Legal Question in Bankruptcy in Illinois

Chapter 7 Bankruptcy

I am contemplating filing a chapt 7. Reason being is that I have a rental property that has gone into foreclosure. If the bldg is sold in auction for say 120k and I owe 200k do I wait until the 80k hits my credit report to file? or can I file as soon as it goes into Foreclosure? also I was assessed a fine by the inspectors and the city is now garnishing my wages, can that be included in the bankruptcy as well?


Asked on 10/11/07, 11:22 am

3 Answers from Attorneys
Terrance Leeders Leeders Law

Re: Chapter 7 Bankruptcy

You can file at any time to discharge the debt. You don't have to wait until it forecloses. All debts associated with the property usually stay with the property. I would need to see the documents regarding the fines, as government debts aren't necessarily discharged in a ch 7

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Answered on 10/11/07, 11:48 am
Charles Dobra Charles Wm. Dobra, Ltd.

Re: Chapter 7 Bankruptcy

I would strongly recommend filing sooner than later. Some gov't debt isn't dischargeable, but I THINK that this one can be. Call me for a free appointment.

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Answered on 10/11/07, 12:13 pm
Richard Sexner Law Offices of Richard E. Sexner

Re: Chapter 7 Bankruptcy

can I file as soon as it goes into Foreclosure?

You can file before or after.

also I was assessed a fine by the inspectors and the city is now garnishing my wages, can that be included in the bankruptcy as well?

only in a chapter 13.

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Answered on 10/11/07, 2:25 pm


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