Author Archives: Jessica Holguin
Can I File Bankruptcy on Student Loans?
Some forty-five million borrowers owe a collective $1.5 trillion in student loan debt. A significant number of these borrowers owe more than $100,000. Even if life goes perfectly after school, such debt is difficult to retire. And, as we all know, life is not perfect. As a result, many borrowers struggle to make monthly… Read More »
Will I Lose my Social Security Benefits if I File Chapter 7?
Statistically, many older people are in more debt than ever. The over-55 bankruptcy filing rate has increased 50 percent in recent years, even as the overall bankruptcy filing rate has reached historic lows. Furthermore, most seniors who file bankruptcy owe more than $101,000, which is more than three times their average annual income. For… Read More »
Can Chapter 13 Stop an Illinois Eviction?
This question comes up a lot. Roughly a third of Illinois are renters. And, most landlords have little patience in these areas. Even if they have extensive written contracts, most landlords have only two fundamental rules for tenants: keep to yourself and pay the rent on time. Normally, bankruptcy’s Automatic Stay applies to adverse… Read More »
Can Bankruptcy Help with Tax Debt?
From Uber drivers to commercial designers, the gig economy has grown significantly in the past few years. In fact, over a third of American workers freelance. Since this income is inconsistent, to say the least, it is easy to fall behind on federal or state income tax payments. The IRS audit rate has dropped… Read More »
What You Should Know About Chapter 13 Bankruptcy
Many Hoosiers struggle with credit card, medical bills, and other unsecured debt. Chapter 7 might be a good option for these individuals. This form of bankruptcy discharges such debts in only a few months. If mortgage delinquency, past-due auto loan payments, and other secured debts are a problem, a wage-earner plan might be a… Read More »
If I File Bankruptcy, Will I Lose My Security Clearance?
This question is on the lips of many people who work for the DoD or a defense contractor. In such positions, losing one’s security clearance could be worse than losing one’s hearing. There are accommodations available for hearing loss, but not for the loss of a security clearance. The powers that be have a… Read More »
Can Bankruptcy Save My House?
The average housing payment in Indiana is just under $1,500 a month. For most families, that figure represents a substantial chunk of their monthly income. When times get tight, perhaps because of a temporary job loss or serious illness, it is easy to fall behind. Homeowners have little margin for error. Many times, moneylenders… Read More »
Chapter 7 Bankruptcy: What You Need to Know
In board games like Monopoly, players who file bankruptcy are utterly defeated. They lose everything they have and cannot continue the game. Fortunately, the real world is a lot different. The Supreme Court has consistently stated that the Bankruptcy Code is designed “to grant a fresh start to the honest but unfortunate debtor.” That’s… Read More »
Chapter 7 and Chapter 13 Bankruptcy: What You Should Know
Nationwide, bankruptcy filing statistics have declined significantly since the end of the Great Recession. However, it’s unclear whether this decrease is because more Americans are on secure financial footing or because there is so much misunderstanding about bankruptcy. For example, some people think that the 2005 bankruptcy reforms essentially made it impossible to file… Read More »
Five Dischargeable Debts in a Chapter 7
Many area families live from hand to mouth. In fact, many families do not have enough cash to cover a $400 emergency expense. Frequently, when financial trials hit, people slowly fall behind on unsecured debt payments. The past due balance quickly builds up, and most creditors are not very patient. Bankruptcy may be a… Read More »