Monthly Archives: December 2023
Is an EIDL Loan Discharged in Bankruptcy?
During and after the COVID-19 pandemic, the Small Business Administration loaned over $600 billion to small businesses. This money mostly included PPPs (paycheck protection program) loans and EIDLs (economic injury disaster loan). These financial lifelines allowed many businesses to stay afloat during the lockdowns. But as the lockdowns dragged on, and after a labor… Read More »
Will the IRS Accept My Offer in Compromise?
The gig economy has grown significantly since 2018. Today, over seventy-three million Americans freelance full or part time. Freelance income is feast or famine. Two or three months of lucrative earnings might be followed by two or three months of basically zero income. These fluctuations often make consistent estimated tax payments impossible. Furthermore, during… Read More »
Top Five Property Exemptions in Illinois
Many states have limited bankruptcy property exemptions. In these states, since the trustee (person who oversees a bankruptcy for a judge) has broad powers to liquidate assets, debtors must think twice before they file bankruptcy. Illinois is different. The Prairie State has extremely broad property exemptions. In fact, for most purposes, most Chicagoland residents… Read More »
