Monthly Archives: September 2022
A Chapter 13 Timeline In Illinois
Most people file Chapter 13 bankruptcy to stop foreclosure. The mortgage delinquency rate has dropped since the 2008 crisis, but it’s on the way back up. One or two past-due mortgage payments usually trap homeowners in a downward spiral. After the bank sends an acceleration notice, which it usually sends quickly, it stops accepting… Read More »
What Causes People To File For Bankruptcy?
Overall, the bankruptcy filing rate has declined significantly since 2005. However, Illinois has bucked that trend. The Land of Lincoln has one of the highest bankruptcy filing rates in the country. Illinois’ unemployment rate, which is one of the highest ones in the nation, probably has much to do with the number of filings…. Read More »
Top Five Bankruptcy Exemptions In Illinois
When Monopoly players declare bankruptcy, they automatically lose all their green plastic houses, along with all their other property. Fortunately, the real world is different. Homestead exemptions vary in different states. Illinois’ homestead exemption is broader than most. So are the other bankruptcy exemptions in The Land of Lincoln. That’s good news for debtors…. Read More »
Financial Duress Over 65? You’re Not Alone
Since 1991, rising medical costs, a shrinking social safety net, and a few other factors have combined to triple bankruptcy filings in this age group. Usually, medical bill inflation outstrips overall inflation. Additionally, most doctors quickly send unpaid accounts to debt buyers, who are very aggressive, to say the least. As for Social Security,… Read More »
