Author Archives: Jessica Holguin
Be Careful With Credit Cards
Credit cards are a blessing – or a curse. It depends on how you use them and what your overall financial condition is. Insurmountable credit card debt is one of the main reasons so many people declare bankruptcy, so it’s important to learn how to use credit cards appropriately, especially if you’re just beginning… Read More »
New Technology For Debt Settlement
If you’re considering bankruptcy, it’s likely that you’re already being harassed by creditors. One immediate benefit of bankruptcy is what’s called the automatic stay. It’s a court order for relief from creditors that goes into effect without delay when you file for bankruptcy. The automatic stay prevents creditors from continuing to harass you about… Read More »
Watch Out For Debt Settlement Companies
You’ve probably seen the ads for the debt settlement companies on television. They claim to help you get out of debt easily. But according to CBS News, many of the so-called debt settlement companies are helping only themselves and exploiting consumers who are already facing financial difficulty. Illinois Lawyer General Lisa Madigan told CBS… Read More »
Bankruptcy And Social Security Overpayments
The Government Accountability Office (GAO) reported last year that in a two-year period, the Social Security Administration (SSA) made $1.3 billion in overpayments. Some of that $1.3 billion can be attributed to fraud, but more frequently what happens is that innocent people receive the overpayments due to SSA mistakes and are then ordered to… Read More »
Passing The Means Test
When you prepare to file a Chapter 7 bankruptcy in Illinois, your “average household income” will be determined by averaging your monthly income over the last six calendar months. Once your average monthly income is determined, it’s multiplied by 12 to determine your annual income for the purpose of the Illinois means test. You… Read More »
The Problem With Credit Reports
Your credit information is routinely collected and sold to interested parties, but according to CBS News, more than forty million Americans have a mistake on their credit reports. Twenty million have significant mistakes that might keep them from buying a car or home, landing a job, or obtaining a security clearance. Some people find… Read More »
Act To Stop Foreclosure
Illinois is a judicial foreclosure state. If you default on a few mortgage payments, you can expect the lender to take legal foreclosure action against you. Before that happens to you in the Chicago area, discuss your mortgage situation with an experienced Chicago foreclosure lawyer. Bankruptcy can protect you against foreclosure, but a good… Read More »
Bankruptcy Is Nothing To Fear
Bankruptcy is nothing to fear. After a bankruptcy, you’ll be able to start rebuilding your credit. Many are able to buy a car, a home, and rebuild their finances and lives. If your debts are spinning out of control, don’t be dissuaded from considering bankruptcy before you have all the facts. If you’re in… Read More »
Extending An Automatic Stay
Filing for bankruptcy automatically operates as a stay to almost all debt collection proceedings. Thus, what’s called an “automatic stay” is an important benefit of bankruptcy, immediately stopping any action from being taken against a general debt. Whether you need to stop a wage garnishment or repossession or have a bank account unfrozen, the… Read More »
Abandoning A Home
Some people simply abandon their homes. It’s happening in Chicago and other cities with increasing frequency. These people may be trying desperately to solve their financial problems, but abandoning a home may create more problems than it solves. Before taking a step that drastic, you should absolutely talk first with an experienced Chicago foreclosure… Read More »
