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Bankruptcy Intervention (Video)

Ultimate Money Lessons: A Bankruptcy Intervention

Suze talks with couple Marko and Maureen who are hundreds of thousands of dollars in debt. This couple has been struggling for years but have not wanted to file for bankruptcy. With the aid of his two young children, will Suze be able to convince Marko to declare Chapter 7 bankruptcy?

If you are contemplating bankruptcy you first must dig deep to decide if it is really the right move. If your debts are equal to your income, then you obviously have a big problem. But before you make any decisions, first meet with a bankruptcy attorney before you make any decisions. It is important to understand all your alternatives. An attorney will also explain what will likely occur if you do decide to proceed with a bankruptcy filing. For example, you could lose your home and your car. That’s why exploring all your options with a lawyer who specializes in bankruptcy is so important.

Types of Bankruptcy:
Chapter 7: The most common form of bankruptcy. This is the chapter of the Bankruptcy Code that provides for “liquidation,” that is, the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors. In order to be eligible for Chapter 7, the debtor must satisfy a “means test.” The court will evaluate the debtor’s income and expenses to determine if the debtor may proceed under Chapter 7.
Chapter 11: A reorganization bankruptcy, usually involving a corporation or partnership. A Chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. Individuals or people in business can also seek relief in Chapter 11.
Chapter 13: The chapter of the Bankruptcy Code providing for the adjustment of debts of an individual with regular income, often referred to as a “wage-earner” plan. Chapter 13 allows a debtor to keep property and use his or her disposable income to pay debts over time, usually three to five years.

Source: Oprah.com

Read more: http://www.oprah.com/own-americas-money-class-with-suze-orman/Ultimate-Money-Lessons#ixzz2IX1DTqGw

by Bradley Covey

Bradley Covey is a bankruptcy lawyer in Illinois who will help you understand your bankruptcy options including filing chapter 7 and chapter 13.
2000 W. Galena Blvd., Suite 203
Aurora, IL
60506
US
Phone: (630) 907-9811
Fax: (630) 879-9394
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About Bradley Covey

Bradley Covey is an Illinois bankruptcy attorney helping individuals and businesses file Chapter 7 bankruptcy and Chapter 13 bankruptcy in Kane County, DuPage County, Kendall County and Will County, Illinois. Brad attended SIU undergrad and NIU College of Law. Brad served in the military at Ft. Stewart, Georgia and Ft. Sill, Ok as a Field Artillery Officer. Brad later served in the Illinois National Guard as a Major.