Switch to ADA Accessible Theme
Close Menu

Category Archives: Debt

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 »

Facebook Twitter LinkedIn
Debt9

FAQs About Non-Bankruptcy Debt Negotiation

By Bentz Holguin Law Firm, LLC |

Lots of people have lots of questions about non-bankruptcy debt negotiation. The poor economic conditions of the early 2020s were especially hard on families in the Prairie State. So, most people know they need to do something to get off the revolving debt treadmill. However, to many individuals, that “something” isn’t bankruptcy, which many… Read More »

Facebook Twitter LinkedIn
DebtRelief

How Much Can You Usually Settle a Debt For?

By Bentz Holguin Law Firm, LLC |

It’s very difficult to say, since these matters are so fact specific. Generally, debt negotiation reduces a UPB (unpaid principal balance) between 10 and 50 percent. Clear evidence of lender fault, like lender fraud, generally means a large reduction. Mere inability to pay generally means a smaller reduction. The bankruptcy bluff, which is outlined… Read More »

Facebook Twitter LinkedIn
DebtR3

Non-Bankruptcy Debt Negotiation

By Bentz Holguin Law Firm, LLC |

As a general rule, if you spend more than a third of your monthly income on debt retirement, that debt is impossible to pay off. Note we said “debt retirement” and “debt servicing.” Paying monthly minimums on credit cards and other revolving debt accounts doesn’t affect the UPB (unpaid principal balance). These families will… Read More »

Facebook Twitter LinkedIn
Couple

What Are Some Dischargeable Debts in an Illinois Bankruptcy?

By Jessica Holguin |

The average consumer has a debt load exceeding $125,000. Much of that debt is unsecured debt, such as credit cards and medical bills. As a rule of thumb, if a family’s debt-to-income ratio is lower than 45 percent, it’s possible to timely retire any debt. If the DTI is higher than that, payoff is… Read More »

Facebook Twitter LinkedIn
DebtRelief

Bankruptcy and Past Due Taxes

By Jessica Holguin |

The IRS audit rate has declined significantly in recent years. But do not let that fact lull you into a false sense of security. The IRS is still the world’s largest collection agency, and it has legal tools which other debt-buyers dream about. So, if you owe back taxes, the government will come after… Read More »

Facebook Twitter LinkedIn
Debt3

Putting Consumer Bankruptcy in Your Rearview Mirror

By Jessica Holguin |

The Bankruptcy Code gives distressed debtors a fresh financial start. Truth be told, some people squander their second chances. They repeat the same mistakes, so they are back in dire straits shortly after their existing debts are discharged. Other people move on to success. Henry Ford is a lingering example. His first automobile manufacturing… Read More »

Facebook Twitter LinkedIn