Author Archives: Jessica Holguin
Top Five Reasons People File Bankruptcy
During the 2020 coronavirus lockdowns, the unemployment rate peaked at 14.8 percent. That’s the highest figure in recorded history. Most of those jobs are back now. However, since most families live from hand to mouth, even a brief income disruption could have devastating consequences. That’s especially true since the earth continued turning. In fact,… Read More »
Can Bankruptcy Take Care Of Past-Due Student Loan Payments?
Millions of student loan borrowers took advantage of a long-term coronavirus payment deferral. That forbearance is set to end on September 30, 2021. At that time, borrowers who have grown used to spending their payment money elsewhere must suddenly shift this money back to debt retirement. After such an extended forbearance, most student loan… Read More »
What’s Better, Chapter 13 Or Chapter 7?
Now more than ever, distressed debtors need a fresh start through bankruptcy. Over the last several years, courts and bureaucrats have whittled away at some key consumer protection laws. So, bankruptcy might be the only way to stop creditor harassment, protect your assets, and otherwise take control of your own financial affairs. The coronavirus… Read More »
Coronavirus Mortgage Deferrals Are Ending Soon. Are You Ready?
As the economy improves and the virus becomes less dangerous, most coronavirus mortgage deferrals are set to expire on June 30, 2021. This grace period ends as millions of homeowners are at least three months behind on payments. Their banks might offer some payment options, but they aren’t very good options. For example, a… Read More »
Three Quick Ways To Rebuild Your Credit Score In Illinois
By the time they file bankruptcy, most debtors have average to poor credit scores. Repeated late payments, as well as charge-offs and other negative information, quickly reduce your credit score. These people usually see about a 130-point drop when they file their voluntary petitions. So, almost instantly, their credit scores go from bad to… Read More »
Do I Lose My Security Clearance If I File Bankruptcy?
Not according to the DoD. This agency can take action against your security clearance if you are experiencing financial problems. But that’s different from filing bankruptcy. In fact, as outlined below, filing bankruptcy might be the only way to cure the financial problems which threaten not only your family, but your security clearance as… Read More »
How Does An Indiana Bankruptcy Protect The Family Car?
Frequently, a motor vehicle is a family’s most valuable asset. In addition to its substantial financial value, it probably has a very high emotional value. Additionally, a motor vehicle is often a family’s most troublesome asset. Some lenders offered payment relief programs during coronavirus shutdowns, but some did not. As a result, many families… Read More »
Does Bankruptcy Erase Back Taxes In Indiana?
For many people, freelancing part time is a natural extension of working from home. Therefore, about a third of American workers either moonlight or freelance full time. Freelancers experience significant income peaks and valleys. So, they often fall behind on estimated tax payments. The resulting back taxes, penalties, and interest can be overwhelming. In… Read More »
How Does An Indiana Bankruptcy Affect Social Security Benefits?
Most government benefits, like VA disability and Social Security benefits, come in the form of monthly payments, like income. Typically, bankruptcy exemptions don’t apply to income. But according to U.S. law, Social Security benefits are exempt assets. Regardless of what state exemptions provide, Social Security benefits are immune “from the operation of any bankruptcy… Read More »
Five Reasons People File Bankruptcy In Illinois
In general, most people file bankruptcy because, well, they are bankrupt. But the specific reasons might surprise you. Bankruptcy has immediate and long-term benefits for distressed debtors. Bankruptcy’s Automatic Stay instantly halts creditor adverse actions, such as foreclosure and repossession. In most cases, these creditors can repossess your house or car if you miss… Read More »
