Which Debts Survive an Illinois Chapter 7 Bankruptcy? Key Takeaways: Chapter 7 bankruptcy can wipe out many unsecured debts, like credit card balances, medical bills, payday loans, and personal loans, but some debts may survive under 11 U.S.C. § 523(a). In Illinois, the debts that usually can’t be discharged include child support and alimony, recent […]
Catching Up on Your Mortgage Through a Chapter 13 Plan Key Takeaways: Chapter 13 bankruptcy may let you catch up on missed mortgage payments by spreading them across a three-to-five-year plan, as long as you keep making your regular monthly payments, under 11 U.S.C. § 1322(b)(5). Filing triggers the automatic stay under 11 U.S.C. § […]
When Filing Chapter 13 Also Shields the Person Who Cosigned Your Loan Key Takeaways: Chapter 13’s co-debtor stay under 11 U.S.C. § 1301 may protect individual cosigners liable with you on consumer debts, and it generally takes effect automatically when your Illinois case is filed. It can shield parents, siblings, spouses, and friends who cosigned […]
What the Automatic Stay Means for Creditor Phone Calls in Chicago Key Takeaways: Filing Chapter 7 in Chicago triggers the automatic stay under 11 U.S.C. § 362(a), requiring creditors to stop collection calls once your petition is filed, without a separate court order or discharge. Some calls may still arrive briefly due to notice delays, […]
Filing Fast When Foreclosure or Garnishment Is Days Away Key Takeaways: An emergency Chapter 13 skeleton petition in Illinois is a minimal filing, typically just the voluntary petition (Form 101), a creditor list or mailing matrix, and a Social Security number statement, that generally commences a case upon filing under 11 U.S.C. § 301 and […]
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