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Category Archives: Bankruptcy

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

By Jessica Holguin |

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 »

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PaymentOption

Can Bankruptcy Save My House?

By Jessica Holguin |

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 »

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BankFile

Chapter 7 and Chapter 13 Bankruptcy: What You Should Know

By Jessica Holguin |

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 »

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BankrHand

Three Quick Ways to Bounce Back from a Chapter 7 Bankruptcy

By Jessica Holguin |

Generally, Chapter 7 remains on your credit report for ten years after discharge. During that waiting period, some former debtors have issues obtaining credit at reasonable rates. Other former debtors have the opposite problem. They receive numerous credit offers, especially credit card offers, promptly after discharge. Creditors know that consumers cannot file another Chapter… Read More »

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Eviction3

Can Bankruptcy Stop Eviction?

By Jessica Holguin |

Maybe yes and maybe no. With regard to eviction, timing is everything. The rule itself is linked to eviction procedure in a certain jurisdiction. In most areas, eviction is a three-step process: notice, eviction lawsuit, and execution of judgment. If a Chicago bankruptcy attorney intervenes early enough, this debt-relief procedure can stop eviction. Bankruptcy… Read More »

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MoneyGavel

Does Bankruptcy Affect My Social Security Benefits?

By Jessica Holguin |

This question is especially important to the many retirees who file bankruptcy, usually because of medical bills. For roughly a third of folks over 65, Social Security benefits account for at least 90 percent of their income. In general, the Chapter 7 rules distinguish between assets and income. Assets, such as retirement accounts and… Read More »

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BankrLaw2

Five Key Bankruptcy Exemptions in Indiana

By Jessica Holguin |

The Bankruptcy Code guarantees debtors a fresh financial start. So, Indiana law protects a number of assets from seizure during bankruptcy. That’s even true in a Chapter 7, or a so-called “liquidation” bankruptcy. Briefly, Chapter 7 is an excellent option for people who struggle with credit cards, medical bills, and other forms of unsecured… Read More »

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FileBank

The Different Kinds of Bankruptcy in Indiana

By Jessica Holguin |

After many years of decline, the bankruptcy filing rate inched up in April 2019. Many areas of the country have not yet fully recovered from the Great Recession, but to almost all moneylenders, this economic downturn is a distant memory. So, debt-buyers and other creditors are more aggressive than ever when it comes to… Read More »

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Eviction2

Can an Illinois Bankruptcy Stop Eviction?

By Jessica Holguin |

When compared to inflation, property rents have increased substantially since the 1990s. As a result, there is about one eviction every four minutes somewhere in the United States. Prior to the 2005 legal reforms, bankruptcy petitions always stopped eviction proceedings, just like they always stop home foreclosure, vehicle repossession, and other adverse actions. But… Read More »

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MoneyGavel

Bankruptcy and Past-Due Taxes in Indiana

By Jessica Holguin |

For the last several years, the gig economy has continued to grow. Now, freelancers work over one billion hours a year, and many of these individuals earn substantial money. Lots of work and high incomes are good news in pretty much every context, except for income tax liability. Frequently, a freelancer’s year-over-year income increases… Read More »

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