Monthly Archives: November 2022

What Happens When People Over 60 File Bankruptcy?
We get this question a lot, mostly because the over-60 filing rate has tripled since the 1980s, while the overall bankruptcy filing rate has declined. Once again overall, people of all ages, genders, ethnicities, and citizenship status can file bankruptcy, provided they have a Social Security number and otherwise qualify. Everyone has the same… Read More »

Reducing Debt Without Filing Bankruptcy
Irrational fear of filing bankruptcy, or bankruptcy-phobia, is every bit as real as agoraphobia, claustrophobia, and any other -phobia. Sometimes, the best approach in these situations is to learn more about the fear, face the fear and overcome it. That’s usually the case with bankruptcy-phobia. However, in some cases, it’s better to simply avoid… Read More »

Does Bankruptcy Solve My Tax Problem?
The Illinois Department of Revenue has very broad wage garnishment powers. With as little as ten days’ notice, the IDR can order your employer to deduct up to 15 percent of your paycheck to pay past-due state taxes. Most families barely make ends meet. A 15 percent pay cut is often a devastating financial… Read More »

Is It Better To File A Chapter 7 Or A Chapter 13?
The expected flood of post-coronavirus lockdowns is more of a trickle. However, that statistic is not very comforting to the millions of people who are experiencing post-coronavirus financial stress. Making matters worse, in the mid-2010s, the Supreme Court diluted some key consumer protections in the Fair Debt Collection Practices Act. Therefore, creditors are more… Read More »