Bloomington Illinois Bankruptcy: Chapter 7 Bankruptcy in Bloomington Illinois

Wednesday, October 26, 2011

Chapter 7 Bankruptcy in Bloomington Illinois

Chapter 7 Bankruptcy in Bloomington IllinoisWhen most people hear the word bankruptcy, it is a chapter 7 bankruptcy, or liquidation, that comes to mind. A bankruptcy in Bloomington Illinois, under chapter 7 of the bankruptcy code, extinguishes most, if not all, of your debts. In this type of bankruptcy, with the exception of certain exempted property, you may have to surrender your assets in return for your discharge.

With some exceptions, you move on with your life, with a clean slate, keeping all property and income that comes to you after your discharge. Your old creditors, whether locally here in Bloomington or out of the State of Illinois, simply do not exist anymore, because their debts do not exist anymore. You may be even be able to keep property that you acquire after the initial filing for bankruptcy. Some of the exceptions that you should be aware of are tax refunds for pre-filing years, divorce settlements, life insurance, and inheritance.

Most chapter 7 bankruptcies in Bloomington Illinois are called no-asset cases. These are cases were there a so few assets, or the assets that do exist are so little in value, that it is not worth the Trustee’s time to seize the property in order to pay some of your debts.

Not everyone in Bloomington can file for a chapter 7 bankruptcy. You have to prove that you are entitled to do so. If your income is more than the median income for Illinois, you will have to pass a test called the Means Test. This test is supposed to ensure that you do not have enough income to pay a significant portion of your debts. The Means Test is extremely complicated, but the good news is that if you are considering bankruptcy at all, you can probably pass the Means Test.

Our Chapter 7 Bankruptcy PracticeIf you are struggling to meet your personal financial obligations, you may be uncertain about the best approach under the federal bankruptcy laws. You may be considering a Chapter 7 filing, but are uncertain about which debts can be discharged under Chapter 7 and which assets may be exempt from sale. The law can be confusing and it is important for you to have an experienced bankruptcy lawyer, one who knows the law and can help you determine if a Chapter 7 filing is right for you.

At the law office of Allison & Mosby-Scott, we offer experienced counsel to men and women of McLean County who are considering filing for protection under Chapter 7 of the federal bankruptcy law. We are not a bankruptcy mill and we will take the time to learn the unique aspects of your situation so that we can help you identify and implement solutions that meet your needs. Feel free to contact us at (309) 662-5084 to schedule a free consultation, or Email us with your question.

We handle all matters relating to a Chapter 7, from the preparation and filing of all necessary paperwork to representation in hearings and meetings with creditors, the bankruptcy trustee and the bankruptcy court.

When you hire us to represent you in a personal bankruptcy matter, we will help you determine which debts can be discharged before you file so that you have a better understanding of the benefits that a Chapter 7 can provide. We will also make certain that any exempt assets are excluded from sale in bankruptcy proceedings.

Filing a Chapter 7 bankruptcy gives you immediate relief from harassing calls and letters from creditors. Feel free to contact us at (309) 662-5084 to schedule a free consultation today so that we can help you get on the path to financial security.

We understand that you may have work commitments and children. We are available to meet with clients at a variety of times in order to accommodate your schedule. Feel free to contact us at (309) 662-5084 to schedule a free consultation, or Email us with your question.

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Bloomington Bankruptcy Law

I grew up in Provo, Utah, but moved to Oklahoma in order to finish my bachelor’s degree in philosophy and ancient greek at Oklahoma State University. I then attended law school at the University of Illinois. While in law school, I was an Associate Editor of a journal published by the university. Also during this time, I worked for law firms in Tulsa, Oklahoma, and Indianapolis, Indiana, and for the Honorable Joe McDade (a Federal Judge, sitting in Peoria).

While still in law school, the Illinois Supreme Court allowed me to practice law and represent clients under Rule 711. This allowed me to gain valuable experience, early on, that has served me well in my subsequent practice.

After law school, I moved to Bloomington, Illinois, and have been practicing law here since that time. While I have handled business transactions and litigation in the past, some involving more than $10,000,000, I now limit my practice to family law matters. I handle divorce, custody, child support, visitation, and other matters that require the court’s attention. I have had much success in getting my clients promising results because of my firm and aggressive approach.

I am a certified Guardian ad Litem, which means that the courts appoint me to investigate child custody, visitation, and other matters. These appointments have helped me become a better advocate for children and to toughen my position in fighting for my clients.

I am a member of the Mediation Council of Illinois. Due to my experience in the area, I am able to advise my clients as to how they can achieve the best results in mediation. In the Eleventh Circuit, mediation is mandatory in visitation and custody disputes. Therefore, it is important to be well-advised when participating in mediation and negotiating a possible resolution to your case.

The majority of my cases are tried in McLean County; however, I also practice in other surrounding counties.

Associations and Memberships: McLean County Bar Association (Treasurer, 2009-2010); ABC Counseling (Board of Directors, 2009-Present); Illinois State Bar Association.

Publications: Mandatory Arbitration Clauses in Employee Manuals, 44 Lab. & Emp. L. (Ill. Bar Assoc., Springfield, Illinois), December 2006; Extinguishing Pension Plans by Partial Termination & Aggregation, U. Ill. J. Bus. L. Soc’y (Feb. 1, 2007); What Relevance Does The ADA Have To HIPAA-Regulated “Bona Fide Wellness Programs”?, U. Ill. J. Bus. L. Soc’y (Feb. 10, 2007); Damages in Delayed Construction Claims, 36 Colo. Law. 17 (March 2007); Disciplining Attorneys and Other FSLA-Exempt Employees for Attendance Problems, Ill. Bar J. (Nov. 2007); Using Altman's Z-Score to Synchronize the Watches of Courts, Directors, Creditors, and Shareholders, 31 Hamline L. Rev (August 2008). Asked and Answered: Will I Lose my Stepchildren?, Ill. Bar J. (Jan. 2009).

Presentations: Surviving Divorce: Financial Implications, Money Smart Week (Illinois) (Bloomington, Illinois, April 8 and 9, 2008); Will Your Loved Ones Be Left Out, Financial and Legal Challenges Faced by the LGBT Community (Bloomington, Illinois, September 25 and 27, 2008).

I am married and have two energetic and beautiful daughters.