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Monthly Archives: January 2023

CoupleBudget

What Is The Downside To Filing Chapter 13?

By Bentz Holguin Law Firm, LLC |

Negative impact on a credit score, which is not as bad as many people think it is, may be the biggest downside to filing Chapter 13 in Illinois. A good credit score, above 700, may drop by as many as 200 points. However, most people who file Chapter 13 do not have good credit… Read More »

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Top Five Bankruptcy Exemptions In Illinois

By Bentz Holguin Law Firm, LLC |

Many people think that personal bankruptcy is like a Monopoly bankruptcy. Filing bankruptcy means you leave the game and have no chance to re-enter it. However, personal bankruptcy is different. It gives a fresh start to honest yet unfortunate debtors. Debtors cannot get such a reboot if they lose most or all of their… Read More »

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What Is Chapter 7 And How Does It Work?

By Bentz Holguin Law Firm, LLC |

The current combination of high consumer debt, high inflation, and high interest rates is enough to push any family’s ability to pay monthly bills to the breaking point. If unsecured debts, like credit cards and medical bills, are the primary problem, Chapter 7 is an excellent solution. As outlined below, Chapter 7 eliminates such… Read More »

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Wage Garnishment And Unpaid Student Loans

By Bentz Holguin Law Firm, LLC |

Americans are carrying an unprecedented amount of student loan debt and unfortunately many former students are struggling to repay their education-related loans. As a result, creditors are seeking wage garnishment orders. Wage garnishment occurs when a court compels an employer to withhold a specified portion from a debtor employee’s paycheck until an outstanding debt… Read More »

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How Does Bankruptcy Affect Home Buying?

By Bentz Holguin Law Firm, LLC |

In a word, it’s complicated. It all starts with the purpose of bankruptcy, which is not to punish debtors, but to give them a fresh start. Frequently, this fresh start involves a future home purchase. So, a bankruptcy filing shouldn’t adversely affect this future decision. Sometimes, the situation is different. A family is in… Read More »

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