Monthly Archives: August 2025
A Complete Guide to Bankruptcy and Vehicle Purchases
Bankruptcy debtors, like all other people, periodically need new cars. Most vehicles start wearing out after about 150,000 miles. Soon after that point, maintenance costs get so high that it’s cheaper to replace the vehicle. Therefore, bankruptcy debtors who drive used cars must often replace them either while their cases are pending or almost… Read More »
The Repayment Assistance Plan: A Closer Look
A new student loan repayment program for all loans taken out after July 1, 2026 is a hybrid between student loan forgiveness and pay-what-you-owe, according to the Trump Administration. RAP uses the borrower’s adjusted gross income to calculate monthly payments on a sliding scale. Borrowers who earn under $20,000 must pay 1 percent of… Read More »
Some Post-Bankruptcy Tips
An alarming number of debtors file Chapter 7 and/or Chapter 13 more than once. The repeat bankruptcy filing rate may be as high as 50 percent, according to one study. Bankruptcy gives distressed debtors a second chance. Based on these statistics, many people squander that second chance. A bankruptcy mulligan gets them through a… Read More »
What is the #1 Cause of Bankruptcies?
Medical bills are the #1 cause of consumer bankruptcies in Illinois. Many hoped the 2010 Affordable Care Act would stem the tide of medical bill bankruptcies. Indeed, the proportion of medical bankruptcies declined from about 65 percent to about 40 percent. However, high medical bills are still the #1 cause. Usually, then money gets… Read More »