Category Archives: Bankruptcy
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 »
Three Quick Ways to Bounce Back from a Chapter 7 Bankruptcy
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 »
Can Bankruptcy Stop Eviction?
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 »
Does Bankruptcy Affect My Social Security Benefits?
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 »
Five Key Bankruptcy Exemptions in Indiana
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 »
The Different Kinds of Bankruptcy in Indiana
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 »
Can an Illinois Bankruptcy Stop Eviction?
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 »
Bankruptcy and Past-Due Taxes in Indiana
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 »
Will I Lose My Social Security Benefits if I File Bankruptcy?
Many people count on Social Security benefits to make ends meet every month. These people are understandably wary of anything which might affect these benefits. Yet as a general rule, fear is a poor basis for any decisions you make. In general, Social Security benefits are 100 percent exempt in bankruptcy matters. This exemption… Read More »
Top Five Reasons People File Bankruptcy
Most Indiana families have little or no money in their savings accounts. So, when the financial storms of life hit these households, they do not have the resources to deal with them. That’s especially true when misfortune follows misfortune. Additionally, there may be a long-term crossover effect. For example, David might buy an expensive… Read More »