Author Archives: Site Administrator
Breaking Down an Illinois Chapter 13
Job loss, sudden illness, divorce, and other such financial storms can strike any family at any time. Most Illinois families live from paycheck to paycheck. So, they do not have the resources to deal with these storms. As a result, although they are able to tread water for awhile, they soon fall behind on… Read More »
Will Bankruptcy Ruin My Security Clearance?
Many Indiana families depend on government paychecks, either directly or indirectly. Like most other people, these families typically live hand to mouth. Even a temporary income disruption, like the 2018-19 partial government shutdown, can be the difference between treading water and going under the financial waves. Eventually, many of these families may consider filing… Read More »
Understanding Chapter 13 Bankruptcy In Indiana
Most lenders begin auto repossession procedures after two or three missed payments. Depending on the borrower’s credit history, the lender’s disposition, and a few other factors, the process could begin even sooner. That short leash does not give distressed borrowers very much breathing room. To get needed breathing room, most distressed debtors should probably… Read More »
Are Student Loans Dischargeable In Illinois Bankruptcies?
Because of the harsh Brunner rule, which is examined below, many people assume the answer to this question is always “no.” But in one recent study, a surprising 40 percent of student loan debtors obtained at least a partial discharge in their bankruptcy proceedings. Despite the relatively high possibility for success, the vast majority… Read More »
When Do I Need To File Bankruptcy?
Timing is very important in bankruptcy cases. If distressed debtors file too early, they may not have fully exhausted all available non-bankruptcy remedies. However, if they wait too long, the case will probably be much more complicated, time-consuming, and expensive than it otherwise may have been. Similarly, there is some groundwork to lay before… Read More »