Bankruptcy Basics: August Answers to Frequently Asked Questions

Chicago bankruptcy and consumer credit attorney Joseph Wrobel shares news and updates in bankruptcy law as well as business and consumer financial matters. It has been documented that financial troubles can cause all sorts of ailments, the most common of which is sleeplessness. Joseph Wrobel helps clients alleviate their anxiety created by the inability to pay bills and the embarrassment of financial distress.

CLICK/TAP HERE TO LISTEN NOW

Topics and types of FAQ covered in this 30 minute show:

  • How are lawsuits already scheduled for mediation affected by a bankruptcy filing?
  • Can I easily find information on the web regarding my bankruptcy case and dispositions?
  • After I receive my bankruptcy discharge letter, how do the reporting agencies know?
  • Can you file bankruptcy if you have been out of work with no income for two years?

Joseph Wrobel has been a practicing attorney since 1973 and has experience in a wide variety of law relating to legal matters for individuals and families. Wrobel helps clients get out of debt and get a fresh start. He is an active member in several bar associations and the Bankruptcy Panel of Pro Bono Program of the Chicago Volunteer Legal Services. After serving the U.S. Army Reserve 363rd Civil Affairs Unit, Wrobel earned a B.A. in Psychology from Northwestern University and in 1973 he earned a JD from DePaul University Law School.

Visit our Chicago Bankruptcy Site online for more about the firm. You may also contact Joseph Wrobel for more information at (312) 781-0996 and by e-mail at JosephWrobel@ChicagoBankruptcy.com

Five common reasons people in Chicagoland might file a bankruptcy petition

The United States Bankruptcy Court for the Northern District of Illinois has an interactive website listing near-live information about current filings with the bankruptcy court. For example, today, the 19th of August, there were 61 Chapter 7 and 40 Chapter 13 bankruptcy petitions filed as of 1:50 p.m. The total amount of filings for the current year to date are 33,009 (compared to 2013 at this time and date when there were 35, 927 filings). The website also allows you to search by the top city accounting for the largest number of bankruptcy filings. If you guessed Chicago was number one, you are correct. Chicago residents have filed 12,698 bankruptcy petitions this year. Following with much smaller numbers are Rockford, Aurora, Joliet, Plainfield, Calumet City, Elgin, Bolingbrook, Waukegan and Naperville.

Why are so many people filing for bankruptcy protection?

Of course, every individual and family who files for bankruptcy has a unique reason and need for relief from bill collectors and legal actions by creditors. Some people even spend more money they cannot afford in debt relief programs that do not pull their participants out from behind all the bills they cannot pay. At any given point, your life and financial circumstances can change drastically. If you are not wealthy and do not have a safety net, you might take advantage of bankruptcy protection. Below are a few of the circumstances in which people decide to file for bankruptcy.

  1. A medical emergency can cause an individual to file for bankruptcy.

Imagine you are driving to work and are hit by a big truck. Many people only carry the state minimum required insurance coverage and some people have no insurance. If the insurance policies do not pay or the amount of your medical bills exceeds the policy limits, you might have a big financial problem on your hands. Yes, a personal injury suit might make you whole, but that could take years and the bills still come due while you wait, and you might not be working.

  1. The loss of a job can devastate a family’s budget, sending them into bankruptcy.

Many Americans filed for bankruptcy when our country plunged into recession in 2008 and beyond. Economic recovery can be slow and when jobs are lost, people can sink deeply into debt, sometimes beyond recovery. Unless that new job pays a sports hero salary, you may consider eliminating debt you will never likely be able to repay after being out of work for a sometimes extended period of time.

  1. Wage garnishment can trigger an interest in bankruptcy relief.

When a creditor obtains a money judgment against you, they can file a wage garnishment and send that to your employer who is ordered to withhold money from your paycheck and pay it to the creditor. While many Chicagoland families live on a tight budget, the reduction in a paycheck can mean the difference in keeping the lights on. A bankruptcy filing can stop a wage garnishment and you may be able to eliminate the underlying debt.

  1. Banks foreclosing on your home can lead to a bankruptcy filing.

Sometimes life’s hassles and expenses cause us to fall behind on the mortgage. A sick child or a surprise transmission repair can cause a family to slip one month, then maybe two. By that point, it can be nearly impossible to bring the mortgage current. A Chapter 13 bankruptcy may help you keep your home and put other creditors on hold while you get caught up.

  1. Relentless creditors and stress from debt can drive a person to seek bankruptcy help.

When creditors know they can call and bug you until you pay, they can and will. The stress of not being able to pay bills is awful. Too many people turn to the bottle or worse when facing debilitating stress. When they file for bankruptcy, the automatic stay provision kicks in and those creditors can no longer ruin your day, or they will be violating federal law.

If one of the above scenarios is all too familiar, we can help you make the determination if bankruptcy protection is right for you. Joseph Wrobel, Ltd. has convenient offices located all over the Chicagoland area for your convenience. Our new contact us page has address and map directions to our offices in: Chicago; Deerfield; Gurnee; Naperville; Orland Park; Schaumburg; Skokie; St. Charles and Westchester.

Joseph Wrobel, Ltd. helps people get control of their finances and a fresh start at financial freedom. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’sFacebook page and Follow Joseph Wrobel. Ltd. onTwitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by calling (312) 781-0996 to talk to an attorney today.

We updated our website: A guide to our collection of bankruptcy information

Many people face both expected and surprise financial conditions that cause them to consider bankruptcy protection. A car accident, injury or job loss of even one spouse can cripple a family’s ability to keep up with the bills while depleting savings; worse yet, a 401(k) or IRA (retirement accounts are protected in bankruptcy). Our approach to bankruptcy at Joseph Wrobel, Ltd. is focused on educating you, so you can make the decision if bankruptcy relief will solve your problems and get you out from behind the eight ball. To help you find answers to your bankruptcy questions, we recently launched our updated website.

Helping you find the information you need saves time and stress.

Our new website is similar to our previous site, full of information, but the new site is easier to navigate and works well with all your mobile devices. Mobile site viewers can easily find and listen to our Internet radio podcasts, read our blogs and watch our short videos answering the most frequently asked questions about bankruptcy protection. Since all bankruptcies are different, what happened to someone you know may not be what you could expect, or it could; doing some initial research on our website will better help you see where you may stand.

If you split your screen by two browsing windows, you can open our new website ChicagoBankruptcy.com and click the links in this article to the sections of the website that have useful information and learning tools.

  • Main page: If you click on the images with frequently asked bankruptcy questions you will arrive at our FAQ page to take care of some of those basic initial questions.
  • Scroll down the any of the pages to find several information videos in the footer section of our site, such as Why You Need a Lawyer.
  • Listen and learn from our collection Internet radio podcasts on the Chicago Bankruptcy Update channel on Blog Talk Radio.
  • Right above the videos, to the left, notice the link to the Bankruptcy Blogger, where we publish articles with bankruptcy information and news about financial success.
  • Back the main navigation tab section on the top left of the site, hover over the FAQ tab to access Wrobel Q&A, a collection of real questions (and our answers) for bankruptcy lawyers on the Avvo attorney rating site.
  • After studying up and reviewing some client testimonials, you can take the next step and read our How Do I Start page and find the forms you will need when starting the bankruptcy process.

We hope you enjoy our updated website and hope you can find answers to some of your initial questions about stopping the bill collectors and getting out of debt and off to a fresh financial start.

Joseph Wrobel, Ltd. has convenient offices located all over the Chicagoland area for your convenience. Our new contact us page has address and map directions to our offices in: Chicago; Deerfield; Gurnee; Naperville; Orland Park; Schaumburg; Skokie; St. Charles and Westchester.

Joseph Wrobel, Ltd. helps people get control of their finances and a fresh start at financial freedom. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’sFacebook page and Follow Joseph Wrobel. Ltd. onTwitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by calling (312) 781-0996 to talk to an attorney today.

U.S. Supreme Court: Inherited IRAs are not “retirement funds” protected in bankruptcy

Protecting a qualified Individual Retirement Account (“IRA”) is important to the people who rely on their IRA accounts when they retire and from time to time, when they borrow from them in certain situations. Creditors often try to persuade debtors to cash in or borrow from their IRA to pay debts, and some people succumb to pressure when they fear losing their house, car and personal property in a lawsuit if a creditor makes good on their threats.

What many people do not know is that their IRA is protected from bankruptcy proceedings. The trustee will not make you empty your qualified IRA when collecting assets to pay off creditors. Some people call IRA assets “bulletproof” money because of its nature in being beyond the reach of creditors.

What happens, however, when you inherit an IRA account? The U.S. Supreme Court recently decided that the funds in an inherited IRA are not protected in bankruptcy.

The case of Clark v. Rameker, involves a bankruptcy petitioner, Ms. Heidi Heffron-Clark, who inherited her mother’s IRA in 2001. Nine years later when she filed her petition for bankruptcy, Clark sought to exclude approximately $300,000 held in the inherited IRA, from the bankruptcy estate, using the “retirement funds” exemption. “The Bankruptcy Court concluded that an inherited IRA does not share the same characteristics as a traditional IRA and disallowed the exemption. The District Court reversed, explaining that the exemption covers any account in which the funds were originally accumulated for retirement purposes. The Seventh Circuit disagreed and reversed the District Court.” The Supreme Court, on review, held that, “Funds held in inherited IRAs are not “retirement funds…[i]”

The Court’s analysis over whether inherited funds were meant to be treated like originally accumulated funds, by the individual owner, were the same under the legal meaning of “retirement funds” in the bankruptcy code of laws. IRAs are certainly unique and some of these features were noted in a recent Forbes article about this case, “Unlike IRA owners, inheritors can’t put additional funds into the account, and they can take money out at any time without penalty. In fact, generally, non-spousal IRA heirs must either withdraw the entire amount each year, starting by Dec. 31 of the year after the IRA owner died.[ii]”

An IRA rollover, to a spouse, is one additional notable impact of this case.

Reports on this case also note the Court’s decision does affect an individual who inherits an IRA from their spouse. They are allowed to receive their spouse’s IRA funds and have the option of rolling those monies into their own IRA – this option is only available for spouses. As mentioned in Forbes, “She can roll the assets into her own IRA and postpone distributions from a traditional IRA until she turns 70 ½. The catch is, like other IRA owners she may have to pay a 10% early-withdrawal penalty if she takes money before age 59 ½ from her own IRA.[iii]”

Here is a link to another relevant article: Five Rules For Inherited IRAs.

Joseph Wrobel, Ltd. helps people get control of their finances and a fresh start at financial freedom. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’sFacebook page and Follow Joseph Wrobel. Ltd. onTwitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by calling (312) 781-0996 to talk to an attorney.

[i] U.S. Supreme Court Opinion: CLARK et ux. v. RAMEKER, TRUSTEE, et al., No. 13-299, Decided Jun. 12, 2014.

[ii] Forbes: Supreme Court Finds Inherited IRAs Not Protected in Bankruptcy. By Deborah L. Jacobs, Jun. 12, 2014.

[iii] See Forbes article (FNii).

Bankruptcy Basics: Your current and ex-spouse and why they must be disclosed

Many of us make decisions regarding our finances with someone else. Often a spouse or a former spouse is involved in major financial decisions, in a variety of situations. Your current spouse, with whom you may own property, can certainly affect your decision to file a petition for bankruptcy protection. Likewise, an ex-spouse, to whom you may owe financial support, also is likely to chime in on legal activity involving bankruptcy. You may have heard people say, “I’m not going to tell so and so, and it is none of their business,” but the truth is it will become their business soon enough.

Yes, you must disclose your current and/or ex-spouse to your bankruptcy attorney.

We hire bankruptcy attorneys who are experienced in the law and practice of debt relief because we rely on their advice and counsel as to what works best for us in our current financial state. While it is possible that a current or ex-spouse will have no bearing on your bankruptcy case, that is a decision your attorney should make by using their knowledge and experience with the law.

Your bankruptcy lawyer needs to know about current and/or ex-spouses to the extent their income is included or somehow affects your income, for purposes of the means test necessary to determine whether you qualify for bankruptcy relief, and which chapter may be available. For example, if you pay or receive financial support as required by a divorce judgment or separation agreement, you may qualify for a Chapter 13 bankruptcy instead of Chapter 7. In the event of divorce, you might also be obligated to maintain life and/or health insurance policies, another factor in calculating potential bankruptcy outcomes.

Bankruptcy attorneys cannot help you unless you give them accurate and complete information.

If your bankruptcy attorney determines your current or former spouse is relevant to the bankruptcy, and is entitled to notice pursuant to the law, they might have to disclose the individual as a creditor to whom you owe money, or as a co-debtor also responsible for joint debts. Responsibility for debts might also be stated in the divorce judgment, and your attorney will likely need a copy of the final divorce decree.

Giving your attorney a full and complete financial picture at the first meeting at the attorney’s office is important. Based on the information you provide, your attorney can generally tell you what bankruptcy relief may be available, but only when you give them a complete and accurate financial history. This is not a time to feel shame and hide information, because if you do, things may only be more difficult moving forward.

Full disclosure of financial facts and circumstances is necessary to avoid committing a fraud on the court.

If you fail to disclose a current or former spouse to the bankruptcy court, you may have bigger problems. Of course, in reviewing and preparing your bankruptcy petition, your lawyer is likely to discover a current or former spouse the court and trustee needs to know of, however if you work to hide their existence it is possible for your petition to be filed with incomplete information, and may be considered a fraud on the court. For more information about the penalties for defrauding the bankruptcy court, please read our article, Bankruptcy Court: Go ahead and make their day.

Joseph Wrobel, Ltd. helps people get control of their finances and a fresh start at financial freedom. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’sFacebook page and Follow Joseph Wrobel. Ltd. onTwitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by calling (312) 781-0996 to talk to an attorney.

Bankruptcy Basics: July Answers to Frequently Asked Questions

Chicago bankruptcy and consumer credit attorney Joseph Wrobel shares news and updates in bankruptcy law as well as business and consumer financial matters. It has been documented that financial troubles can cause all sorts of ailments, the most common of which is sleeplessness. Joseph Wrobel helps clients alleviate their anxiety created by the inability to pay bills and the embarrassment of financial distress.

CLICK/TAP HERE TO LISTEN ANYTIME

Topics and types of FAQ covered in this 30 minute show:  

  • Do I need to list my ex-spouse on my petition for bankruptcy relief?
  • Are personal bankruptcy cases published in the newspaper; will anyone find out?
  • Can I add creditors that were omitted from my bankruptcy or do I have to re-file?
  • What happens in a marriage when one spouse files a petition for bankruptcy?

Joseph Wrobel has been a practicing attorney since 1973 and has experience in a wide variety of law relating to legal matters for individuals and families. Wrobel helps clients get out of debt and get a fresh start. He is an active member in several bar associations and the Bankruptcy Panel of Pro Bono Program of the Chicago Volunteer Legal Services. After serving the U.S. Army Reserve 363rd Civil Affairs Unit, Wrobel earned a B.A. in Psychology from Northwestern University and in 1973 he earned a JD from DePaul University Law School.

Visit our Chicago Bankruptcy Site online for more about the firm. You may also contact Joseph Wrobel for more information at (312) 781-0996 and by e-mail at JosephWrobel@ChicagoBankruptcy.com

Bankruptcy Basics: June Answers to Frequently Asked Questions

Answers to Bankruptcy FAQs

Chicago bankruptcy and consumer credit attorney Joseph Wrobel shares news and updates in bankruptcy law as well as business and consumer financial matters. It has been documented that financial troubles can cause all sorts of ailments, the most common of which is sleeplessness. Joseph Wrobel helps clients alleviate their anxiety created by the inability to pay bills and the embarrassment of financial distress.

CLICK/TAP HERE TO LISTEN TO THE PODCAST

Topics and types of FAQ covered in this 30 minute show:

  • What happens to additional debt incurred during a Chapter 13 bankruptcy;
  • How to address incorrect or updated  amounts listed in the bankruptcy petition;
  • What happens with auto accident and injuries and Chapter 7 bankruptcy;
  • How are 401K contributions addressed in bankruptcy.

Joseph Wrobel has been a practicing attorney since 1973 and has experience in a wide variety of law relating to legal matters for individuals and families. Wrobel helps clients get out of debt and get a fresh start. He is an active member in several bar associations and the Bankruptcy Panel of Pro Bono Program of the Chicago Volunteer Legal Services. After serving the U.S. Army Reserve 363rd Civil Affairs Unit, Wrobel earned a B.A. in Psychology from Northwestern University and in 1973 he earned a JD from DePaul University Law School.

Visit our Chicago Bankruptcy Site online for more about the firm. You may also contact Joseph Wrobel for more information at (312) 781-0996 and by e-mail at JosephWrobel@ChicagoBankruptcy.com

Credit scores and bankruptcy: make a plan to boost your credit rating

Filing a petition for bankruptcy relief is not usually the first thing people consider when trying improving their credit score. In this short article, several financial factors are considered that can help you make sense of credit score issues and how you can work to build good credit after bankruptcy. First, let us look at how credit scores (“FICO Scores”) are calculated. The most important factor is your payment history and whether you have paid your credit accounts on time. In a close second place, the amounts owed on credit accounts, and if you are maxed out on credit cards, that can hurt you. The length of your credit history, types of credit you are using and how new your credit score is are three additional factors. For more information on FICO Score calculations, please visit this FICO Score site.

The ability to make timely payments on reasonable amounts of debt is important to a positive FICO Score. If you do not earn enough income to pay your credit cards on time, every time, you are risking damage to your credit. Likewise, if the debt amounts are so high that your income will only allow you to make minimum payments, your credit score will suffer. If you take advantage of bankruptcy protection and eliminate credit card debts you cannot pay, you will likely be able to better pay your regular bills, like car and housing payments on time. Nevertheless, if you file a petition for bankruptcy protection, will that affect your credit score?

It is tough to say how much a bankruptcy will affect the credit score because there are so many variables in the equation. Notwithstanding, FICO released information in 2010 regarding credit mistakes and their affect on credit scores. The hypothetical scenarios FICO used showed the higher credit scores were more affected by bankruptcy. For example, a 780 score could be reduced up to 240 points where there were only 150 points taken off a 680 score. At the end of the day, most scores ended up around 540. The reality is most of the people who seek bankruptcy protection already have challenged credit and their scores will only improve after bankruptcy reduces the amount of debt and monthly bills.

With less monthly bills to pay, people who took advantage of bankruptcy discharge and reorganization using Chapters 7 or 13 have an easier time paying bills on time. When you pay bills on time, the most important factor in your FICO score, your score will slowly but surely increase. Most professionals will tell you that the bankruptcy is not as important financially, as what you do with your credit and bills after the bankruptcy.

After bankruptcy, rebuilding credit is easy if you work hard and pay attention to how the system works. Secured credit cards, credit unions and some smart budgeting makes it very possible to establish credit after bankruptcy and buy a home and a car. For more information please read our blog article, Credit Unions: Offering members opportunities to easily and affordably earn positive credit scores.

Joseph Wrobel, Ltd. helps people get control of their finances and a fresh start at financial freedom. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’sFacebook page and Follow Joseph Wrobel. Ltd. onTwitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by calling (312) 781-0996 to talk to an attorney.

Jack’s story: When bad things happen to good people and they make it through bankruptcy

When to take advantage of Chapter 7 and 13 is circumstantial. Here are a few things we hear from clients who tell us how and when they decided to move forward towards a fresh financial start.
When to take advantage of Chapter 7 and 13 is circumstantial. Here are a few things we hear from clients who tell us how and when they decided to move forward towards a fresh financial start.

A friend suffering from financial troubles and bad credit recently shared their story about his experiences shortly after his bankruptcy discharge. For this article, we will call our friend “Jack.” He was impressed that during his bankruptcy case, the only people who knew his financial woes were his listed creditors and his immediate family he told about the bankruptcy. When Jack told his ex-wife, she thanked him and said she had heard of ex-spouses using bankruptcy as a tool to avoid child support. Jack always put his kids first and would take extra jobs if he needed to support them. Jack really is a good guy and worked hard to save money and do things right.

Jack worked hard at his job in the career services department at a local college and he felt very lucky to have a good job during the economic troubles that started in 2008. Even though Jack worked to help graduating students and young alumni find jobs, his own position was in jeopardy and he had no idea. He worked in a satellite location of a larger university whose board of directors voted to approve a resolution to sell the location where Jack worked due to a consistent decrease in student enrollment. At first it looked like Jack would be moved into a similar position at another location but it did not pan out.

After the severance ran out and Jack started dipping into his 401k to pay the mortgage and bills because he couldn’t find another job, other than a lesser paid position. Jack accepted an hourly administrative position that offered benefits working at an insurance company. The money was less and his child support was reduced but he was happy to be working again after being unemployed for over a year while he depleted all his cash reserves.

Out of cash and facing bills he couldn’t pay, Jack was unsure how he was going to keep everything paid and still have time to see his kids when he had visitation every other weekend. His second priority after family was his home, the one in which he grew up and was on an acre lot in an area that became built up with subdivisions over the past few decades.

When he first looked into bankruptcy, Jack felt defeated. He started to adjust his expectations to prepare for his new reality. Whether it is fair or not, Jack was resolute to keep a positive attitude and work hard to continue on a smaller budget.

At the office of his bankruptcy attorney Jack just about fell out of his chair when he learned, he may be able to keep his house and a few prized possessions by filing for Chapter 13 bankruptcy, as opposed to a complete discharge under Chapter 7. The Chapter 13 reorganization plan allowed Jack to discharge a portion of his debts and make structured payments to the trustee so he could come up for air.

Since the bankruptcy, Jack found a better job in his field and was able to save more money to spend with his kids and his new fiancée. The bankruptcy laws are there to help people like Jack who get slammed by life through no fault of their own. If you know someone like Jack, we can help them at Joseph Wrobel, Ltd.,

Joseph Wrobel, Ltd. helps people get control of their finances and a fresh start at financial freedom. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’s Facebook page and Follow Joseph Wrobel. Ltd. on Twitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by calling (312) 781-0996 to talk to an attorney.

June 1st fee increase at the Bankruptcy Courts

New Bankruptcy Fees to Take Effect June 1
New Bankruptcy Fees to Take Effect June 1

Periodically the filing fees in U.S. federal and state courts increase. The Bankruptcy Court will be increasing its fees for filing and general services. The new rates take effect June 1, 2014. If you are on the fence regarding filing a petition for bankruptcy relief, now may be a good time to get the ball rolling if you want to avoid the fee increase, which is not very much money, but at the end of the day we all like to save a little jingle for our pockets.

If you want to learn about what we do with clients in our free initial consultation you can listen to our upcoming podcast specifically about those final decisions to file and what happens when you come meet us at one of our offices.

Click/Tap Here to listen live at 1 pm on Tuesday the 27th of May or anytime afterwards on demand.

Topics and types of FAQ covered in this 30 minute show:

  • How to prepare to come in and meet with an attorney for an initial consultation;
  • What to expect to discuss with the attorney and what you will need to do next;
  • The attorney’s role in the process of meeting for a bankruptcy consultation;
  • What next steps a person can take to prepare to file for bankruptcy protection.

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“New Bankruptcy Fees to Take Effect June 1”

Several bankruptcy fees will increase on June 1, under amendments to the Bankruptcy Court Miscellaneous Fee Schedule that were approved in March by the Judicial Conference of the United States. The scheduled changes include:

    • A $57 increase to the adversary filing fee in bankruptcy proceedings, from $293 to $350. The new fee will be equivalent to civil filing fees in federal district courts.
    • A new, differentiated administrative fee structure will be assessed at filing in every bankruptcy case. Currently $46 in all cases, the administrative fee will be $75 for cases filed under Chapters 7, 12 and 13, and $550 for cases filed under Chapters 9, 11 and 15.

The Judicial Conference also approved separate administrative fees when married couples divide a bankruptcy filing into two cases, often because a divorce or separation occurs while a case is being adjudicated.

The schedule for the new rate structure, effective June 1, is available here. The existing schedule, valid through May 31, is available here.

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Joseph Wrobel, Ltd. helps people get control of their finances and a fresh start at financial freedom. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’s Facebook page and Follow Joseph Wrobel. Ltd. on Twitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by calling (312) 781-0996 to talk to an attorney.