Tag Archives: Chicago Bankruptcy Lawyers
Why Do People File Bankruptcy In Illinois?
Right now, unemployment is lower than at any other time in recent memory. But just because you have a job, you are not immune to financial pressure. Most people in Illinois live on the razor’s edge, from a financial standpoint. Over a third of families in the state cannot cover a $400 emergency expense…. Read More »
Six Key Illinois Bankruptcy Exemptions
Millions of people are saddled with excessively high unsecured debts through no fault of their own. Some people have very high medical bills. Other people had to rely on credit cards during a period of unemployment. These people should at least consider filing Chapter 7 bankruptcy, but they are afraid they will lose important… Read More »
Can Bankruptcy Erase My Student Loans?
One of my law school professors told us that “You never get anything unless you ask.” That seems like a fairly straightforward proposition. But if the student loan discharge statistics are any indication, most Chapter 7 attorneys have not learned this lesson. In places like Illinois, where the Brunner Rule is still in effect,… Read More »
How An Indiana Bankruptcy Can Save Your House
After a brief down period, home foreclosure rates are rising again. Even worse, Indianapolis is basically at the center of one of the largest foreclosure hot spots in the country. Legally, most lenders can begin pre-foreclosure proceedings after just one missed payment. Once this process begins, most banks immediately stop taking partial payments. So,… Read More »
Is Chapter 13 Right For My Chicago Family?
Although many home mortgage lenders are patient for a few months, they can technically begin foreclosure proceedings after just one missed payment. Basically the same thing applies to other secured debts, such as vehicle loans. In financial matters as well as other life situations, it is usually a very bad idea to rely on… Read More »
Will Filing Bankruptcy Ruin My Security Clearance?
In the post-9/11 world, the Department of Defense scrutinizes security clearance applications more closely than ever. The same thing applies to renewal requests. According to DoD Directive 5220.6, financial problems can lead to adverse action. That action could be a denial or a reduction in clearance level. So, many people in Indiana hesitate to… Read More »
The Gray Bankruptcy Phenomenon In Illinois
Overall, the number of bankruptcy filings has declined dramatically since 2005. That was the year bankers convinced lawmakers to tighten the bankruptcy rules. But among debtors over 65, the filing rate has tripled since 1991. Here in Illinois, older people usually have substantially more assets than younger filers. So, these bankruptcies require a different… Read More »
3 Quick Exemptions In An Indiana Bankruptcy
In a long line of cases dating back to the early 1800s, the United States Supreme Court has said that bankruptcy’s purpose is to give the honest yet unfortunate debtor a fresh start. Asset exemption is an important part of that fresh start. If debtors lose their houses, cars, retirement accounts, and other assets… Read More »
Can Chapter 13 Bankruptcy Save My Car?
Legally, banks may begin automobile repossession procedures after just one missed payment. If the borrower has been late before, the lender may file repossession paperwork as soon as possible. It is almost impossible to undo automobile repossession. The original lender usually keeps the note for the duration of the loan, so there are usually… Read More »
Why Do People File Bankruptcy In Illinois?
In board games like Monopoly, filing bankruptcy is more than just an admission of failure. It’s also the end of the game, and there is usually no way to recover. Fortunately, real life is much different. There is no doubt that reckless overspending causes some bankruptcy filings. But for the most part, the circumstances… Read More »
