Category Archives: Bankruptcy
Does Bankruptcy Take Care of Student Loans?
As college costs have increased, student loan balances have increased even more. These accounts now total almost $1.5 trillion in the United States. That’s higher than auto loan and credit card balances. Younger people owe most of this money. Since their earning power is lower, these accounts often become delinquent. Even if debtors keep… Read More »
Should I File Chapter 7 or Chapter 13 To Protect My Assets?
Bankruptcy gives distressed debtors in Illinois a fresh start, if they are “honest but unfortunate,” as the Supreme Court has so often stated. Asset retention is a big part of that fresh start. If debtors lose most or all of their assets, they must go back behind the financial starting line. That’s not the… Read More »
Will I Lose My Social Security Benefits If I File Bankruptcy?
The rising number of over-65 bankruptcies has pushed this question from the background to the forefront, at least for many Illinois families. Almost half of unmarried seniors, and about a quarter of married seniors, count on Social Security benefits for 90 percent of their monthly income. Generally, bankruptcy does not affect Social Security benefits…. Read More »
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 »
