Monthly Archives: August 2023
Special Issues in Gray Bankruptcies
Adverse economic conditions have combined to drive up over-55 bankruptcy filings 65 percent since 1991. Many people in this age group financially support their children, at least partially. Furthermore, once-generous government and charitable social welfare programs aren’t nearly as generous anymore. The icing on this unpleasant cake is persistently-high inflation and interest rates. All… Read More »
What is Chapter 7 in a Bankruptcy?
This federal debt relief program is not a white flag of surrender. Instead, Chapter 7 in a bankruptcy is a fresh start. Many Americans, especially those with high credit card debt, badly need a financial fresh start. Revolving debt is a treadmill. Since the interest rate is so high, usually above 20 percent, no… Read More »
Formal and Informal Property Exemptions in an Illinois Bankruptcy
The Bankruptcy Code guarantees debtors a fresh start. This fresh start wouldn’t be possible unless the debtor’s assets were exempt (protected) from creditor or trustee seizure. Creditors might try to repossess property if the debtor is delinquent. Trustees (people who oversee bankruptcies for judges) seize property, liquidate it, and distribute the money among creditors…. Read More »
What Happens When You File Chapter 13 Bankruptcy?
The short answer to this question is easy. When you file Chapter 13, or any other form of bankruptcy, you get a fresh start, as the Supreme Court confirmed once again in 2023. But the legal bankruptcy process goes far beyond filing paperwork. If the case isn’t filed properly, or is filed at the… Read More »
