Author Archives: Jessica Holguin
Two Things That May Matter Most In An Indiana Grey Bankruptcy
Since the 2005 Bankruptcy Abuse Prevention And Consumer Protection Act, the overall bankruptcy filing rate has dropped steadily. But the over-65 filing rate increased more than 200 percent between 1991 and 2016. Most seniors have no pensions and enormous medical bills. That income/expense discrepancy is a classic trigger for bankruptcy filings. Long-term employment with… Read More »
Can Bankruptcy Erase My Student Loans?
One of my law school professors told us that “You never get anything unless you ask.” That seems like a fairly straightforward proposition. But if the student loan discharge statistics are any indication, most Chapter 7 attorneys have not learned this lesson. In places like Illinois, where the Brunner Rule is still in effect,… Read More »
Does An Indiana Bankruptcy End Student Loan Payments?
So far, the education debt crisis has triggered lots of talk and lots of editorials but almost no action. Yet recent evidence suggests that the crisis may be even worse that observers first believed. It appears that the Obama administration inflated repayment rates. Furthermore, a recent study details the long-term effects of massive education… Read More »
The Color Of Money In Illinois Bankruptcies
Overall, the bankruptcy filing rate has declined sharply since lawmakers “reformed” the Bankruptcy Code in 2005. But the over-65 age group has bucked this trend. So-called grey bankruptcies have tripled since 1991. This increase is not surprising. For the most part, employer-provided pensions, generous Social Security benefits, and low healthcare costs are all things… Read More »
How An Indiana Bankruptcy Can Save Your House
After a brief down period, home foreclosure rates are rising again. Even worse, Indianapolis is basically at the center of one of the largest foreclosure hot spots in the country. Legally, most lenders can begin pre-foreclosure proceedings after just one missed payment. Once this process begins, most banks immediately stop taking partial payments. So,… Read More »
Is Chapter 13 Right For My Chicago Family?
Although many home mortgage lenders are patient for a few months, they can technically begin foreclosure proceedings after just one missed payment. Basically the same thing applies to other secured debts, such as vehicle loans. In financial matters as well as other life situations, it is usually a very bad idea to rely on… Read More »
Will Filing Bankruptcy Ruin My Security Clearance?
In the post-9/11 world, the Department of Defense scrutinizes security clearance applications more closely than ever. The same thing applies to renewal requests. According to DoD Directive 5220.6, financial problems can lead to adverse action. That action could be a denial or a reduction in clearance level. So, many people in Indiana hesitate to… Read More »
Does Bankruptcy Erase Back Taxes?
For regular wage earners, income taxes are typically not a problem. If there is an imbalance between taxes owed and taxes paid, it is usually pretty small. But freelancing is different. If a person falls behind on estimated tax payments, it is difficult to catch up. And, since most workers will be freelancers by… Read More »
Student Loans And Bankruptcy In Illinois
Rising tuition costs and a competitive economy have produced a student loan crisis in America. Roughly 44 million people owe about $1.5 trillion in education debt. This debt load forces many recent graduates to put off certain purchases and also work at jobs they may not particularly like. Until about 1975, education debt was… Read More »
The Gray Bankruptcy Phenomenon In Illinois
Overall, the number of bankruptcy filings has declined dramatically since 2005. That was the year bankers convinced lawmakers to tighten the bankruptcy rules. But among debtors over 65, the filing rate has tripled since 1991. Here in Illinois, older people usually have substantially more assets than younger filers. So, these bankruptcies require a different… Read More »