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Breaking Down Bankruptcy Student Loan Forgiveness Requirements

By Bentz Holguin Law Firm, LLC |

Student loan forgiveness has been one of the most controversial issues of the past decade. Many people believe former students need and deserve relief from oppressive loan payments. Others feel that tax dollars could be better spent elsewhere. In the midst of all the sound and fury, the Department of Justice amended its student… Read More »

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BankLaw

Follow These Tips to Bounce Back from a Bankruptcy Filing

By Bentz Holguin Law Firm, LLC |

Thanks to consumer bankruptcy, honest yet unfortunate debtors get a fresh start. Some people squander that fresh start. Continued poor financial habits, like overspending and failure to save any money, usually cause former debtors to anxiously watch the calendar until the waiting period expires, so they can file bankruptcy again. Consumers who follow these… Read More »

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Is Chapter 13 Bankruptcy a Good Idea?

By Bentz Holguin Law Firm, LLC |

If you want to take control of your own financial situation and protect your assets from creditor seizure, then yes, Chapter 13 bankruptcy (a/k/a the wage earner plan) is a good idea. Chapter 13 is also a good idea if you want the benefits of bankruptcy but don’t want some of the drawbacks, such… Read More »

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Why Do People File Bankruptcy?

By Bentz Holguin Law Firm, LLC |

Quite simply, people file bankruptcy because they owe more money than they can pay. Such financial problems can happen to anyone. Following the 2008 financial crisis, five huge companies which collectively had over $1 trillion in assets filed bankruptcy. Their own misconduct contributed to these filings, but the economic downturn substantially caused them. Likewise,… Read More »

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DebtTread

What is the Average Consumer Debt Per Person?

By Bentz Holguin Law Firm, LLC |

Since 2020, the average consumer debt per household has increased to over $100,000. Even a slight increase tremendously impacts families who live hand to mouth. Even more troubling, in 2021, prices increased faster than wages. When that happens, something’s gotta give. That “something” is usually credit card payments and, in many cases, home mortgage… Read More »

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Bankruptcy and Past-Due State Taxes

By Bentz Holguin Law Firm, LLC |

Mostly because of its recent and well-chronicled budget problems, the Prairie State has one of the highest state income tax burdens in the country. Most of that burden falls on self-employed people. When their incomes drop, they often suspend estimated tax payments. That suspension comes back to haunt them in the spring, when they… Read More »

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Questions

Is It Better to File Chapter 7 or 13?

By Bentz Holguin Law Firm, LLC |

The answer to this question normally depends on the type of debt. If you have an issue with unsecured debt, it’s better to file Chapter 7. Many people are in this boat. The average credit card holder owes about $4,000. If you have an issue with secured debt, it’s better to file Chapter 13…. Read More »

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Bank_Elder

Special Issues in an Over-55 Chapter 7 Bankruptcy

By Bentz Holguin Law Firm, LLC |

The overall consumer bankruptcy filing rate has declined significantly since 2005, when the law changed dramatically. But the over-55 bankruptcy filing rate has increased over 60 percent over roughly that same period. The combination of several recessions, or mini-recessions, a shrinking social safety net, and a few other factors have prompted many people in… Read More »

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BankrLaw

Is It Hard to Get Chapter 7?

By Bentz Holguin Law Firm, LLC |

We wouldn’t say it’s “hard,” but we would say it’s “harder” now than it was twenty years ago. In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). Creditor lobbyists convinced many lawmakers that Chapter 7 filing abuse was serious and widespread. The evidence clearly shows that circumstances beyond the debtor’s… Read More »

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Bankr12

Is an EIDL Loan Discharged in Bankruptcy?

By Bentz Holguin Law Firm, LLC |

During and after the COVID-19 pandemic, the Small Business Administration loaned over $600 billion to small businesses. This money mostly included PPPs (paycheck protection program) loans and EIDLs (economic injury disaster loan). These financial lifelines allowed many businesses to stay afloat during the lockdowns. But as the lockdowns dragged on, and after a labor… Read More »

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