Author Archives: Jessica Holguin
Special Issues in an Indiana Grey Bankruptcy
Largely because of a shrinking social safety net, the number of over-60 bankruptcies has increased 300 percent since 1991, even as bankruptcy filing rates among other age groups have fallen drastically. Part of that shrinking social safety net includes protection rollbacks in the Fair Debt Collection Practices Act. Once upon a time, seniors could… Read More »
Chapter 13 Bankruptcy: How Do I Qualify?
During the height of the coronavirus pandemic, many mortgage lenders offered payment deferrals and other relief packages. As 2021 dawns and these promotions end, these banks will swiftly demand deferred payments which, as far as they are concerned, are now past-due payments. Legally, banks can initiate foreclosure proceedings immediately in these cases. Fortunately for… Read More »
Top Three Bankruptcy Exemptions in Indiana
Contrary to popular myth, most bankruptcy debtors in the Hoosier State get to keep most of their property, even in a Chapter 7 “liquidation” bankruptcy. That’s mostly because Indiana has some of the broadest property exemptions in the country. Retaining assets is essential to a fresh start, which is what the Bankruptcy Code guarantees…. Read More »
Student Loan Forgiveness and Bankruptcy
The coronavirus pandemic and student loan crisis were two of the biggest headlines from 2020. As a result of this combination, there is a growing movement afoot to forgive student loan indebtedness. But this push has generated considerable controversy, to say the least. Additionally, no one is exactly sure what loan forgiveness would look… Read More »
Top Five Reasons People File Bankruptcy
Between 2008, when the Bankruptcy Reform Act took effect, and 2019, the bankruptcy filing rate declined steadily. Then, largely because of coronavirus shutdowns, the voluntary petition filing rate increased in 2020. Many observers expect the filing rate to explode in 2021. Many people consider bankruptcy to be a sign of failure. But that’s usually… Read More »
If I File Bankruptcy, Can I Buy a House?
According to many metrics, 2021 is a good time to buy a house. For example, mortgage rates recently hit an all-time low. The buyer’s market is expected to continue for much of 2021. At the same time, however, many people are going through severe financial stress, especially people who lost their jobs during a… Read More »
How Does Bankruptcy Affect Social Security Benefits in Indiana?
We receive this question a lot from retirees in Indiana. Roughly 40 percent of these individuals count on Social Security for their entire monthly income. Quite understandably, if bankruptcy threatened this financial lifeline, these families should be gravely concerned. But as outlined below, in almost all situations, that’s not the case. Fundamentally, bankruptcy protects… Read More »
Top Five Reasons People File Bankruptcy in Illinois
Although people file bankruptcy for various reasons, there is normally a common denominator. At least for the most part, the circumstances leading to the filing were beyond the debtors’ control. The Bankruptcy Code was written with people like this in mind. There is no other way for these honest yet unfortunate debtors to get… Read More »
How Can Bankruptcy Protect My Security Clearance?
Bankruptcy protects visible assets, like your house, and invisible assets, like your security clearance. Yes, pursuant to DoD Directive 5220.6, financial problems could trigger adverse action against a security clearance, such as denial or refusal to renew. However, as outlined below, there is a big difference between filing bankruptcy and financial concerns. In general,… Read More »
Does Bankruptcy Clear Back Taxes?
The sudden emergence of the gig economy is the main reason Americans owe about $131 billion in back taxes. Self-employment income often has significant, and unexpected, peaks and valleys. If these individuals prepay their taxes monthly and are a few dollars short each month, that could mean a big tax bill at the end… Read More »