Category Archives: Bankruptcy
Do I Qualify For Chapter 7 Bankruptcy?
Circumstances beyond their control prompt most people to file bankruptcy. High, unexpected medical bills are the leading cause of bankruptcy filings in Illinois. Other uncontrollable events, like job loss, divorce, and economic downturn, aren’t far behind. Credit card companies and other large lenders push the myth that filing bankruptcy is financial failure. But, in… Read More »
Bankruptcy And Student Loan Forgiveness
Over forty million college graduates owe over $1.5 trillion in federal student loan debt. This debt load is often overwhelming for young people who are just starting their careers and have limited earning power. Over the past several years, many politicians have made vague promises about student loan forgiveness. A few borrowers have even… Read More »
How Long Does It Take To Build Your Credit Back Up After Filing Bankruptcy?
Filing bankruptcy lowers your credit score. There’s no way to sugarcoat that fact. However, the initial impact usually isn’t that bad, mostly because people who file bankruptcy already have very poor credit. In terms of the effect on a credit score, repeated charge-offs, late payments, and lien placements are worse than filing bankruptcy. Therefore,… Read More »
Should Amber Heard File Bankruptcy To Avoid Paying Johnny Depp?
Now that her civil appeal has failed, Amber Heard is no doubt considering her options regarding the court’s order to pay her ex-husband $10 million. In late July and early August 2022, several unreliable sources reported that Amber Heard had, in fact, filed bankruptcy. Generally, judgements for unintentional torts, like most personal injury cases,… Read More »
Do You Have To Pay A Mortgage After Bankruptcy?
If homeowners want to stay in their homes, bankruptcy doesn’t end the obligation to pay a mortgage. Although bankruptcy makes it harder to foreclose on home loans, if debtors stop paying secured debts, the creditor seizes the collateral, bankruptcy or no bankruptcy. Paying these bills every month isn’t easy. Additionally, these record- high costs… Read More »
Is A Non-Bankruptcy Debt Solution Right For Me?
After leveling off during the Great Recession, consumer debt has once again reached historic highs. Total consumer debt has increased by almost $2 trillion in less than two years. Usually, bankruptcy is the best option for financially-distressed families. Only bankruptcy immediately stops adverse actions, like repossession and foreclosure, protects assets, and discharged debts. However,… Read More »
Getting Ahead Of Financial Problems
As we approach the fall of 2022, inflation is approaching double digits for the first time in decades. Large price increases, especially on necessary items like housing, food, and fuel, rapidly eat away at financial security. Families who were once able to put money away every month are suddenly barely able to make ends… Read More »
Formal And Informal Chapter 7 Bankruptcy Exemptions In Illinois
Mostly because of the way it affects businesses, Chapter 7 picked up the misleading liquidation bankruptcy nickname. Businesses usually have little or no exempt property. Therefore, the trustee (person who oversees Chapter 7 bankruptcies for judges) normally liquidates pretty much everything. Personal bankruptcies are different. As outlined below, the exemptions in Illinois are so… Read More »
Chapter 7 Bankruptcy In Illinois: Taking The First Step
As the economy continues to recover from coronavirus lockdowns, many families are still reeling from the effects of these lockdowns. As a rule of thumb, if your family’s unsecured debt, like medical bills and credit card bills, exceeds 10 percent of its income, that’s more debt than you can possibly repay. People in this… Read More »
Who Files For Bankruptcy The Most?
Traditionally, almost all bankruptcy debtors were under 65. That’s still true in a majority of cases. But the over-65 filing rate has tripled since the 1990s. High medical bills are the primary reason for this increase. Chronic illness treatment, like cancer treatment, could cost more than $10,000 a month. Health insurance, including Medicare, usually… Read More »
