Tag Archives: Illinois Bankruptcy
How To Keep Your Car After You File An Illinois Bankruptcy
In 2018, the number of seriously delinquent auto loans (more than 90 days past due) reached a five-year high. The worse news is that the risk of auto repossession starts much earlier. In most states, including Illinois, lenders can technically repossess vehicles after just one missed payment. If the borrower has a less-than-stellar credit… Read More »
Bouncing Back From An Illinois Bankruptcy
Nationwide, bankruptcy filing rates are at their highest level since 2006. In the wake of the 2005 bankruptcy reforms, credit card companies tried to scare people away from bankruptcy. That strategy worked, for a while. Moreover, during the Great Recession, many banks tightened their lending requirements and medical providers tried to keep prices low…. Read More »
Are Student Loans Dischargeable In Illinois Bankruptcies?
Because of the harsh Brunner rule, which is examined below, many people assume the answer to this question is always “no.” But in one recent study, a surprising 40 percent of student loan debtors obtained at least a partial discharge in their bankruptcy proceedings. Despite the relatively high possibility for success, the vast majority… Read More »
Six Dischargeable Debts In An Illinois Bankruptcy
Many people file a Chapter 7 or Chapter 13 debt relief petition to gain immediate relief from foreclosure, lawsuits, repossession, and other adverse action. While the case is pending, moneylenders can do none of these things, at least in most cases. Many other people file bankruptcy because the debt discharge gives them a fresh… Read More »
Post-Filing Activity In An Illinois Bankruptcy
Nearly five years after the buy-sell-trade company filed bankruptcy, the trustee is still seizing and selling THR’s assets. After locating a 2001 Chevrolet Suburban that belonged to the bankrupt company, the trustee almost immediately filed a motion to sell it at auction. Various state and federal agencies hold millions of dollars in liens against… Read More »
Could Illinois Be The Next Puerto Rico?
Congress just allowed the island commonwealth, which faces about $123 in pension and bond obligations, to file a form of municipal bankruptcy. Could the Prairie State, which faces over $130 billion in pension debt alone, be next? The economic problems that brought Puerto Rico to this point, including a crippling recession, rampant government borrowing,… Read More »
Coming Changes To Illinois Foreclosure Law
Several tweaks to the Illinois Mortgage Foreclosure Law will expire around the end of the year, barring some unforeseen legislative action. One provision, the GPN rule, expired in July 2016. Lawmakers allowed the Grace Period Notice loophole to lapse, in part, because of a lower foreclosure volume. Similarly, a 0.1 percent foreclosure sale fee… Read More »
