Author Archives: Jessica Holguin
Five Dischargeable Debts in Illinois
Financial storms, like job loss and divorce, hit almost every family from time to time. Many households do not have the resources to deal with these events. In fact, according to a 2016 survey, over two-thirds of Americans have less than $1,000 in savings. So, many families neglect unsecured debt payments, or borrow more… Read More »
The Color of Money in an Indiana Bankruptcy
Overall, bankruptcy filing numbers have declined significantly since 2003. However, the number of over-50 filers (gray bankruptcies) has increased almost 600 percent over that same time period. A combination of a shrinking Medicare social net and aggressive medical bill collectors force many of these people into bankruptcy. Primarily, they file to take advantage of… Read More »
Can Bankruptcy Save My Car?
In Illinois, moneylender may legally repossess vehicles after one missed payment. In these situations, lenders often promise to give owners more time to pay or change the payment date. But unless the lender makes such a promise in writing, which is very unlikely, these assurances are difficult to prove. Furthermore, the Supreme Court has… Read More »
What to Expect in an Illinois Chapter 7
From a financial standpoint, many area families live on the edge. In fact, over a third of people do not have enough cash to cover a $400 emergency expense. So, if your family is living from paycheck to paycheck, you are probably in the majority. As long as the fiscal seas are calm, this… Read More »
Can an Illinois Bankruptcy Stop Eviction?
When compared to inflation, property rents have increased substantially since the 1990s. As a result, there is about one eviction every four minutes somewhere in the United States. Prior to the 2005 legal reforms, bankruptcy petitions always stopped eviction proceedings, just like they always stop home foreclosure, vehicle repossession, and other adverse actions. But… Read More »
Bankruptcy and Past-Due Taxes in Indiana
For the last several years, the gig economy has continued to grow. Now, freelancers work over one billion hours a year, and many of these individuals earn substantial money. Lots of work and high incomes are good news in pretty much every context, except for income tax liability. Frequently, a freelancer’s year-over-year income increases… Read More »
Will I Lose My Social Security Benefits if I File Bankruptcy?
Many people count on Social Security benefits to make ends meet every month. These people are understandably wary of anything which might affect these benefits. Yet as a general rule, fear is a poor basis for any decisions you make. In general, Social Security benefits are 100 percent exempt in bankruptcy matters. This exemption… Read More »
Top Five Reasons People File Bankruptcy
Most Indiana families have little or no money in their savings accounts. So, when the financial storms of life hit these households, they do not have the resources to deal with them. That’s especially true when misfortune follows misfortune. Additionally, there may be a long-term crossover effect. For example, David might buy an expensive… Read More »
Five Assets a Grey Bankruptcy Can Protect
As people get older and their primary income-producing years are behind them, their financial priorities change. Instead of acquiring more assets, many of these people focus on protecting the assets they already have. Such protection is important not only for their own financial security, but also for the legacy they hand down to their… Read More »
The Best Bankruptcy for Your Family
Many families live from paycheck to paycheck. A third of the state’s households cannot meet a $400 emergency expense. With such a narrow margin, it’s very easy to accumulate considerable credit card debt. That’s especially true when the financial storms of life, such as divorce and job loss, hit unexpectedly. It’s also easy to… Read More »