Category Archives: Debt
Rebuilding Credit After Bankruptcy
Some people put off bankruptcy, or refuse to file altogether, because they are afraid it will “ruin their credit.” But, to be blunt, their credit is already “ruined,” in many cases. Negative information, like past-due mortgage payments or automotive repossessions, stays on credit reports almost as long as a bankruptcy filing. Furthermore, by following… Read More »
Student Debt Relief Scams
Are you struggling to make your monthly student loan payments? If so, you are not alone. Young Americans are carrying an unprecedented amount of student loan debt and many borrowers are having a hard time keeping up with their loan payments. Unfortunately, scam artists are capitalizing on this situation by running ads offering student… Read More »
Be Warned: IRS and Debt Relief Phone Scams Are on the Rise
According to an article in The Times of Chester County, IRS and debt relief phone scams are on the rise. Phone scams come in variety of different forms, but often involve a foreign phone call placed to a target in the United States. After answering the phone there is generally a pause and maybe… Read More »
Debt Collector Harassment Laws May Be Changing Soon
Debt collection is a multibillion dollar industry in the United States that, while already heavily regulated, may soon be facing a huge overhaul. According to the Chicago Tribune, the Consumer Financial Protection Bureau recently proposed revised legislation that would institute several industry changes including new limits on the number of times per week that… Read More »
Debt Management Plans: A Viable Alternative to Bankruptcy?
Unfortunately, the debt relief industry is filled with scammers looking to make money off of people who are deep in debt and desperate for a way out. However, there are reputable nonprofit credit counseling services out there that will evaluate your current financial situation, explain the debt relief options available to you, and more… Read More »
IRS Penalties: How To Request Relief
If you fail to file or pay your taxes on time the Internal Revenue Service (IRS) will undoubtedly slap you with tax penalties and interest. These penalties can accumulate quickly and if you don’t address the problem promptly you may find yourself facing a tax debt that you are unable to pay. However, there… Read More »
Bankruptcy And Student Loan Debt
Until recently, it has been widely accepted that student loan-related debt can only be cancelled in a bankruptcy proceeding if the borrower is able to show that paying the debt would impose an ‘undue hardship’. Successfully showing an undue hardship in a bankruptcy case is hard to do and rarely happens. However, this may… Read More »
Bankruptcy Fraud
Although filing for bankruptcy can potentially give you a fresh financial start, if you get greedy and try to obtain more than you are entitled to under the Bankruptcy Code you may find yourself in a world of trouble. That is why it is important to understand that having an experienced bankruptcy lawyer allows… Read More »
Puerto Rico’s Debt Relief Bill
Although Illinois is drowning in public debt, we are certainly not alone. Recently, the media spotlight has been on the Commonwealth of Puerto Rico and the fact that it owes approximately $73 billion in public debt. Proposed debt relief plans for Puerto Rico are particularly interesting from a legal point of view given that… Read More »
Has Your Driver’s License Been Suspended For Too Many Parking Tickets? Filing For Bankruptcy Can Help
Driving in Chicago can be tricky, but parking in Chicago can be an absolute nightmare. Although the city is crowded and parking is limited, think twice before parking illegally because if you do you’ll likely end up with a hefty fine to pay. What’s more, if you end up accumulating too many unpaid parking… Read More »
