Author Archives: Jessica Holguin
7 Bankruptcy Exemptions in an Illinois Chapter 7
Somewhere along the line, Chapter 7 picked up the unfortunate nickname “liquidation bankruptcy.” That label implies Chapter 7 debtors lose most or all of their assets to their creditors. That’s simply not true, at least in the vast majority of cases. Chapter 7 is really about a fresh financial start. You cannot get a… Read More »
Special Issues in a Grey Bankruptcy
Since 1990, a combination of political and economic forces have lowered the bankruptcy filing rate significantly, at least from an overall perspective. But a combination of these forces have had the opposite effect on older Americans. Since 1991, the number of bankrupt Americans over 65 has more than tripled. In the early 2000s, a… Read More »
Top Five Reasons People File Bankruptcy
Most people in Chicagoland do not have the cash to address a $400 emergency expense. So, most households are already on the edge of bankruptcy. Just one financial storm, like one of the ones discussed below, is enough to force most families underwater. In times of financial crisis, people used to be able to… Read More »
Can Bankruptcy Save My Car?
In most states, moneylenders can begin automobile repossession proceedings after just one missed payment. So, if you are at least two payments behind, the repo man is probably cuing up his GPS navigation device and heading to your home or business. Sometimes, debtors can go to court and obtain restraining orders that stop repossession… Read More »
Putting Consumer Bankruptcy in Your Rearview Mirror
The Bankruptcy Code gives distressed debtors a fresh financial start. Truth be told, some people squander their second chances. They repeat the same mistakes, so they are back in dire straits shortly after their existing debts are discharged. Other people move on to success. Henry Ford is a lingering example. His first automobile manufacturing… Read More »
Can Chapter 13 Save My Old Illinois Home?
The Consumer Financial Protection Bureau recently passed a rule giving distressed homeowners 120 days before a mortgage lender could begin foreclosure proceedings. But this rule may not be as consumer-friendly as it seems. One missed payment is usually not a big deal. After two missed payments, the bank may still be willing to work… Read More »
Does Chapter 7 Affect My Social Security Benefits?
Mostly because of age or disability, millions of people depend on Social Security benefits. In many cases, these benefits are the only consistent income source for an Indiana family. Losing these benefits would be catastrophic. It would be even worse than a job loss, because many of these people have no financial alternative. However,… Read More »
The Different Types of Bankruptcy in Illinois
Most Illini live from paycheck to paycheck. In fact, almost half of American families cannot pay cash for a $400 emergency expense. So, most people are not able to weather the financial storms of life, such as job loss, divorce, and business downturns. These things can strike without warning at any time. At times… Read More »
Does Bankruptcy Get Rid of Student Loans?
For the most part, bankruptcy is a debtor-friendly process that eliminates crippling debt and gives your family a fresh financial start. If you file Chapter 7, that fresh start could come in as little as nine months. The bankruptcy process also protects important assets, such as your house and car, while it stops creditor… Read More »
Can Bankruptcy Stop an Eviction in Indiana?
Residential evictions are bad news. Most leases include personal property liens. So, if the tenant falls behind on rent, the landlord can do more than evict the tenant. The landlord can also seize and sell electronics, appliances, and any other valuable item in the dwelling. Commercial evictions are bad news as well. These acts… Read More »