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Category Archives: Chapter 7 Bankruptcy

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Do I Qualify For Chapter 7?

By Jessica Holguin |

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 »

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Bankr17

Do I Qualify for Chapter 7 in Illinois?

By Jessica Holguin |

Shortly before the coronavirus pandemic hit and caused significant economic hardship for thousands of Illini, the Supreme Court deleted some key consumer protections from the Fair Debt Collection Practices Act. As a result, many debt collectors will be more aggressive than ever in 2021, and consumers have very few ways to stop them. Chapter… Read More »

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BankCouple

What to Expect in an Illinois Chapter 7 Bankruptcy

By Jessica Holguin |

The average credit card interest rate is over 20 percent. At that level, debtors can pay two or three times the monthly minimum, and the outstanding does not significantly decrease. It’s very frustrating to pay hundreds of dollars a month on several credit cards (most Americans have four credit cards) and barely make the… Read More »

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Debt4

Five Dischargeable Debts in a Chapter 7

By Jessica Holguin |

Financial problems do not just have financial effects. About a fourth of people with debt problems often experience Post Traumatic Stress Disorder-type symptoms. These symptoms often make it difficult or impossible to function at work or school. Bankruptcy offers both immediate and long-term solutions. As soon as debtors file their voluntary petitions, Section 362… Read More »

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Some Special Issues in an Over-55 Bankruptcy

By Jessica Holguin |

Older people are filing bankruptcy at historically high levels, and rising medical bills might be the main reason why. The average over-65 couple accumulates medical bills totalling $275,000, even if both spouses have Medicare. If that wasn’t bad enough, the Supreme Court recently watered down the consumer protections in the Fair Debt Collection Practices… Read More »

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MoneyGavel

Can I File Bankruptcy on Student Loans?

By Jessica Holguin |

Some forty-five million borrowers owe a collective $1.5 trillion in student loan debt. A significant number of these borrowers owe more than $100,000. Even if life goes perfectly after school, such debt is difficult to retire. And, as we all know, life is not perfect. As a result, many borrowers struggle to make monthly… Read More »

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Debt6

Will I Lose my Social Security Benefits if I File Chapter 7?

By Jessica Holguin |

Statistically, many older people are in more debt than ever. The over-55 bankruptcy filing rate has increased 50 percent in recent years, even as the overall bankruptcy filing rate has reached historic lows. Furthermore, most seniors who file bankruptcy owe more than $101,000, which is more than three times their average annual income. For… Read More »

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Bankr17

Chapter 7 Bankruptcy: What You Need to Know

By Jessica Holguin |

In board games like Monopoly, players who file bankruptcy are utterly defeated. They lose everything they have and cannot continue the game. Fortunately, the real world is a lot different. The Supreme Court has consistently stated that the Bankruptcy Code is designed “to grant a fresh start to the honest but unfortunate debtor.” That’s… Read More »

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Debt5

Five Dischargeable Debts in a Chapter 7

By Jessica Holguin |

Many area families live from hand to mouth. In fact, many families do not have enough cash to cover a $400 emergency expense. Frequently, when financial trials hit, people slowly fall behind on unsecured debt payments. The past due balance quickly builds up, and most creditors are not very patient. Bankruptcy may be a… Read More »

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Bank_Car

How Does Bankruptcy Affect Vehicle Loans?

By Jessica Holguin |

The number of auto loan delinquencies recently hit a twenty-year high. Over seven million borrowers are at least 90 days delinquent. Legally, most creditors may begin the repossession process after just one missed payment. So, after three missed payments, the tow truck is probably on the way. Unfortunately, there is more bad news for… Read More »

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