Tag Archives: Chicago Bankruptcy Lawyers
Protecting Cash In Bankruptcy
Both Illinois and Indiana have wildcard exemptions that can be used on any otherwise non-exempt property, like savings accounts, rental property, vacation homes, boats, and so on. Although the dollar values are relatively high ($4,000 in Illinois and $9,350 in Indiana), they may be insufficient to cover a large amount of inherited cash, which… Read More »
Priority and Superpriority Bankruptcy Claims
In a recent bankruptcy case, Illinois reached a superpriority claim settlement agreement with the major coal producer Peabody Energy, reports MiningWeekly.com. Large coal producers, such as Peabody Energy, are sometimes allowed to self-bond so that they can operate mines without setting aside sums of money reserved for cleaning up their mining site in the… Read More »
Student Debt Relief Scams
Are you struggling to make your monthly student loan payments? If so, you are not alone. Young Americans are carrying an unprecedented amount of student loan debt and many borrowers are having a hard time keeping up with their loan payments. Unfortunately, scam artists are capitalizing on this situation by running ads offering student… Read More »
Be Warned: IRS and Debt Relief Phone Scams Are on the Rise
According to an article in The Times of Chester County, IRS and debt relief phone scams are on the rise. Phone scams come in variety of different forms, but often involve a foreign phone call placed to a target in the United States. After answering the phone there is generally a pause and maybe… Read More »
Property Taxes Expected to Increase in Chicago to Mitigate City’s Impressive Debt
According to Chicago’s 2015 Comprehensive Annual Financial Report, our city’s debt has more than tripled since 2014 and now has unfunded liabilities totaling nearly $24 billion. Without significant pension reforms and spending reductions Chicago’s debt will undoubtedly continue to grow. While city and state officials are pursuing a variety of policies aimed at mitigating… Read More »
Debt Collector Harassment Laws May Be Changing Soon
Debt collection is a multibillion dollar industry in the United States that, while already heavily regulated, may soon be facing a huge overhaul. According to the Chicago Tribune, the Consumer Financial Protection Bureau recently proposed revised legislation that would institute several industry changes including new limits on the number of times per week that… Read More »
Your Business Can Emerge From Bankruptcy as a Publicly Traded Company, Just Ask Twinkies Maker Hostess
In 1930, in a suburban Chicago bakery, the Twinkie was invented. Since then, Twinkies and other hostess snacks have truly become a part of Americana. Hostess Brand owns both Twinkie and Ding Dongs and operated as a financially successful company for many years. However, over the decades Hostess has found itself in a bit… Read More »
Debt Management Plans: A Viable Alternative to Bankruptcy?
Unfortunately, the debt relief industry is filled with scammers looking to make money off of people who are deep in debt and desperate for a way out. However, there are reputable nonprofit credit counseling services out there that will evaluate your current financial situation, explain the debt relief options available to you, and more… Read More »
Repossessions and Errant Stolen Car Reports
When a car is repossessed, owners often mistakenly think that the car was stolen and file an errant stolen car report. This can cause big problems later down the line when the repossessed car is resold and the new owner is driving a vehicle that is still tagged as “stolen” in the Law Enforcement… Read More »
IRS Penalties: How To Request Relief
If you fail to file or pay your taxes on time the Internal Revenue Service (IRS) will undoubtedly slap you with tax penalties and interest. These penalties can accumulate quickly and if you don’t address the problem promptly you may find yourself facing a tax debt that you are unable to pay. However, there… Read More »
