Chang and Carlin, LLP: June 2013

Monday 17 June 2013

How Often Can You File Bankruptcy?

The Law Offices of Chang and Carlin guide individuals and families through their financial struggles, helping them make a fresh start through Chapter 13 or Chapter 7 bankruptcy in Chicago. Chang and Carlin, LLP’s bankruptcy lawyers in Chicago can help you get the immediate debt protection you need and help you get out of debt.

If you have previously filed for Chapter 7 or Chapter 13 bankruptcy in Chicago and you received a discharge, the Bankruptcy Code specifies certain time limits as to when you can file bankruptcy again and obtain a discharge. Let’s have a look.

If you received a discharge in a Chapter 7 Bankruptcy

Filing a Chapter 7 Bankruptcy: You will not be able to receive another chapter 7 discharge until 8 years have passed from the filing date of your previous case.
Filing a Chapter 13 Bankruptcy: You will not be able to receive a chapter 13 discharge until 4 years have passed from the filing date of your previous case.

If you received a discharge in a Chapter 13 Bankruptcy

Filing a Chapter 7 Bankruptcy: You will not be able to receive a chapter 7 discharge until 6 years have passed from the filing date of your previous case.
Filing a Chapter 13 Bankruptcy: You will not be able to receive another chapter 13 discharge until 2 years have passed from the filing date of your previous case.

The bankruptcy code also places limitations on filing a case, if within the last 180 days the court dismissed a previous case for failure to abide by the court’s orders or if you received a voluntary dismissal after a creditor requested relief from the automatic stay.

Achieving the maximum benefit from the bankruptcy discharge should be your main goal for filing a bankruptcy in Chicago. Consult experienced bankruptcy lawyers in Chicago to ensure that all of your eligible debts are discharged in your bankruptcy.

Contact Chang and Carlin for a Free Bankruptcy Consultation Today!

To protect your bankruptcy rights, get in touch with Chang and Carlin, LLP today for a Free Bankruptcy Consultation. We understand what you’re going through and can help you navigate the bankruptcy process from start to finish.

Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg. Joliet, and Warrenville.

How Bankruptcy Filing by Spouse Affects You

Chang and Carlin, LLP is a well-known law firm serving people struggling with their debt situations in the Illinois area. The Chang and Carlin, LLP bankruptcy attorneys have been involved in thousands of bankruptcy cases, representing debtors and real estate transactions in the greater Chicago area.

One of the most common questions that people ask when considering bankruptcy is: “Will my bankruptcy affects my spouse or partner?”

While there is no requirement that a husband and wife jointly file bankruptcy, when one spouse files for Chapter 13 or Chapter 7 bankruptcy in Chicago, there is some impact on the other spouse, especially while the bankruptcy proceeds. Additionally, there will be an impact if liabilities and assets are held jointly, until the final decisions are made and the bankruptcy is discharged.

Let’s have a look at how your bankruptcy will affect your partner or spouse.

• Repayment: If one spouse does file for bankruptcy in order to discharge debts, the other spouse may be held responsible for repayment of some debts, such as jointly-owned credit card debt or medical debt. It is in your best interest to contact a knowledgeable bankruptcy attorney Chicago in order to determine what each person's liability will be.

• When not to file jointly: It may be the case that the spouse who is not in debt has numerous protected assets or may stand to inherit a great deal of money. In that situation, a joint filing may not be advisable.

• Who is Liable? : If you have joint debts and you are made bankrupt then your spouse/partner will be liable for the total debt. For example, if you hold a credit card in joint names then you are both liable for your total debt, even if you have spent every penny on the card.

• Owning a home: If you jointly own your home, your ‘beneficial interest’ in it – your interest in the proceeds of the sale of the property – forms part of your estate and may have to be sold to go towards paying what you owe. The official receiver or trustee in bankruptcy may force the sale of your property in order to get hold of your share.

So, if you are thinking of filing for Chapter 13 or Chapter 7 bankruptcy, it is in your best interest to discuss your choices with an experienced bankruptcy attorney in order to determine what your best options are. Chang and Carlin, LLP helps you with bankruptcy filings, deals with exemptions, and provides the best representation throughout for settling your debts hassle-free.

Contact Chang and Carlin for a Free Bankruptcy Consultation Today!

If you are filing for bankruptcy in Illinois, get in touch with Chang and Carlin, LLP today for a Free Bankruptcy Consultation. We understand what you’re going through and can help you navigate the bankruptcy process from start to finish.

Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg. Joliet, and Warrenville.

Everything You Need To Know About Bankruptcy Preferences

Many people considering filing for bankruptcy in Schaumburg, Chicago, Joliet and Warrenville area consult Chang and Carlin LLP Law Firm to determine whether to file for bankruptcy or not. Our experienced Schaumburg Bankruptcy attorneys and attorneys in other areas of Chicago tell those people that they have the right under federal law to file for bankruptcy relief from their creditors.

The U.S. Bankruptcy Code, Section 547, permits a debtor in bankruptcy or its trustee to “avoid” (i.e., force disgorgement or repayment) transfers made within 90 days of a bankruptcy filing (one year if the transferee was an insider). The Bankruptcy Code gives the debtor and/or the bankruptcy trustee several devices to avoid payments. Probably the most frequently used of these devices is the `bankruptcy preference’. It refers to treating certain creditors better than others shortly prior to the filing of your bankruptcy.

A bankruptcy preference is a transfer made shortly before the case is filed that the trustee can take back from one creditor and share with all the other creditors. The transfer must be:

1. Of money or property in which the debtor has an interest.

2. Made to creditor owed money by the debtor.

3. More than the creditor would receive in a Chapter 7 distribution.

4. Made within a certain period of time.

If the court agrees with the trustee and a payment or transfer is in fact a preference, the receiving creditor has to give back the money or property and it will be used to pay all of your creditors.

However, there are several exceptions or defences a creditor may use to stop the trustee from cancelling a payment or transfer as a preference. It's up to the creditor to prove to the bankruptcy court that one of the exceptions applies.

Preferential payments and transfers can get complicated. Talk to your Chicago bankruptcy attorney before you make any payments to creditors to make sure you get the full benefit of the payment. You don't want a payment to backfire when the person or company you pay has to turn it over to the trustee.

Contact a Chicago Bankruptcy Lawyer at Chang and Carlin, LLP to learn more about bankruptcy preferences. Chang and Carlin L.L.P, provides excellent legal services to assist clients with bankruptcy and non-bankruptcy alternatives to meet their financial needs.

Contact Chang and Carlin for a Free Bankruptcy Consultation Today!

If you are filing for bankruptcy in Illinois, get in touch with Chang and Carlin, LLP today for a Free Bankruptcy Consultation. We understand what you’re going through and can help you navigate the bankruptcy process with precision.

Buying A Foreclosed Property? Things You Need To Know

Chang and Carlin, LLP has established itself as a respected real estate legal services firm representing a diverse clientele in Chicago, Illinois and surrounding areas. Their Real Estate attorneys in Chicago help you manage routine real estate matters, as well as more complex situations that require the experienced know-how of skilled real estate attorneys.

Chicago area saw more than 20,000 foreclosures between February of 2012 and 2013. This is good news for bargain hunters and intrepid home buyers who want to get a cheap house, but the purchase of foreclosed property—an often complex and involved process—presents would-be buyers with plenty of opportunities to make costly mistakes. Chang and Carlin, LLP’s experienced real estate or foreclosure attorneys can help you buy a foreclosed house and secure your real estate investment in Chicago.

Foreclosed Home Buying: 6 Tips

If you’re pursuing purchasing a foreclosed property, you need to learn all the possible pitfalls that come along with buying a foreclosed home. Here are a few things that you should keep in mind before you proceed:

1. Do a title search: Make sure that when you purchase a foreclosure that you are the only person who has any ownership claim.

2. Check for liens: Find out if there are any liens against the property because you will be responsible for paying them.

3. Check for a second mortgage: You don't want to be surprised by an extra mortgage that you will need to pay.

4. Not every foreclosure is open to inspection: This means that you may or may not be able to view or evaluate the property.

5. You may need to evict tenants: If you plan on buying foreclosures while they are still inhabited, either by the previous owners or renters, you will be responsible for removing them. In some cases, eviction may be necessary.

6. Determine potential repairs and their costs: Remember you have the upper hand in negotiations with regards to the bank paying closing costs and making repairs.

Contact Chang and Carlin for a Free Legal Evaluation Today!

The Chang and Carlin, LLP bankruptcy attorneys and real estate lawyers have been involved in thousands of bankruptcy and real estate matters over the years, representing debtors and facilitating real estate transactions in Chicago

If you’re working on a real estate transaction in Illinois, get in touch with Chang and Carlin, LLP for a Free Legal Evaluation today!