Monthly Archives: March 2026
Non-Bankruptcy Foreclosure Avoidance Options in Chicago
Bankruptcy is usually the best way for distressed homeowners to avoid foreclosure. The Automatic Stay halts foreclosure proceedings and most other creditor adverse actions. Furthermore, bankruptcy gives distressed homeowners up to five years to catch up on delinquent payments. However, although the mortgage delinquency rate is at an all-time high, bankruptcy isn’t for everyone…. Read More »
What Happens in a Chapter 7 Bankruptcy?
At the end of a Chapter 7 bankruptcy, the judge discharges most unsecured debts. But a lot of other things happen in Chapter 7 bankruptcy before that point. “Discharge” means the judge eliminates the legal obligation to pay a debt. However, the collateral effects of that debt remain. If ABC Company filed a mechanic’s… Read More »
Is an IRS Installment Agreement Worth It?
In many cases, an IRS installment agreement is worth it. The answer depends on the taxpayer’s current and likely future financial status, as well as the amount of money owed. In a nutshell, an installment agreement lets taxpayers reduce their tax debt via monthly payments instead of lump sum payments, making stressful situations more… Read More »
Property Exemptions in a Chapter 7 Bankruptcy
Many people don’t think property exemptions apply in a Chapter 7 bankruptcy. Probably due to the different procedure in business Chapter 7s, these personal matters picked up the unfortunate nickname of liquidation bankruptcies. While it’s true that the trustee (person who oversees a Chapter 7 bankruptcy for a judge) will liquidate all nonexempt assets… Read More »
What is the Difference Between Chapter 13 and Chapter 7?
A debtor’s financial troubles usually determine whether Chapter 7 or Chapter 13 is better. Debtors with excessive unsecured debts, like credit cards, usually file Chapter 7. Debtors with unpaid secured debts, like past due mortgage payments, usually file Chapter 13. As outlined below, these kinds of consumer bankruptcy have different stories (or at least… Read More »