Author Archives: Jessica Holguin
Top 5 Reasons People File Bankruptcy in Illinois
Fundamentally, people file bankruptcy because they do not have enough money to meet their obligations, at a particular point in time. Roughly two-thirds of Americans have less than $1,000 in their savings accounts. When the financial storms of life hit, they simply don’t have the resources to weather them. Unfortunately, many people delay a… Read More »
How Can an Illinois Bankruptcy Help Me Keep My Car?
The number of seriously-delinquent auto loans in the United States recently hit a 10-year high. Approximately seven million vehicle owners are at least 90 days behind on payments. This figure does not include the number of 30 and 60-day delinquencies. In most states, including Illinois, lenders may repossess the collateral after just one or… Read More »
What’s the Difference Between Chapter 7 and Chapter 13?
In a nutshell, both of these federal debt relief programs are the same in the middle but different on the front and back ends. The Automatic Stay applies in both these types of consumer bankruptcies. In most cases, Section 362 of the Bankruptcy Code takes effect immediately after filing. It applies to all forms… Read More »
Does Chapter 13 Erase Back Taxes?
Although the days of extensive tax audits are gone, the IRS is still very aggressive in back tax cases. Furthermore, the government has many collections tools that are unavailable to private debt collectors. For example, most moneylenders must obtain court orders before they can garnish wages. But the IRS can garnish wages unilaterally, and… Read More »
What You Need To Know About Chapter 13
Financial disruptions usually have a snowball effect. For example, high medical bills might eat up a family’s resources for a few months, so they get behind on other bills. With regard to home mortgages, this snowball effect is even worse. Most lenders begin foreclosure proceedings after just two missed payments. This process usually begins… Read More »
Using Chapter 13 To Save Your Illinois Home
Nationwide, the home foreclosure rate has dropped significantly since the end of the Great Recession. As a result, many government-sponsored mortgage modification programs have ended. But the home foreclosure rate has remained rather high in the Prairie State. Today, Illinois has the fourth-highest home foreclosure rate in the nation. Since many government-backed relief programs… Read More »
Four Quick Ways To Recover From An Illinois Bankruptcy
In board games like Monopoly, filing bankruptcy means you lose the game. Fortunately, the game of life (the real one and not the board game) is a lot more forgiving. Most people file bankruptcy because of job loss, serious illness, or other events that are beyond their control. But recovering from bankruptcy is different…. Read More »
Why Do People File Bankruptcy In Illinois?
Right now, unemployment is lower than at any other time in recent memory. But just because you have a job, you are not immune to financial pressure. Most people in Illinois live on the razor’s edge, from a financial standpoint. Over a third of families in the state cannot cover a $400 emergency expense…. Read More »
How To Keep Your Car After You File An Illinois Bankruptcy
In 2018, the number of seriously delinquent auto loans (more than 90 days past due) reached a five-year high. The worse news is that the risk of auto repossession starts much earlier. In most states, including Illinois, lenders can technically repossess vehicles after just one missed payment. If the borrower has a less-than-stellar credit… Read More »
Six Key Illinois Bankruptcy Exemptions
Millions of people are saddled with excessively high unsecured debts through no fault of their own. Some people have very high medical bills. Other people had to rely on credit cards during a period of unemployment. These people should at least consider filing Chapter 7 bankruptcy, but they are afraid they will lose important… Read More »