chapter 7 bankruptcy is also known as liquidation bankruptcy, because a debtor may be required to surrender certain property or expose it to bankruptcy sale in order to generate funds which can be used to partially pay creditors. Any such payment is typically regarded as satisfying the debt.
#3: Exemptions Can Save Some Property

Debtors should consider the state and federal exemptions available for Chapter 7 bankruptcy filers. These exemptions can help a person hold on to important property, including houses and cars.
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If you are struggling with your debts, we may be able to help. For more information regarding your options, contact the Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.

3 Considerations Regarding Credit Counseling and Bankruptcy

Fri, 27 Jun 2014 13:47:00 GMT

In 2005, the bankruptcy law in the United States added several requirements for Chapter 7 bankruptcy filers. Through a law known as the Bankruptcy Abuse Prevention and Consumer Protection Act, debtors seeking Chapter 7 bankruptcy protection are now expected to fulfill two new requirements. The first is to pass a means test, gauging the debtor’s... Read more »

If you are facing overwhelming debt, you may benefit from filing for bankruptcy. For a free consultation regarding your bankruptcy options, contact the Joliet bankruptcy attorneys of Law Offices of Stuart B. Handelman at 815-722-2201 today.

<h2 style="color: #000000;"> Different Points of Concern </h2>

The provisions of BAPCPA establish certain exceptions for the credit counseling requirement. The following will help you to determine whether these may apply to your situation.

<h2 style="color: #000000;"> You Have to Go Through Credit Counseling for Chapter 7 or 13 Bankruptcy </h2>

The aim of the 2005 legislation was to reduce the perceived abuse of Chapter 7 bankruptcy, or liquidation bankruptcy. However, the requirement for credit counseling stands for both Chapter 7 and 13 bankruptcy cases. A person needs to file proof of credit counseling within 180 days of filing for bankruptcy.

<h2 style="color: #000000;"> Active Military Personnel May Be Exempt </h2>

There are two major exemptions for credit counseling. One is allowed for military service members currently deployed in an active deployment zone. Once a military service member becomes an active part of a live operation in the field, they are considered exempt during that time to file a credit counseling certificate.

<h2 style="color: #000000;"> Physically and Mentally Disabled Debtors May Be Exempt </h2>

The other major exemption for credit counseling is available for the disabled. This is, in part, because some disabled debtors may not benefit from credit counseling. After all, many of these debtors needed to take out so many loans and other financial obligations for treatment, which is not generally a cost that can be negotiated or brought down.

<h2 style="color: #000000;"> Contact Us </h2>

If your debt has grown out of control and you need a powerful solution to handle those obligations, bankruptcy may be the right choice for you. To learn more about the requirements of bankruptcy before filing, contact the Joliet bankruptcy lawyers of Law Offices of Stuart B. Handelman by calling 815-722-2201 today.