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Category Archives: Chapter 7

MoneyGavel

Six Key Illinois Bankruptcy Exemptions

By Jessica Holguin |

Millions of people are saddled with excessively high unsecured debts through no fault of their own. Some people have very high medical bills. Other people had to rely on credit cards during a period of unemployment. These people should at least consider filing Chapter 7 bankruptcy, but they are afraid they will lose important… Read More »

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StudentLoan

Can Bankruptcy Erase My Student Loans?

By Jessica Holguin |

One of my law school professors told us that “You never get anything unless you ask.” That seems like a fairly straightforward proposition. But if the student loan discharge statistics are any indication, most Chapter 7 attorneys have not learned this lesson. In places like Illinois, where the Brunner Rule is still in effect,… Read More »

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Bank_Elder

The Color Of Money In Illinois Bankruptcies

By Jessica Holguin |

Overall, the bankruptcy filing rate has declined sharply since lawmakers “reformed” the Bankruptcy Code in 2005. But the over-65 age group has bucked this trend. So-called grey bankruptcies have tripled since 1991. This increase is not surprising. For the most part, employer-provided pensions, generous Social Security benefits, and low healthcare costs are all things… Read More »

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GrayDiv

The Gray Bankruptcy Phenomenon In Illinois

By Jessica Holguin |

Overall, the number of bankruptcy filings has declined dramatically since 2005. That was the year bankers convinced lawmakers to tighten the bankruptcy rules. But among debtors over 65, the filing rate has tripled since 1991. Here in Illinois, older people usually have substantially more assets than younger filers. So, these bankruptcies require a different… Read More »

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MoneyGavel

3 Quick Exemptions In An Indiana Bankruptcy

By Jessica Holguin |

In a long line of cases dating back to the early 1800s, the United States Supreme Court has said that bankruptcy’s purpose is to give the honest yet unfortunate debtor a fresh start. Asset exemption is an important part of that fresh start. If debtors lose their houses, cars, retirement accounts, and other assets… Read More »

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CarLot

Hanging Onto Your Car After You File An Indiana Bankruptcy

By Jessica Holguin |

Many auto loan companies are somewhat patient with regard to late payments. But it is best not to depend on the kindness of strangers. Legally, the lender can repossess your vehicle after just one missed payment, in most cases. In a place like Indiana, such a sudden loss is highly disruptive to say nothing… Read More »

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Bankr9

What’s The Difference Between Chapter 7 And Chapter 13?

By Jessica Holguin |

Shortly after they fought a war to rid themselves of British oppression, the Founding Fathers wrote the Constitution of the United States. Since they understood that oppression comes in many forms, the Constitution’s authors specifically include provisions for a bankruptcy law. Over the years, Congress has revised the bankruptcy law several times, most recently… Read More »

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Bankr16

Which Type Of Indiana Bankruptcy Is Best?

By Jessica Holguin |

Most Hoosiers live hand to mouth. According to a May 2018 report, about 40 percent of Americans cannot pay a $400 emergency expense. So, when the financial storms of life hit, many people are hard-pressed to deal with them. These storms include rather common events, such as divorce, job loss, and serious illness. These… Read More »

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Bankr13

Should I File A Chapter 7 In Indiana?

By Jessica Holguin |

Many households struggle with excessively high credit card debt. In 2017, both the total debt load ($1 trillion) and per-cardholder average ($6,375) were at or near an all-time high. With balances that high, just making minimum payments is sometimes a challenge. If a financial storm hits, such as a job loss, the effects can… Read More »

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Bankr10

Maximizing Exemptions In An Indiana Bankruptcy

By Jessica Holguin |

Many people believe that a consumer bankruptcy, like a  Chapter 7 or Chapter 13, is a lot like a bankruptcy in the Monopoly board game. No matter how well you drive your racecar during the game, just one bad decision or unlucky roll of the dice can force the player into bankruptcy. The player… Read More »

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