Author Archives: Jessica Holguin
How Does Bankruptcy Affect Vehicle Loans?
The number of auto loan delinquencies recently hit a twenty-year high. Over seven million borrowers are at least 90 days delinquent. Legally, most creditors may begin the repossession process after just one missed payment. So, after three missed payments, the tow truck is probably on the way. Unfortunately, there is more bad news for… Read More »
Specific Issues in a Grey Bankruptcy
Overall, the bankruptcy filing rate has declined significantly since 2007. But that’s not true about over 55 bankruptcies. These grey bankruptcies have doubled since the 1990s. Today, about a fifth of bankruptcy debtors are over 55. Generally, most people in this age range file Chapter 7 bankruptcies. Also generally, these individuals file to take… Read More »
Three Quick Ways to Bounce Back from a Chapter 7 Bankruptcy
Generally, Chapter 7 remains on your credit report for ten years after discharge. During that waiting period, some former debtors have issues obtaining credit at reasonable rates. Other former debtors have the opposite problem. They receive numerous credit offers, especially credit card offers, promptly after discharge. Creditors know that consumers cannot file another Chapter… Read More »
Can Bankruptcy Stop Eviction?
Maybe yes and maybe no. With regard to eviction, timing is everything. The rule itself is linked to eviction procedure in a certain jurisdiction. In most areas, eviction is a three-step process: notice, eviction lawsuit, and execution of judgment. If a Chicago bankruptcy attorney intervenes early enough, this debt-relief procedure can stop eviction. Bankruptcy… Read More »
Does Bankruptcy Affect My Social Security Benefits?
This question is especially important to the many retirees who file bankruptcy, usually because of medical bills. For roughly a third of folks over 65, Social Security benefits account for at least 90 percent of their income. In general, the Chapter 7 rules distinguish between assets and income. Assets, such as retirement accounts and… Read More »
Five Key Bankruptcy Exemptions in Indiana
The Bankruptcy Code guarantees debtors a fresh financial start. So, Indiana law protects a number of assets from seizure during bankruptcy. That’s even true in a Chapter 7, or a so-called “liquidation” bankruptcy. Briefly, Chapter 7 is an excellent option for people who struggle with credit cards, medical bills, and other forms of unsecured… Read More »
Can Chapter 13 Erase Past Due Income Taxes?
The new gig economy has effectively transformed millions of wage earners into small business owners. These side hustles normally have significant income peaks and valleys, making tax planning very difficult. As a result, many of these individuals fall behind on income tax payments. If a tax debt looms like a shadow over everything you’ve… Read More »
How Does Filing Bankruptcy Affect My House?
In most cases, lenders may begin pre-foreclosure proceedings after just one missed payment. Additionally, in 2019’s Obduskey v. McCarthy & Holthus LLP, the United States Supreme Court gutted a key foreclosure prevention provision in the Fair Debt Collection Practice Act. So, many lenders are more aggressive than ever. In this environment, Chapter 13 bankruptcy… Read More »
Would Filing Bankruptcy Void my Security Clearance?
Absolutely not. Bankruptcy discrimination is illegal. Filing bankruptcy has no adverse effect on any employment relationship. However, the circumstances surrounding the bankruptcy filing are another story. The Department of Defense, or any other employer, may generally take adverse action, or refuse to hire someone, based on financial circumstances. That’s especially true with regard to… Read More »
The Different Kinds of Bankruptcy in Indiana
After many years of decline, the bankruptcy filing rate inched up in April 2019. Many areas of the country have not yet fully recovered from the Great Recession, but to almost all moneylenders, this economic downturn is a distant memory. So, debt-buyers and other creditors are more aggressive than ever when it comes to… Read More »
