Category Archives: Bankruptcy
Does an Illinois Bankruptcy Take Care of Back Taxes?
Uber drivers and other gig workers fueled a dramatic rise in the number of freelance workers between 2014 and 2019. Many of these individuals are moonlighters, while others are full-time freelancers. All of them deal with significant income peaks and valleys, especially during these uncertain economic times. As a result, it is easy to… Read More »
Gray Bankruptcies in Illinois
Mostly due to a combination of a shrinking social safety net and rising life expectancy, more older adults than ever experience financial problems. In fact, the over-65 bankruptcy rate has increased over 200 percent since the 1990s. Older Americans are not immune from the financial storms of life, like job loss and serious illness…. Read More »
Three Famous People and Their Bankruptcy Stories
Many bankruptcy stories are inspiring tales of perseverance in the face of extreme financial difficulty. Others are don’t-let-this-happen-to-you cautionary tales. Both types of stories have important lessons for distressed Indiana debtors. These stories also emphasize the fact that, more than anything, bankruptcy is a fresh start. What you do with that fresh start is… Read More »
Recovering from Bankruptcy in Illinois
Technically, bankruptcy filings generally remain on credit reports for seven to ten years. However, credit history reports are usually organized by date. So, the more current, positive activity a family has, the lower a bankruptcy filing usually goes on a report. And, since many lenders only care about the last twelve months, with some… Read More »
Special Issues in an Indiana Grey Bankruptcy
Largely because of a shrinking social safety net, the number of over-60 bankruptcies has increased 300 percent since 1991, even as bankruptcy filing rates among other age groups have fallen drastically. Part of that shrinking social safety net includes protection rollbacks in the Fair Debt Collection Practices Act. Once upon a time, seniors could… Read More »
Top Three Bankruptcy Exemptions in Indiana
Contrary to popular myth, most bankruptcy debtors in the Hoosier State get to keep most of their property, even in a Chapter 7 “liquidation” bankruptcy. That’s mostly because Indiana has some of the broadest property exemptions in the country. Retaining assets is essential to a fresh start, which is what the Bankruptcy Code guarantees…. Read More »
Student Loan Forgiveness and Bankruptcy
The coronavirus pandemic and student loan crisis were two of the biggest headlines from 2020. As a result of this combination, there is a growing movement afoot to forgive student loan indebtedness. But this push has generated considerable controversy, to say the least. Additionally, no one is exactly sure what loan forgiveness would look… Read More »
Top Five Reasons People File Bankruptcy
Between 2008, when the Bankruptcy Reform Act took effect, and 2019, the bankruptcy filing rate declined steadily. Then, largely because of coronavirus shutdowns, the voluntary petition filing rate increased in 2020. Many observers expect the filing rate to explode in 2021. Many people consider bankruptcy to be a sign of failure. But that’s usually… Read More »
If I File Bankruptcy, Can I Buy a House?
According to many metrics, 2021 is a good time to buy a house. For example, mortgage rates recently hit an all-time low. The buyer’s market is expected to continue for much of 2021. At the same time, however, many people are going through severe financial stress, especially people who lost their jobs during a… Read More »
How Does Bankruptcy Affect Social Security Benefits in Indiana?
We receive this question a lot from retirees in Indiana. Roughly 40 percent of these individuals count on Social Security for their entire monthly income. Quite understandably, if bankruptcy threatened this financial lifeline, these families should be gravely concerned. But as outlined below, in almost all situations, that’s not the case. Fundamentally, bankruptcy protects… Read More »
