Category Archives: Bankruptcy
The Best Bankruptcy for Your Family
Many families live from paycheck to paycheck. A third of the state’s households cannot meet a $400 emergency expense. With such a narrow margin, it’s very easy to accumulate considerable credit card debt. That’s especially true when the financial storms of life, such as divorce and job loss, hit unexpectedly. It’s also easy to… Read More »
The Different Types of Bankruptcy in Illinois
Most Illini live from paycheck to paycheck. In fact, almost half of American families cannot pay cash for a $400 emergency expense. So, most people are not able to weather the financial storms of life, such as job loss, divorce, and business downturns. These things can strike without warning at any time. At times… Read More »
Does Bankruptcy Get Rid of Student Loans?
For the most part, bankruptcy is a debtor-friendly process that eliminates crippling debt and gives your family a fresh financial start. If you file Chapter 7, that fresh start could come in as little as nine months. The bankruptcy process also protects important assets, such as your house and car, while it stops creditor… Read More »
Can Bankruptcy Stop an Eviction in Indiana?
Residential evictions are bad news. Most leases include personal property liens. So, if the tenant falls behind on rent, the landlord can do more than evict the tenant. The landlord can also seize and sell electronics, appliances, and any other valuable item in the dwelling. Commercial evictions are bad news as well. These acts… Read More »
Top 5 Reasons People File Bankruptcy in Illinois
Fundamentally, people file bankruptcy because they do not have enough money to meet their obligations, at a particular point in time. Roughly two-thirds of Americans have less than $1,000 in their savings accounts. When the financial storms of life hit, they simply don’t have the resources to weather them. Unfortunately, many people delay a… Read More »
How Can an Illinois Bankruptcy Help Me Keep My Car?
The number of seriously-delinquent auto loans in the United States recently hit a 10-year high. Approximately seven million vehicle owners are at least 90 days behind on payments. This figure does not include the number of 30 and 60-day delinquencies. In most states, including Illinois, lenders may repossess the collateral after just one or… Read More »
Four Quick Ways To Recover From An Illinois Bankruptcy
In board games like Monopoly, filing bankruptcy means you lose the game. Fortunately, the game of life (the real one and not the board game) is a lot more forgiving. Most people file bankruptcy because of job loss, serious illness, or other events that are beyond their control. But recovering from bankruptcy is different…. Read More »
Why Do People File Bankruptcy In Illinois?
Right now, unemployment is lower than at any other time in recent memory. But just because you have a job, you are not immune to financial pressure. Most people in Illinois live on the razor’s edge, from a financial standpoint. Over a third of families in the state cannot cover a $400 emergency expense…. Read More »
How To Keep Your Car After You File An Illinois Bankruptcy
In 2018, the number of seriously delinquent auto loans (more than 90 days past due) reached a five-year high. The worse news is that the risk of auto repossession starts much earlier. In most states, including Illinois, lenders can technically repossess vehicles after just one missed payment. If the borrower has a less-than-stellar credit… Read More »
Six Key Illinois Bankruptcy Exemptions
Millions of people are saddled with excessively high unsecured debts through no fault of their own. Some people have very high medical bills. Other people had to rely on credit cards during a period of unemployment. These people should at least consider filing Chapter 7 bankruptcy, but they are afraid they will lose important… Read More »
