Author Archives: Jessica Holguin
Bankruptcy and Past Due Taxes
The IRS audit rate has declined significantly in recent years. But do not let that fact lull you into a false sense of security. The IRS is still the world’s largest collection agency, and it has legal tools which other debt-buyers dream about. So, if you owe back taxes, the government will come after… Read More »
Bouncing Back from an Illinois Bankruptcy
Many people are familiar with the story of the tortoise and the hare. The slow-moving turtle challenged the fleet-footed rabbit to a race. Largely by taking things one step at a time, the tortoise scored an unlikely victory. Recovering from bankruptcy is much the same. It’s not easy to recover financially from a bankruptcy…. Read More »
What to Expect in a Chapter 13 Bankruptcy
Some families are able to manage significant debt loads without much of a problem. But in other cases, that’s not true. In fact, excessive debt triggers Post Traumatic Stress Disorder-type symptoms in about a quarter of Americans. Who knows how many others suffer in silence. A Chapter 13 debt management bankruptcy might be the… Read More »
Can Bankruptcy Protect My House?
Legally, banks can begin foreclosure proceedings after just one missed payment. Some lenders patiently give borrowers a few months to catch up. But that’s not always the case. In any event, once the foreclosure process starts, it’s almost impossible to stop. Most banks no longer accept partial payments in these situations, so distressed homeowners… Read More »
What Happens After I File an Indiana Chapter 7 Bankruptcy?
Financial storms, like job loss and serious illness, are inevitable. Unfortunately, most Indiana families do not have the wherewithal to weather these storms. In fact, over a third of Americans do not have enough cash to cover a $400 emergency expense. If unpaid bills begin to mount, families basically have two choices. They can… Read More »
Five Dischargeable Debts in a Chapter 7
Financial problems do not just have financial effects. About a fourth of people with debt problems often experience Post Traumatic Stress Disorder-type symptoms. These symptoms often make it difficult or impossible to function at work or school. Bankruptcy offers both immediate and long-term solutions. As soon as debtors file their voluntary petitions, Section 362… Read More »
Some Special Issues in an Over-55 Bankruptcy
Older people are filing bankruptcy at historically high levels, and rising medical bills might be the main reason why. The average over-65 couple accumulates medical bills totalling $275,000, even if both spouses have Medicare. If that wasn’t bad enough, the Supreme Court recently watered down the consumer protections in the Fair Debt Collection Practices… Read More »
Can Bankruptcy Stop Auto Repossession?
There is a myth that owners must be at least three month late on vehicle payments before the bank starts repossession procedures. If the owner has a good payment history, that might be true. Legally, however, banks may begin such proceedings after one missed payment. In many cases, that’s exactly what happens. Also, bear… Read More »
Top Five Exemptions in an Illinois Chapter 7
The Bankruptcy Code gives debtors fresh starts. So, bankruptcy laws also contain a number of property exemptions. Otherwise, former bankruptcy debtors would be behind the starting line. For the most part, Illinois’ bankruptcy exemptions are rather generous. They are also rather straightforward. However, there are some important intricacies that a Chicago bankruptcy lawyer must… Read More »
What’s the Difference Between Chapter 13 and Chapter 7?
In the year before the most recent bankruptcy reform measure took effect, there were over two million bankruptcy filings in the United States. The numbers have fallen off significantly since then, except during the Great Recession. Nevertheless, hundreds of thousands of your neighbors still use bankruptcy to stop creditor harassment and get a fresh… Read More »