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    Cutler & Associates Review - "don't make a mistake by using someone less than this firm."

    Last updated 8 months ago

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    • I have met a few attorneys in my time, but none as professional and straight forward, matter a fact as Stuart Swanson! He is extremely aware of his field and provides you a very well thought out plan. I didn't realize just how good he was until the day I had to appear in court and I watched other attorneys function. Stuart had me totally... More


    Cutler & Associates Review - "I highly recommend them"

    Last updated 8 months ago

    • on Avvo
    • We've had to use them twice over the past year and a half and worked with Stuart both times. He was quick to respond, very knowledgeable, and let us know all our options. I thought the cost was fair compared to competitors and felt that I got my money's worth. I highly recommend them and have referred them to a few friends. I have nothing but... More


    A Brief Look at Bankruptcy Exemptions

    Last updated 8 months ago

    If you file a Chapter 7 bankruptcy petition, exemptions determine what property you get to keep and what property you need to give to the trustee. In a Chapter 13 petition, having bankruptcy exemptions results in lower monthly payment plans. Bankruptcy petitions usually protect certain types of assets, such as motor vehicles and wedding rings. 

    In a Chapter 7 bankruptcy, the trustee sells the debtor’s assets in order to pay back a portion of the owed debt. However, the bankruptcy trustee is unable to sell property or assets that are considered exempt. This means that bankruptcy exemptions allow debtors to protect certain assets during the Chapter 7 bankruptcy process. While Chapter 7 bankruptcy results in the sale of non-exempt assets, Chapter 13 bankruptcy allows debtors to keep all property and reorganize their debts. However, the amount owed to creditors depends on what property qualifies as a bankruptcy exemption. As a result, bankruptcy exemptions in Chapter 13 help reduce the amount owed to creditors in the payment plan. 

    Call (847) 505-0380 to schedule a free bankruptcy evaluation with Cutler & Associates, Ltd. Our bankruptcy attorneys have helped thousands in the Chicagoland area, including Aurora and Schaumburg. 

    How Far Will Debt Collectors Go to Collect Debt?

    Last updated 9 months ago

    A collection agency may be legally entitled to contact debtors, but only if it uses certain acceptable debt collection behaviors. For example, debt collectors are restricted to contacting debtors at certain hours of the day and are not allowed to use threats or offensive language. Unfortunately, complaints about abusive debt collection practices remain the leading consumer complaint to the Federal Trade Commission.   

    This ABC News report takes an inside look at offensive debt collection behaviors. In particular, the report shares the story a Bank of America customer who continued to receive harassing, offensive phone calls after he had settled his $81 owed debt. With the help of his attorneys, he was able to track down the responsible collection agent and hold him accountable. 

    By calling Cutler & Associates, Ltd. today, we can stop UCC 1 filings, asset sales, and wage garnishments. You can reach our Aurora office at (847) 505-0380. 

    Understanding the Role of the Case Trustee in a Chapter 7 Petition

    Last updated 9 months ago

    When someone files for Chapter 7 bankruptcy, he or she must include schedules of assets and liabilities, a schedule of current income and expenditures, as well as a statement of his or her financial affairs. In addition, the debtor must provide his or her assigned bankruptcy trustee with a copy of the tax return or transcripts for the most recent tax year. As soon as the Chapter 7 petition is filed, the court will appoint an impartial bankruptcy trustee to oversee and administer the case.

    Reviewing bankruptcy petition

    Bankruptcy papers include information about debts, property and income. Not only do petitioners need to file this paperwork with the court, but also they need to provide the assigned bankruptcy trustee with their pay stubs, tax returns, and information about their assets. Once the trustee receives this information, he or she will review the petition to ensure that the information and calculations on the financial documents are correct.

    Examining the bankruptcy filer under oath

    About a month after the petition is filed, the debtor is required to attend a hearing in front of his or her assigned case trustee. This hearing is usually referred to as a 341(a) meeting of creditors, as the creditors are also free to attend and ask questions. The bankruptcy trustee conducts the hearing, asking any questions about the information contained in the bankruptcy documents. The petitioner is under oath when answering these questions.

    Liquidating non-exempt assets

    Chapter 7 bankruptcy does allow the debtor to keep a certain amount of property, but he or she must surrender non-exempt assets to the trustee. The bankruptcy trustee will then sell the nonexempt assets in order to pay back a portion of the owed debt.

    Cutler & Associates, Ltd. has more than 25 years of consumer bankruptcy experience in the Aurora area. Our bankruptcy attorneys are dedicated to helping clients resolve their debt issues and achieve a fresh financial start. For more information, give us a call at (847) 505-0380.

Call Now for a FREE Bankruptcy Evaluation! (847) 868-2265 - CHICAGOLAND AREA

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