The Illinois Bankruptcy laws allow you to keep your car under certain circumstances. If you owe on the car and there is more than $2,400 in equity in the vehicle, you may be able to keep the car after negotiating with the bankruptcy trustee. If the vehicle is financed there is an option to "reaffirm" the loan and keep the car.

If you have less than $15,000 in equity in the home you can request a "homestead exemption" and so long as you pay the mortgages, you should be able to keep your house. If you have more than $15,000 equity it is possible that the home may be sold to pay off creditors; fear not, you may be able to keep the home after all by filing for Chapter 13 reorganization instead of Chapter 7.

The attorneys at Michelotti & Associates can help you prevent losing your property exemptions and help DuPage and Cook County residents move forward with a "fresh start" in 2010. If you have been worried about creditors seizing your assets, you need to take the proper steps to protect your financial well-being. Find out how the Chicago and Oak Brook offices of Michelotti & Associates can help you properly file for bankruptcy and its property exemption provisions to keep you on the road to financial recovery.

For more information about bankruptcy protection please view our blog archive below.

E-mail Bankruptcy Attorney Joe Michelotti.

For more information please visit our web site.

There are some limitations but in most cases, once the bankruptcy petition is properly filed your Chicago bankruptcy attorney can use the automatic stay to legally stop the continued foreclosure action so that the debtor can negotiate with the bank and bring the home out of foreclosure.

The attorneys at Michelotti & Associates have over 20 years of experience navigating the bankruptcy code and helping DuPage and Cook County residents keep their homes and get back on track. If your lender has threatened a foreclosure you need to take the proper steps to preserve the hard work and equity you have in your home. Find out how the Chicago and Oak Brook offices of Michelotti & Associates can use the automatic stay provisions to help you defend against a foreclosure proceeding.

For more information about bankruptcy protection please view our blog archive below.

E-mail Bankruptcy Attorney Joe Michelotti.

For more information please visit our web site.

Bankruptcy is a legal proceeding for people whose can no longer pay their debts.

It is governed by federal law, but cases a filed locally in Cook County, DuPage County Kane County. Bankruptcy gives a person the ability to get a fresh financial start. If you are having financial difficulties in Schaumburg, Wheaton, Berwyn or Oak Park, it is something you may want to consider.

When a Chapter 7 bankruptcy case is filed all attempts to collect on debts must stop. That means our clients from Downers Grove, Elmhurst, Lombard, Addison, Elk Grove, Glendale Heights, Woodridge, and Glen Ellyn are protected from any attempts to collect on a debt. This includes collections, lawsuits, garnishments and levies. No one can call you, harass you, or threaten you in any way.

Even the IRS must stop all attempts at collection until things are sorted out. This has worked out very well for many of our clients from such places as Westmont, Roselle, Darien, Villa Park, Lisle, Brookfield, Hinsdale, Westchester, La Grange, Wood Dale, La Grange Park and Western Springs

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It's a simple question. It's a fair question, but the answer is complicated.

The answer is divided into three parts.

One:

Filing Fees

Filing fees for a chapter 7 bankruptcy are $299.00. It does not matter whether the case is filed in Cook, Du Page or Will County. Filing Fees for a chapter 13 bankruptcy are $274.00. It doe not matter whether you live in Elmhurst, Downers Grove or Oak Park.

Two:

Classes

Prior to filing a consumer bankruptcy you need to take a credit counseling class. There are generally done over the internet and take about an hour. They cost between $35.00 and $50.00.

Before the bankruptcy is completed you must also take a debtor education class. This is also done over the internet and costs between $15.00 and $50.00.

Three:

Attorneys Fees

This is the part with the most variance. Each case is unique and presents different problems.

In a chapter 7 case in the Northern District of Illinois our base fee is $1800.00. From there we will add or subtract based on your specific needs.

Less than 6 creditors, subtract $200.00, No Real Estate, subtract $200.00, No need to keep a car, subtract $200, Income less than guidelines, subtract $100.

More than one mortgage add $100, Income over guidelines add $200.00.

Also, if there is litigation generated by your creditors or you have an emergency that has to be resolved there would be additional fees for the work involved.

The complete costs on most chapter 7 cases is less than $2000.00.

On a chapter 13 cases in the Northern District of Illinois the statutory attorneys fees are $3,500.00. These are automatically granted by the court and some or all of the fees are paid into the plan. The amount that you will be required to put down will depend on a number of factors.

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