Category Archives: Bankruptcy
Top Five Bankruptcy Exemptions in Indiana
Coronavirus and COVID-19 quarantines have caused some fundamental economic changes. It might take many months or many years for Indianans to fully bounce back. And, with consumer debt at an all-time high, many families have little margin for error. Bankruptcy might be a good option for those experiencing severe financial distress. Normally, these problems… Read More »
These Five Situations Cause Most Bankruptcy Filings. Which One Hits Closest to Home for You?
Every year, thousands of your neighbors file bankruptcy. These families generally endure the same financial hardships as you do. They turned to bankruptcy to take control of their financial situations, and you should at least consider this approach as well. Chapter 7 bankruptcy eliminates unsecured debts, like medical bills and credit cards, in just… Read More »
Bouncing Back from an Illinois Bankruptcy
Many people are familiar with the story of the tortoise and the hare. The slow-moving turtle challenged the fleet-footed rabbit to a race. Largely by taking things one step at a time, the tortoise scored an unlikely victory. Recovering from bankruptcy is much the same. It’s not easy to recover financially from a bankruptcy…. Read More »
Can Bankruptcy Protect My House?
Legally, banks can begin foreclosure proceedings after just one missed payment. Some lenders patiently give borrowers a few months to catch up. But that’s not always the case. In any event, once the foreclosure process starts, it’s almost impossible to stop. Most banks no longer accept partial payments in these situations, so distressed homeowners… Read More »
What Happens After I File an Indiana Chapter 7 Bankruptcy?
Financial storms, like job loss and serious illness, are inevitable. Unfortunately, most Indiana families do not have the wherewithal to weather these storms. In fact, over a third of Americans do not have enough cash to cover a $400 emergency expense. If unpaid bills begin to mount, families basically have two choices. They can… Read More »
Can Bankruptcy Stop Auto Repossession?
There is a myth that owners must be at least three month late on vehicle payments before the bank starts repossession procedures. If the owner has a good payment history, that might be true. Legally, however, banks may begin such proceedings after one missed payment. In many cases, that’s exactly what happens. Also, bear… Read More »
Top Five Exemptions in an Illinois Chapter 7
The Bankruptcy Code gives debtors fresh starts. So, bankruptcy laws also contain a number of property exemptions. Otherwise, former bankruptcy debtors would be behind the starting line. For the most part, Illinois’ bankruptcy exemptions are rather generous. They are also rather straightforward. However, there are some important intricacies that a Chicago bankruptcy lawyer must… Read More »
What’s the Difference Between Chapter 13 and Chapter 7?
In the year before the most recent bankruptcy reform measure took effect, there were over two million bankruptcy filings in the United States. The numbers have fallen off significantly since then, except during the Great Recession. Nevertheless, hundreds of thousands of your neighbors still use bankruptcy to stop creditor harassment and get a fresh… Read More »
Can Bankruptcy Save My House?
The average housing payment in Indiana is just under $1,500 a month. For most families, that figure represents a substantial chunk of their monthly income. When times get tight, perhaps because of a temporary job loss or serious illness, it is easy to fall behind. Homeowners have little margin for error. Many times, moneylenders… Read More »
Chapter 7 and Chapter 13 Bankruptcy: What You Should Know
Nationwide, bankruptcy filing statistics have declined significantly since the end of the Great Recession. However, it’s unclear whether this decrease is because more Americans are on secure financial footing or because there is so much misunderstanding about bankruptcy. For example, some people think that the 2005 bankruptcy reforms essentially made it impossible to file… Read More »
