Tag Archives: Bankruptcy
Watch Out For Debt Settlement Companies
You’ve probably seen the ads for the debt settlement companies on television. They claim to help you get out of debt easily. But according to CBS News, many of the so-called debt settlement companies are helping only themselves and exploiting consumers who are already facing financial difficulty. Illinois Lawyer General Lisa Madigan told CBS… 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 »
Extending An Automatic Stay
Filing for bankruptcy automatically operates as a stay to almost all debt collection proceedings. Thus, what’s called an “automatic stay” is an important benefit of bankruptcy, immediately stopping any action from being taken against a general debt. Whether you need to stop a wage garnishment or repossession or have a bank account unfrozen, the… Read More »
Bankruptcy And Your Job
In a financial crisis, bankruptcy is sometimes the most responsible thing a person can do. Nevertheless, if you file for bankruptcy, some people around you may begin to wonder if you’re still responsible and trustworthy. You can’t help that, but one thing you shouldn’t have to worry about is your job. The law prohibits… Read More »
Help For Hurting Homeowners
If your monthly mortgage payment is overwhelming, and you are considering bankruptcy, take a look first at a government program called the Home Affordable Refinance Plan (HARP). By refinancing your home at a lower interest rate, you can slash mortgage payments by as much as $4,900 a year. To enable more struggling homeowners to… Read More »
Credit Cards After Bankruptcy
Initially, the idea sounds absurd, but if done right, it’s one of the smartest moves you can make. Getting new credit cards immediately after a bankruptcy can lift those credit scores that plummeted when you filed. If you make regular, on-time payments, you can boost your credit score substantially in a relatively short time…. Read More »
Three Smart Strategies For Debt
Before you consider bankruptcy or just start throwing money at mounting debts, one of these three debt strategies might just work for you. In the Chicago area, it’s best to discuss your alternatives first with an experienced Chicago bankruptcy lawyer who’s helped others in similar situations. The three strategies are: 1. The bottom-up strategy…. Read More »
Divorce or Bankruptcy?
For many people, divorce and bankruptcy are connected; in fact, financial issues are a frequent cause of divorce. Is it smarter to file for divorce first or to file for bankruptcy first? In most cases – but by no means all – you should take care of the bankruptcy first. If your financial problems… Read More »
Emergency Bankruptcy
In Illinois, it’s possible to file an “emergency” bankruptcy to stop a foreclosure, a vehicle repossession, a utility shut-off, or a wage garnishment. Before you take any action, however, speak first to an experienced Chicago bankruptcy lawyer. An emergency bankruptcy may work as a quick fix to deal with an imminent problem – and… Read More »
