Category Archives: Bankruptcy
What To Expect In A Chapter 7
Most people file liquidation bankruptcies because of high medical bills. These expenses have increased faster than inflation since the Great Recession. Most health insurance companies look for ways to deny these claims. And, even if they pay them, the insurance usually only covers part of the cost. 20 percent of a cancer treatment bill… Read More »
Will I Lose My Social Security Benefits If I File Bankruptcy?
This common fear is valid yet completely unfounded. According to some estimates, as many as 40 percent of retirees depend almost exclusively on Social Security benefits to pay their bills. So, these people are understandably afraid to file bankruptcy, because in most cases, income is not exempt. But that’s just the point. Typically, Social… Read More »
How Does Bankruptcy Affect My Security Clearance?
Our Indiana clients ask this question a lot. The Hoosier State has a number of military bases which directly, and indirectly, employ thousands of people. Many of these individuals rely on their security clearances. They are understandably concerned about doing anything which may jeopardize their authorization levels. The Department of Defense is concerned as… Read More »
Am I Too Old To File Bankruptcy?
No. Bankruptcy has a residency requirement. In most cases, a legal status requirement applies as well. But there is no age requirement. Once upon a time, it was rare for people over 65 to file bankruptcy. But the filing rate in this age bracket has increased significantly since the 1990s, even as the overall… Read More »
What Can Chapter 13 Do For Me?
At a time when many Illinois families need more protection than ever from banks and debt collectors, bureaucrats have eliminated some important consumer protection rules. These moneylenders were already very aggressive when it comes to collecting past-due accounts. Now, they usually feel like they can push the envelope even further, because the government won’t… Read More »
Top Five Reasons People File Bankruptcy
During the 2020 coronavirus lockdowns, the unemployment rate peaked at 14.8 percent. That’s the highest figure in recorded history. Most of those jobs are back now. However, since most families live from hand to mouth, even a brief income disruption could have devastating consequences. That’s especially true since the earth continued turning. In fact,… Read More »
Can Bankruptcy Take Care Of Past-Due Student Loan Payments?
Millions of student loan borrowers took advantage of a long-term coronavirus payment deferral. That forbearance is set to end on September 30, 2021. At that time, borrowers who have grown used to spending their payment money elsewhere must suddenly shift this money back to debt retirement. After such an extended forbearance, most student loan… Read More »
What’s Better, Chapter 13 Or Chapter 7?
Now more than ever, distressed debtors need a fresh start through bankruptcy. Over the last several years, courts and bureaucrats have whittled away at some key consumer protection laws. So, bankruptcy might be the only way to stop creditor harassment, protect your assets, and otherwise take control of your own financial affairs. The coronavirus… Read More »
Three Quick Ways To Rebuild Your Credit Score In Illinois
By the time they file bankruptcy, most debtors have average to poor credit scores. Repeated late payments, as well as charge-offs and other negative information, quickly reduce your credit score. These people usually see about a 130-point drop when they file their voluntary petitions. So, almost instantly, their credit scores go from bad to… Read More »
Do I Lose My Security Clearance If I File Bankruptcy?
Not according to the DoD. This agency can take action against your security clearance if you are experiencing financial problems. But that’s different from filing bankruptcy. In fact, as outlined below, filing bankruptcy might be the only way to cure the financial problems which threaten not only your family, but your security clearance as… Read More »
