Author Archives: Jessica Holguin
Should I File A Chapter 7 In Indiana?
Many households struggle with excessively high credit card debt. In 2017, both the total debt load ($1 trillion) and per-cardholder average ($6,375) were at or near an all-time high. With balances that high, just making minimum payments is sometimes a challenge. If a financial storm hits, such as a job loss, the effects can… Read More »
Discharging Student Loans In An Illinois Bankruptcy
Largely because of the pension crisis and dwindling enrollment, Illinois college tuition has increased substantially over the past several years. As a result, the average student now graduates with almost $30,000 in student debt. Even more disturbingly, lower-income students borrow much more than higher-income students. Due to the rising debt load, and the negative… Read More »
Maximizing Exemptions In An Indiana Bankruptcy
Many people believe that a consumer bankruptcy, like a Chapter 7 or Chapter 13, is a lot like a bankruptcy in the Monopoly board game. No matter how well you drive your racecar during the game, just one bad decision or unlucky roll of the dice can force the player into bankruptcy. The player… Read More »
Special Issues In An Indiana ‘Grey Bankruptcy’
Medical bills are one of the leading causes of bankruptcy filings among all age groups. But this problem is especially acute for people over 55. The number of filers in this age group has doubled since 1994, even as overall bankruptcy filing statistics have fallen significantly. Even if they have medical insurance or Medicare,… Read More »
When Should I File A Chapter 13 In Illinois?
Many mortgage banks begin foreclosure proceedings after just two missed payments. Depending on the circumstances, many creditors allow many more missed payments than that. However, there is no guarantee. Once the pre-foreclosure process begins, it is difficult to stop. After the two missed payments, most banks accelerate the unpaid principal balance. In other words,… Read More »
Protecting Your House In An Indiana Bankruptcy
In many situations, the family home is a debtor’s largest financial asset. The house usually has an emotional value to the family that far eclipses the substantial financial value. So, protecting your family home is the number one priority of most Chapter 13 attorneys. There are a number of ways to accomplish this task,… Read More »
To The Rescue: The Automatic Stay In Indiana
Financial stress is a significant problem for many area families. About a quarter of Americans experience such severe financial stress that they experience PTSD-like symptoms. That obviously has a significant effect on their home and work lives. This problem may soon get worse. The Supreme Court recently diluted some key provisions in the Fair… Read More »
Which Type Of Bankruptcy Is Right For You?
Most families in Illinois and Indiana walk a very thin financial line. About half these households do not have the cash to cover a $400 emergency expense. If even a moderate disaster strikes, like a short-term period of unemployment or a brief but serious illness, the fallout could be devastating. As a result, it… Read More »
The Floating Check Conundrum In A Chicago Bankruptcy
Once a debtor files bankruptcy, the trustee legally owns all the debtor’s nonexempt property, including money in a checking account. What happens if you write a check and then declare bankruptcy before it clears? Will the bank honor the check, since the funds in the account are technically no longer yours? This issue used… Read More »
Bankruptcy Blockers In Illinois: The Security Clearance
The Prairie State is home to over a dozen U.S. military bases. Many of the people who work at these facilities, as well as the area defense contractors that support them, count on their security clearances. They’re understandably very protective about them. Many people think that federal debt relief programs threaten a Chicago security… Read More »