Monthly Archives: August 2022
Do I Qualify For Chapter 7 Bankruptcy?
Circumstances beyond their control prompt most people to file bankruptcy. High, unexpected medical bills are the leading cause of bankruptcy filings in Illinois. Other uncontrollable events, like job loss, divorce, and economic downturn, aren’t far behind. Credit card companies and other large lenders push the myth that filing bankruptcy is financial failure. But, in… Read More »
Bankruptcy And Student Loan Forgiveness
Over forty million college graduates owe over $1.5 trillion in federal student loan debt. This debt load is often overwhelming for young people who are just starting their careers and have limited earning power. Over the past several years, many politicians have made vague promises about student loan forgiveness. A few borrowers have even… Read More »
How Long Does It Take To Build Your Credit Back Up After Filing Bankruptcy?
Filing bankruptcy lowers your credit score. There’s no way to sugarcoat that fact. However, the initial impact usually isn’t that bad, mostly because people who file bankruptcy already have very poor credit. In terms of the effect on a credit score, repeated charge-offs, late payments, and lien placements are worse than filing bankruptcy. Therefore,… Read More »
Should Amber Heard File Bankruptcy To Avoid Paying Johnny Depp?
Now that her civil appeal has failed, Amber Heard is no doubt considering her options regarding the court’s order to pay her ex-husband $10 million. In late July and early August 2022, several unreliable sources reported that Amber Heard had, in fact, filed bankruptcy. Generally, judgements for unintentional torts, like most personal injury cases,… Read More »
Do You Have To Pay A Mortgage After Bankruptcy?
If homeowners want to stay in their homes, bankruptcy doesn’t end the obligation to pay a mortgage. Although bankruptcy makes it harder to foreclose on home loans, if debtors stop paying secured debts, the creditor seizes the collateral, bankruptcy or no bankruptcy. Paying these bills every month isn’t easy. Additionally, these record- high costs… Read More »