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Category Archives: Bankruptcy

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Top Three Bankruptcy Exemptions in Indiana

By Jessica Holguin |

Contrary to popular myth, most bankruptcy debtors in the Hoosier State get to keep most of their property, even in a Chapter 7 “liquidation” bankruptcy. That’s mostly because Indiana has some of the broadest property exemptions in the country. Retaining assets is essential to a fresh start, which is what the Bankruptcy Code guarantees…. Read More »

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Student Loan Forgiveness and Bankruptcy

By Jessica Holguin |

The coronavirus pandemic and student loan crisis were two of the biggest headlines from 2020. As a result of this combination, there is a growing movement afoot to forgive student loan indebtedness. But this push has generated considerable controversy, to say the least. Additionally, no one is exactly sure what loan forgiveness would look… Read More »

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Top Five Reasons People File Bankruptcy

By Jessica Holguin |

Between 2008, when the Bankruptcy Reform Act took effect, and 2019, the bankruptcy filing rate declined steadily. Then, largely because of coronavirus shutdowns, the voluntary petition filing rate increased in 2020. Many observers expect the filing rate to explode in 2021. Many people consider bankruptcy to be a sign of failure. But that’s usually… Read More »

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If I File Bankruptcy, Can I Buy a House?

By Jessica Holguin |

According to many metrics, 2021 is a good time to buy a house. For example, mortgage rates recently hit an all-time low. The buyer’s market is expected to continue for much of 2021. At the same time, however, many people are going through severe financial stress, especially people who lost their jobs during a… Read More »

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How Does Bankruptcy Affect Social Security Benefits in Indiana?

By Jessica Holguin |

We receive this question a lot from retirees in Indiana. Roughly 40 percent of these individuals count on Social Security for their entire monthly income. Quite understandably, if bankruptcy threatened this financial lifeline, these families should be gravely concerned. But as outlined below, in almost all situations, that’s not the case. Fundamentally, bankruptcy protects… Read More »

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Top Five Reasons People File Bankruptcy in Illinois

By Jessica Holguin |

Although people file bankruptcy for various reasons, there is normally a common denominator. At least for the most part, the circumstances leading to the filing were beyond the debtors’ control. The Bankruptcy Code was written with people like this in mind. There is no other way for these honest yet unfortunate debtors to get… Read More »

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How Can Bankruptcy Protect My Security Clearance?

By Jessica Holguin |

Bankruptcy protects visible assets, like your house, and invisible assets, like your security clearance. Yes, pursuant to DoD Directive 5220.6, financial problems could trigger adverse action against a security clearance, such as denial or refusal to renew. However, as outlined below, there is a big difference between filing bankruptcy and financial concerns. In general,… Read More »

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Does Bankruptcy Clear Back Taxes?

By Jessica Holguin |

The sudden emergence of the gig economy is the main reason Americans owe about $131 billion in back taxes. Self-employment income often has significant, and unexpected, peaks and valleys. If these individuals prepay their taxes monthly and are a few dollars short each month, that could mean a big tax bill at the end… Read More »

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What’s the Difference Between Chapter 13 and Chapter 7 in Indiana?

By Jessica Holguin |

Many more people might be asking this question in the coming months. Most observers predict that, after coronavirus financial relief programs expire, there may be a record number of consumer bankruptcies in 2021. Typically, people file bankruptcy because a financial storm hits them. Usually, that storm is medical bills, unemployment, business downturn, or a… Read More »

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Five Post-Bankruptcy Success Stories

By Jessica Holguin |

In Monopoly, a bankruptcy ends the game. But in real life, bankruptcy is a fresh start. Below are a few people who made the most of that fresh start. These individuals have something else in common. They all overcame significant obstacles to be successful. Your family can do the same thing. A good Chicago… Read More »

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