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Category Archives: Debt

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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 »

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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 »

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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 »

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