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Category Archives: Debt

DebtDefense

What’s the Difference Between Chapter 7 and Chapter 13?

By Jessica Holguin |

In a nutshell, both of these federal debt relief programs are the same in the middle but different on the front and back ends. The Automatic Stay applies in both these types of consumer bankruptcies. In most cases, Section 362 of the Bankruptcy Code takes effect immediately after filing. It applies to all forms… Read More »

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DebtR3

Bouncing Back From An Illinois Bankruptcy

By Jessica Holguin |

Nationwide, bankruptcy filing rates are at their highest level since 2006. In the wake of the 2005 bankruptcy reforms, credit card companies tried to scare people away from bankruptcy. That strategy worked, for a while. Moreover, during the Great Recession, many banks tightened their lending requirements and medical providers tried to keep prices low…. Read More »

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StudentDebt2

Discharging Student Loans In An Illinois Bankruptcy

By Jessica Holguin |

Largely because of the pension crisis and dwindling enrollment, Illinois college tuition has increased substantially over the past several years. As a result, the average student now graduates with almost $30,000 in student debt. Even more disturbingly, lower-income students borrow much more than higher-income students. Due to the rising debt load, and the negative… Read More »

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Bankruptcy7

Which Type Of Bankruptcy Is Right For You?

By Jessica Holguin |

Most families in Illinois and Indiana walk a very thin financial line. About half these households do not have the cash to cover a $400 emergency expense. If even a moderate disaster strikes, like a short-term period of unemployment or a brief but serious illness, the fallout could be devastating. As a result, it… Read More »

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TaxDeadline

Some Facts About Bankruptcy, Taxes, And Tax Refunds

By Jessica Holguin |

For many Illinois families, the spring is a time of additional financial plenty or an additional financial need. Some people receive rather large income tax refunds. In fact, many Chicago workers over-withhold during the year to get a larger refund. But for some others, tax time has the opposite meaning, as it adds even… Read More »

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Debt

Some Debt Discharge Basics In Illinois

By Jessica Holguin |

In addition to the temporary relief from repossession, foreclosures, and other adverse action, many people believe that bankruptcy eliminates most unwanted debts. For the most part, that’s true. Technically, however, bankruptcy only eliminates personal liability to repay the debt, but the obligation itself remains. Once again, technically speaking, that debt never, ever goes away,… Read More »

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Bankr8

Handling Tax Debt In An Indiana Bankruptcy

By Jessica Holguin |

Full or part-time freelancers currently constitute over a third of the U.S. workforce. Keeping up with income taxes is sometimes a problem for these individuals, especially given the changing nature of the law and the uncertain responsibilities of quarterly tax payments. Many times, people fall a little behind for various reasons, the problem snowballs,… Read More »

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bankr10

Six Dischargeable Debts In An Illinois Bankruptcy

By Jessica Holguin |

Many people file a Chapter 7 or Chapter 13 debt relief petition to gain immediate relief from foreclosure, lawsuits, repossession, and other adverse action. While the case is pending, moneylenders can do none of these things, at least in most cases. Many other people file bankruptcy because the debt discharge gives them a fresh… Read More »

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DebtR3

Keeping Your House, Cars, And Cash In An Illinois Consumer Debt Relief Action

By Jessica Holguin |

No one can turn back the hands on the clock to that point in time when people had no debt. But bankruptcy does the next best thing. These voluntary petitions discharge most unsecured debts, such as credit cards and medical bills, and create a protected repayment period of up to five years which allows… Read More »

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Debt3

3 Dischargeable Debts In Bankruptcy

By Jessica Holguin |

In the words of several Supreme Court Justices, the Bankruptcy Code is designed to give the “honest but unfortunate debtor” a fresh start. This label applies to almost all the voluntary bankruptcy petitioners in Illinois and Indiana. Since it would be impossible to get this fresh start with unpaid accounts still hanging over the… Read More »

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