Author Archives: Jessica Holguin
What’s the Difference Between Chapter 13 and Chapter 7 in Indiana?
Many more people might be asking this question in the coming months. Most observers predict that, after coronavirus financial relief programs expire, there may be a record number of consumer bankruptcies in 2021. Typically, people file bankruptcy because a financial storm hits them. Usually, that storm is medical bills, unemployment, business downturn, or a… Read More »
Five Post-Bankruptcy Success Stories
In Monopoly, a bankruptcy ends the game. But in real life, bankruptcy is a fresh start. Below are a few people who made the most of that fresh start. These individuals have something else in common. They all overcame significant obstacles to be successful. Your family can do the same thing. A good Chicago… Read More »
Special Issues in an Illinois Grey Bankruptcy
The overall bankruptcy filing rate has declined over the last several decades. But the over-65 filing rate has increased 600 percent since 1991. Relaxed consumer credit standards as well as a shrinking social safety net are largely responsible for the increase. The average over-65 individual has several credit cards which each have very high… Read More »
Breaking Down a Chapter 13 Bankruptcy in Indiana
Mostly because of the coronavirus pandemic, the mortgage delinquency rate in Indiana recently hit a forty-year high. Legally, banks can initiate the foreclosure process after one missed payment. The first step in this process is usually an acceleration notice, which means the bank stops accepting partial payments. Therefore, the homeowner’s financial hole gets deeper… Read More »
Top Five Bankruptcy Exemptions in Illinois
Many people hesitate to file bankruptcy because they are afraid they will lose their house and other assets. But these bankruptcy creditor seizures only occur in board games like Monopoly. In the real world, Illinois has some of the broadest bankruptcy exemptions in the country. Since state law prohibits creditors from liquidating these assets,… Read More »
Can Bankruptcy Protect My Indiana House?
Some people think the foreclosure crisis ended around 2010. But that’s not true. Every quarter, 250,000 families go into foreclosure. Many of these borrowers turn to the bank for relief. Technically, relief like a mortgage modification is usually available. But the bank typically drags out the application process for several months, only to deny… Read More »
Can I File Bankruptcy on Student Loans?
A staggering 45 million borrowers owe a collective $1.56 trillion in student debt. That amount is higher than vehicle loans and credit card debt. The average student loan debtor owes about $30,000. Many owe much more, and millions owe more than $100,000. As outlined below, bankruptcy offers a way out. Under certain circumstances, Chapter… Read More »
What’s the Difference Between Chapter 7 and Chapter 13 in Indiana?
Once upon a time, a vast network of strong laws protected American consumers from debt collectors. But the Supreme Court has recently diluted many of these protections. As a result, debt collectors are more aggressive than ever when families fall behind on secured or unsecured obligations. Due to these changes, bankruptcy might be the… Read More »
Does an Indiana Bankruptcy Affect Social Security Benefits?
This question is especially pressing in certain “grey bankruptcy” matters. The over-65 bankruptcy filing rate has increased over 200 percent since the 1990s. And, a significant number of these families are mostly or completely dependent on monthly Social Security benefits. As outlined below, bankruptcy might be the best way, or even the only way,… Read More »
Illegal Car Repossession in Illinois
All of Illinois’ car repossession laws can be found in 225 ILCS 422 of the Illinois legal code. These laws define what are and are not legal means of recovering a vehicle on which a borrower has defaulted. How Repossession Works When you purchase a vehicle, the loan you take out is secured by… Read More »