Tag Archives: Bankruptcy Relief Chicagoland
Getting The Most Out Of An Indiana Bankruptcy
Bankruptcy is a golden opportunity for many distressed debtors in Illinois and Indiana. Although it’s impossible to turn back the clock to a time before debt became a problem, both Chapter 7 and Chapter 13 do the next best thing. They stop foreclosure and other kinds of adverse action, end the obligation to repay… Read More »
‘Neither A Borrower Nor A Lender Be’
Five former students want a federal judge to classify them as creditors in the ongoing ITT Tech bankruptcy. The government began scrutinizing the Indiana-based for-profit school, which had 137 sites in 39 states, in 2014, as the Education Department looked into allegations of fraud regarding program offerings and students’ future job prospects. The hammer… Read More »
The Freshest Start Of All
General Motors intends to take its ignition switch liability argument all the way to the Supreme Court. Earlier, the Second Circuit Court of Appeals in New York ruled that the automaker is still responsible for damages stemming from defective ignition switches, even though the company declared bankruptcy in 2009 and emerged a short time… Read More »
Eliminating Debt Through Bankruptcy
It would be nice if bankruptcy was a magic wand that instantly discharged all consumer debts. After all, bankruptcy is a fresh start, and people cannot obtain this fresh start while still saddled with debts they cannot pay. Alas, the world does not work that way, largely because moneylenders have financial rights as well,… Read More »
Bankruptcy And Student Loan Debt
Until recently, it has been widely accepted that student loan-related debt can only be cancelled in a bankruptcy proceeding if the borrower is able to show that paying the debt would impose an ‘undue hardship’. Successfully showing an undue hardship in a bankruptcy case is hard to do and rarely happens. However, this may… Read More »
Chapter 7 Bankruptcy: The Means Test
Chapter 7 bankruptcy is the most common type of bankruptcy for consumers and is designed to help average-income and low-income people who need help getting out of debt. More specifically, Chapter 7 bankruptcy is only available to bankruptcy filers who either do not have income or do not have income sufficient to repay their… Read More »
