Category Archives: Bankruptcy
What Can a Chicago Bankruptcy Lawyer Do About Back Taxes?
Tax relief agencies often make big promises but have no plan to reduce tax liability. A lawyer has multiple options, mostly because lawyers know all the legal loopholes that exist in areas like tax planning, preparation, and payment. Everyone must pay a fair share of taxes. But no one should pay more than their… Read More »
Home Mortgage Debt Settlement Options
Mortgage debt settlement is a pressing issue for many families in Chicagoland. Illinois has one of the highest home foreclosure rates in the country. Mostly, that’s because, under state law, banks can begin the foreclosure process after just one missed payment. As outlined below, debt settlement options are available in these situations. However, these… Read More »
If I File Bankruptcy, Do I Lose My Workers’ Comp Benefits?
No, you don’t lose your workers’ comp benefits if you file bankruptcy. That’s very good news for Illinois families because job injuries and financial problems often go hand-in-hand. Injury-related lost wages exceed $9 billion per year. Workers’ compensation offsets some, but not all of, these costs. Most families live from hand to mouth. So,… Read More »
Are Student Loans Being Forgiven in Bankruptcies?
Yes, student loans are being forgiven in bankruptcy. That’s very good news for the forty-two million student loan debtors in America who owe a collective $1.6 trillion. Many of these borrowers weren’t old enough to drink a beer at an off-campus bar. So, they signed contracts they barely understood. Now, they’re saddled with debt… Read More »
Post-Bankruptcy Credit Score Recovery
All bankruptcy debtors want to move on and put their pasts behind them. Increasing their credit scores is part of this process. This process is not as difficult as many people think, mostly because the initial credit score hit is much lower than people anticipate. Debtors with high credit scores see significant reductions. But… Read More »
Filing Bankruptcy Over 50: What You Need to Know
Later-in-life bankruptcy filings were once unheard of. Today, they’re far more common than many people realize. Issues like medical bills, job loss, divorce, caring for aging parents, and/or inadequate retirement savings cause significant financial problems for many people over 50. To many, bankruptcy feels like a major setback. However, it also offers a structured… Read More »
Top Five Reasons People File Bankruptcy
In a nutshell, most people file bankruptcy because they owe more money than they can repay and they need a fresh start. As outlined below, the specific reasons most people file bankruptcy are at least mostly beyond their control. Everyone files bankruptcy to take advantage of the benefits of this program, such as the… Read More »
Benefits of Bankruptcy: Chapter 7
The biggest benefit of Chapter 7 bankruptcy is a fresh start. The financial storms of life, such as divorce, death in the family, and high medical bills, strike everyone from time to time. Most families live from hand to mouth. Therefore, even a temporary income disruption is usually devastating. A fresh start, which includes… Read More »
Reducing Debt Without Filing Bankruptcy
Usually, bankruptcy is hands-down the best way to reduce debt. Chapter 7 and Chapter 13 quickly reduce debt with a minimal long-term effect on a credit score. However, bankruptcy isn’t the best debt-reduction option in all cases. In many cases, reducing debt without filing for bankruptcy is entirely possible, and many people successfully regain… Read More »
Chapter 7 and Chapter 13: A Quick Comparison
Both forms of consumer bankruptcy offer distressed debtors a fresh start. As outlined below, Chapter 7 and Chapter 13 have many other things in common as well. However, some significant differences exist, mostly with regard to the type of debt addressed (secured or unsecured). A Chicago bankruptcy lawyer does much more than fill out… Read More »
