Tag Archives: Chapter 7 Bankruptcy
Bankruptcy In Illinois
The typical personal bankruptcy is a Chapter 7 bankruptcy, where the court sells off most of your assets and uses the funds to pay as much of your debt as possible. Anything not paid is discharged or erased. However, under a Chapter 13 bankruptcy, you develop a plan to pay off important and secured… Read More »
Passing The Means Test
When you prepare to file a Chapter 7 bankruptcy in Illinois, your “average household income” will be determined by averaging your monthly income over the last six calendar months. Once your average monthly income is determined, it’s multiplied by 12 to determine your annual income for the purpose of the Illinois means test. You… Read More »
Bankruptcy Is Nothing To Fear
Bankruptcy is nothing to fear. After a bankruptcy, you’ll be able to start rebuilding your credit. Many are able to buy a car, a home, and rebuild their finances and lives. If your debts are spinning out of control, don’t be dissuaded from considering bankruptcy before you have all the facts. If you’re in… Read More »
You Won’t Lose Everything
When your debts are mounting and you simply see no way to pay them, you’ll probably consider bankruptcy. You’ll also probably worry about what you’re allowed to keep when you declare bankruptcy. Whether you file for Chapter 7 or Chapter 13 bankruptcy, the list of exemptions is the same; instead, the difference is what… Read More »
Get The Help You Really Need
You can file for bankruptcy without the help of a bankruptcy lawyer, but it’s never a good idea. You can end up losing substantial cash – when you’re already in financial trouble – and have your bankruptcy petition denied if you make any mistake or fail to meet any of the requirements for bankruptcy…. Read More »
School Days
Most people understand that bankruptcy helps those in financial trouble to discharge unmanageable debt. However, you may be surprised to learn that one of the requirements for bankruptcy is going to school; if you need to file, you might want to stock up on pens and notebooks first. You have to complete credit counseling… Read More »
Dealing With Medical Debts
The economy may be improving statistically, but for many receiving medical care, that improvement is illusory. One out of three people with medical bills in the United States are unable to pay. For those who are unable to pay, insurance doesn’t help much. Outstanding medical bills can also mean real trouble when you seek… Read More »
