Author Archives: Jessica Holguin
What Happens In An Indiana Bankruptcy?
Most distressed debtors can choose between Chapter 7 and Chapter 13 bankruptcy. They both begin the same way, by filing a petition and schedules. In emergency situations when time is short, it’s often possible to just file a petition and a few supporting documents. Once the creditors receive notice of the filing, the automatic… Read More »
How Does Bankruptcy Help Illinois Families Stay In Their Homes?
Briefly, bankruptcy stops pending foreclosure, gives distressed homeowners a fair chance to catch up on past-due payments, and may reduce your monthly payments after the case is finalized. It’s all part of the fresh start with the Bankruptcy Code guarantees. These fresh starts are available to all “honest but unfortunate” debtors. This phrase applies… Read More »
Why The Toys R Us Reorganization Failed
Bankruptcy is normally a fresh start for distressed debtors in Illinois and Indiana. However, there are very few guarantees in life. And, there is certainly no guarantee that a consumer bankruptcy will be a financial mulligan for you and your family. Things definitely did not work out that way for the giant toy retailer…. Read More »
How Does An Indiana Bankruptcy Affect Government Loans?
Many families in Illinois have at least one government business, housing, or education loan. For the most part, these programs are designed to give individuals who otherwise lack the funds to own a house, go to college, or start a business the financial means to pursue these goals. Unfortunately, often for reasons that are… Read More »
Bouncing Back From An Illinois Bankruptcy
Every year, thousands of your neighbors obtain short and long-term debt relief through bankruptcy. Because of the automatic stay, most lenders cannot take any adverse action against most debtors while their cases are active. Furthermore, because of debt discharge, debtors no longer have any legal obligation to repay most or all of their unsecured… Read More »
Some Facts About Bankruptcy, Taxes, And Tax Refunds
For many Illinois families, the spring is a time of additional financial plenty or an additional financial need. Some people receive rather large income tax refunds. In fact, many Chicago workers over-withhold during the year to get a larger refund. But for some others, tax time has the opposite meaning, as it adds even… Read More »
The Different Kinds Of Bankruptcy In Illinois
All the types of bankruptcy have the same goal that Supreme Court Justice James Clark McReynolds first articulated in 1915: “to relieve the honest debtor from the weight of oppressive indebtedness, and permit him to start afresh free from the obligations and responsibilities consequent upon business misfortunes.” So, to be eligible for debt relief… Read More »
Some Debt Discharge Basics In Illinois
In addition to the temporary relief from repossession, foreclosures, and other adverse action, many people believe that bankruptcy eliminates most unwanted debts. For the most part, that’s true. Technically, however, bankruptcy only eliminates personal liability to repay the debt, but the obligation itself remains. Once again, technically speaking, that debt never, ever goes away,… Read More »
What Does The Automatic Stay Mean In Illinois?
Bankruptcy gives breathing room to distressed consumers, and that’s very good news for an awful lot of people. It is little wonder that one in four Americans deal with such severe financial stress that it produces PTSD-like symptoms. After only one month, most moneylenders turn into debt collectors, using tactics like constant phone calls… Read More »
Why Do Illinois Bankruptcy Judges Use Trustees?
Most baseball games have umpires and coaches. The umpire calls balls and strikes regardless of whether the call helps or hurts one team or the other; a coach pushes for the best interests of a team. Bankruptcy judges are like baseball umpires. In any dispute between the parties, the judge determines who is right… Read More »
