Switch to ADA Accessible Theme
Close Menu

Category Archives: Bankruptcy

Top5

Top Five Bankruptcy Exemptions In Illinois

By Bentz Holguin Law Firm, LLC |

Many people think that personal bankruptcy is like a Monopoly bankruptcy. Filing bankruptcy means you leave the game and have no chance to re-enter it. However, personal bankruptcy is different. It gives a fresh start to honest yet unfortunate debtors. Debtors cannot get such a reboot if they lose most or all of their… Read More »

Facebook Twitter LinkedIn
Bankruptcy21

What Is Chapter 7 And How Does It Work?

By Bentz Holguin Law Firm, LLC |

The current combination of high consumer debt, high inflation, and high interest rates is enough to push any family’s ability to pay monthly bills to the breaking point. If unsecured debts, like credit cards and medical bills, are the primary problem, Chapter 7 is an excellent solution. As outlined below, Chapter 7 eliminates such… Read More »

Facebook Twitter LinkedIn
BankFile

How Does Bankruptcy Affect Home Buying?

By Bentz Holguin Law Firm, LLC |

In a word, it’s complicated. It all starts with the purpose of bankruptcy, which is not to punish debtors, but to give them a fresh start. Frequently, this fresh start involves a future home purchase. So, a bankruptcy filing shouldn’t adversely affect this future decision. Sometimes, the situation is different. A family is in… Read More »

Facebook Twitter LinkedIn
StudentLoanBankruptcy

Student Loan Forgiveness Program On Hold

By Bentz Holguin Law Firm, LLC |

After a second federal court declared the President’s student loan forgiveness program was illegal, the Department of Education shut down the program, at least for the time being. When administration officials closed the application portal, about 26 million people had applied, and 16 million applications had been approved. However, because of court rulings, none… Read More »

Facebook Twitter LinkedIn
Debt8

Recovering From Bankruptcy In Three Easy Steps

By Bentz Holguin Law Firm, LLC |

Mostly due to repeated late payments and negative information, such as charge-offs, most bankruptcy filers have poor credit ratings. Therefore, while filing bankruptcy lowers their credit scores, the effect isn’t that dramatic, especially if the debtor files Chapter 13. A lower initial impact means that it’s easier to rebuild a credit score after bankruptcy… Read More »

Facebook Twitter LinkedIn
Bankruptcy19

IRS Fresh Start Program Vs. Bankruptcy: Which Is Better?

By Bentz Holguin Law Firm, LLC |

In 2011, just as the country was emerging from the Great Recession, the IRS rolled out the Fresh Start Program “to help struggling taxpayers.” Let’s stop right there. The IRS didn’t create this initiative to help taxpayers. The IRS began it to help the IRS. Year after year of staff cuts and budget cuts… Read More »

Facebook Twitter LinkedIn
BankrRetire

What Happens When People Over 60 File Bankruptcy?

By Bentz Holguin Law Firm, LLC |

We get this question a lot, mostly because the over-60 filing rate has tripled since the 1980s, while the overall bankruptcy filing rate has declined. Once again overall, people of all ages, genders, ethnicities, and citizenship status can file bankruptcy, provided they have a Social Security number and otherwise qualify. Everyone has the same… Read More »

Facebook Twitter LinkedIn
ReducingDebt

Reducing Debt Without Filing Bankruptcy

By Bentz Holguin Law Firm, LLC |

Irrational fear of filing bankruptcy, or bankruptcy-phobia, is every bit as real as agoraphobia, claustrophobia, and any other -phobia. Sometimes, the best approach in these situations is to learn more about the fear, face the fear and overcome it. That’s usually the case with bankruptcy-phobia. However, in some cases, it’s better to simply avoid… Read More »

Facebook Twitter LinkedIn
Questions

Does Bankruptcy Solve My Tax Problem?

By Bentz Holguin Law Firm, LLC |

The Illinois Department of Revenue has very broad wage garnishment powers. With as little as ten days’ notice, the IDR can order your employer to deduct up to 15 percent of your paycheck to pay past-due state taxes. Most families barely make ends meet. A 15 percent pay cut is often a devastating financial… Read More »

Facebook Twitter LinkedIn
Bankr14

Is It Better To File A Chapter 7 Or A Chapter 13?

By Bentz Holguin Law Firm, LLC |

The expected flood of post-coronavirus lockdowns is more of a trickle. However, that statistic is not very comforting to the millions of people who are experiencing post-coronavirus financial stress. Making matters worse, in the mid-2010s, the Supreme Court diluted some key consumer protections in the Fair Debt Collection Practices Act. Therefore, creditors are more… Read More »

Facebook Twitter LinkedIn