Avoid Mistakes When Planning and Filing Illinois Bankruptcy Cases

The best-planned bankruptcy cases go unnoticed. A few debtors glide through the system without attracting attention and receive full discharges in record time. Luck is not involved, but rather each successful debtor begins planning strategically a few weeks or months in advance. These debtors know something that you don’t.

Free - 2010 Bankruptcy Strategies Explained

Illinois Bankruptcy Laws - Fraudulent Conversion

11 U.S.C Sec. 523 provides, in part, (a) discharge under section 727, 1141, 1228(a), 1228(b), or 1328(b) of this title does not discharge an individual debtor from any debt . . . (2) for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by - (A) false pretenses, a false representation, or actual fraud, other than a statement respecting the debtor's or an insider's financial condition; (B) use of a statement in writing - (i) that is materially false; (ii) respecting the debtor's or an insider's financial condition; (iii) on which the creditor to whom the debtor is liable for such money, property, services, or credit reasonably relied; and (iv) that the debtor caused to be made or published with intent to deceive; or . . . luxury goods.

Operation of Illinois bankruptcy laws

In practice, the debtor will also notice of liquidation of assets forfeited through Illinois bankruptcy. This limited protection offers an opportunity for debtors to solicit bona fide buyers at auction. Typically, levy-auctions obtain far less than the fair market value while debtors remain liable for deficiencies.

Bankruptcy Exemptions Footnotes regarding state bankruptcy laws of Illinois and bankruptcy attorneys in Illinois:

1. Property exemptions are provided by state bankruptcy laws. Illinois bankruptcy questions, Illinois bankruptcy information, and Illinois bankruptcy listings can be obtained from federal divisional court clerks. For detailed bankruptcy listings, Illinois statistics are also reported by the DOJ.
2. Chapter 7 attorneys Illinois are limited to federal fee guidelines. Illinois Chapter 7 attorneys fees begin at approximately $800.
3. Chapter 11 attorneys Illinois are not limited to fee guidelines. Illinois Chapter 11 attorneys usually charge $250 per hour, or more.
4. Chapter 13 attorneys Illinois are limited to federal fee guidelines. Illinois Chapter 13 attorneys fees start at approximately $900.
5. Bankruptcy in the state of Illinois requires federal licensure for bankruptcy attorneys. Illinois bankruptcy lawyers who regularly practice before Illinois bankruptcy courts, must obtain federal this license in addition to the state license to practice law. For a listing of bankruptcy attorneys in Illinois, local bar associations provide free lists.
6. Federal clerks may not offer legal advice in response to bankruptcy questions. Illinois bankruptcy help may be available through local bar associations.
7. For a free source of bankruptcy help, Illinois bar associations provide information regarding legal aid.
8. For additional bankruptcy information, Illinois bankruptcy attorneys often offer free initial consultations.

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