Author Archives: Jessica Holguin
Does Bankruptcy Take Care Of Back Taxes?
The IRS claims that intentional and unintentional underpayment costs the government about $1 trillion a year. That figure is higher than the GDP of most of the world’s countries. Over the years, lawmakers have given the IRS powerful collection tools that private sector debt-buyers dream about. Usually, the IRS does not need a court… Read More »
How Does Filing Bankruptcy Protect My Car?
Other than housing, vehicle payments are usually the largest monthly bills in Indiana. The average new car payment is just under $600 a month. The average used or leased vehicle payment is not much lower. If a family falls a month or two behind, it’s almost impossible to catch up. And, most lenders have… Read More »
What Happens To My Security Clearance If I File Bankruptcy?
Strictly speaking, nothing happens to your security clearance when you file bankruptcy. It’s illegal to discriminate against people who file bankruptcy. The Prairie State has one of the country’s strongest anti-discrimination laws in this area. However, that filing can, and usually does, trigger the notice and hearing provision in most security clearance agreements. If… Read More »
Should I File Chapter 7 Or Chapter 13?
Mortgage payment deferrals and other financial relief packages kept the bankruptcy filing rate low through the worst of the pandemic. Now, these programs are ending. Therefore, many experts predict that the bankruptcy filing rate will increase sharply in 2022 after many years of decline. A financial crisis, like a creditor’s lawsuit or a home… Read More »
Do I Qualify For Chapter 7?
Most Illinois families are only one financial emergency away from disaster. These situations include serious illness, job loss, and other events everyone faces from time to time. About a third of Illinois families would be hard-pressed to pay a $400 emergency expense. Frequently, when money gets tight, unsecured debts, like credit card and medical… Read More »
Top Five Illinois Bankruptcy Exemptions
When divorce, job loss, and other financial storms hit, bankruptcy helps people regain control over their own finances. Since this control means little without additional property protections, Illinois law also contains a number of generous exemptions. Most of them are in Section 1001 of the Illinois Code of Civil Procedure. These exemptions prohibit creditors… Read More »
Does Bankruptcy Eliminate Student Loans?
The answer to this question varies in different jurisdictions, since the law in this area is unsettled. However, in Illinois, the answer is a resounding “yes,” at least in most cases. That’s very good news for student loan debtors. Over forty million debtors owe almost $40,000 apiece before they finish walking across the stage…. Read More »
Breaking Down A Chapter 13 In Indiana
Coronavirus mortgage deferrals have helped tens of thousands of homeowners stay in their homes during a very difficult period. But once these programs expire, if you are still behind on payments, the bank can immediately foreclose on the loan. So, if you are still suffering from the lingering financial effects of coronavirus lockdowns, you… Read More »
Top Five Reasons People File Bankruptcy In Indiana
The underlying reason people file bankruptcy is they do not have sufficient income to pay their debts. That’s especially true if a crisis emerges. A third of Americans say they would have problems paying a $400 emergency expense. Crises like the ones discussed below often come at unexpected times. But they inevitably arise in… Read More »
Can I Buy A Car During Bankruptcy?
Most cars and trucks remain driveable for about 150,000 miles. Long before they reach the end of their lifespans, most trucks and cars begin having significant mechanical problems which affect their reliability. So, if you drive a used car when you file bankruptcy, and most people do, you will probably need a new car… Read More »
