Smith Law Bankruptcy Blog

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By: Smith Law, Ltd.

Latest from Smith Law Bankruptcy Blog - Page 2

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Strangers will happily take your money if you let them.

Human history includes many examples of con-artistry, most of which have evolved into a modern version of its ancient counter-part. For example, in the middle ages someone might offer to sell a pig in a bag, and after the exchange of goods and/or currency the unsuspecting buyer finds that he or she has bought a cat in a bag; something of lesser value than what the buyer bargained for. This ancient scam can be easily facilitated in any peer-to-peer online marketplace when the seller substitutes the advertised good with something…
Continue Reading Common Scams: Don’t be a scam artist’s victim.

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Don’t wait until your wages are garnished, car is repossessed, or house is foreclosed before consulting with a bankruptcy attorney.

How does someone in need of debt relief produce over $1,000.00 to file for Chapter 7 Bankruptcy? Someone planning ahead might manage to tighten their budget, and make payments to an attorney; but for someone whose wages are being garnished, or under some other financial burden resulting from unpaid debt, producing the amount necessary to file for Chapter 7 Bankruptcy is an implausible goal. This is why it is important to plan ahead.

How much does it cost to file…
Continue Reading Attorney’s Fee: Planning an Escape Before Garnishment, Repo, Foreclosure, etc.

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Meet your attorney before making payment or entering a contract.

Hiring the wrong law firm can be an expensive mistake. Don’t make that mistake. Meet your attorney before hiring them. Below is information that will help anyone find the right Bankruptcy Attorney.

THE SEARCH

1. Word of Mouth

The best place to begin the search for a Bankruptcy Attorney is with family and friends. Bankruptcy is an easy process for a well-practiced attorney, if the process is unpleasant a good attorney will have prepared their client for those unpleasantries well in advance. If a friend or family member that has…
Continue Reading Finding a Trustworthy Bankruptcy Attorney

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Don’t Reaffirm a Bad Note.

It’s probably not advisable to file Bankruptcy for the sole purpose of obtaining a better car note, but if you’re filing Bankruptcy because other things are weighing you down then you might consider shopping for a better deal during the Bankruptcy process. 

Borrowing Money to Make Money

It can be difficult and expensive to get to work everyday without a vehicle. This is why it is tempting for consumers to apply for financing in order to obtain a reliable (and sometimes not so reliable) vehicle to ease the commute to and from their place of…
Continue Reading Using Bankruptcy to Leverage a Better Car Note or Get Out of a Bad One

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Chapter 13 Bankruptcy is an opportunity to pay back a portion of your debts through monthly payments over the course of three to five years, depending on your circumstances.

If you have unmanageable debt Chapter 7 Bankruptcy could be the easiest solution to your problems, however there are circumstances Chapter 7 Bankruptcy may not be available or desirable, under those circumstances it may be worth exploring the possibility of filing under Chapter 13 of the Bankruptcy Code.


How is Chapter 13 Bankruptcy different from Chapter 7 Bankruptcy?


Chapter 7 Bankruptcy is approximately a three to four month process

where the…
Continue Reading Reasons to File Chapter 13 Bankruptcy

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In the majority of cases, people filing for Bankruptcy keep all of their property. It is important to be honest with your attorney so he or she can determine how to best protect your interests.

It is the Bankruptcy Trustee’s job to pay unsecured creditors by seizing and liquidating the assets of people who file for Bankruptcy. Fortunately, the Illinois Legislature has passed laws called

exemptions

to protect certain amounts of certain property. Below, find a review and explanation of the most commonly used Illinois exemptions:

Homestead Exemption:

 Each individual is entitled to keep $15,000.00 in equity in a home…
Continue Reading Who are the Bankruptcy Trustees, and how is property protected from them?

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The amount of equity you have in your home or vehicle will determine how to best answer one of the most common questions people have about bankruptcy, “can I keep my home/car?”

Federal bankruptcy law provides means for people to seek debt relief while maintaining possession of both their home and vehicle; however the particular strategy for accomplishing this will depend on your particular circumstances.

If you are an Illinois resident, and have been for the past two years you are entitled to keep $2,400.00 in equity in any one automobile (if you are not an Illinois resident, or have…
Continue Reading How can I keep my home and car through bankruptcy?