Tag Archives: Chicago Bankruptcy Attorneys
The Color Of Money In Illinois Bankruptcies
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 »
Does Bankruptcy Erase Back Taxes?
For regular wage earners, income taxes are typically not a problem. If there is an imbalance between taxes owed and taxes paid, it is usually pretty small. But freelancing is different. If a person falls behind on estimated tax payments, it is difficult to catch up. And, since most workers will be freelancers by… Read More »
Student Loans And Bankruptcy In Illinois
Rising tuition costs and a competitive economy have produced a student loan crisis in America. Roughly 44 million people owe about $1.5 trillion in education debt. This debt load forces many recent graduates to put off certain purchases and also work at jobs they may not particularly like. Until about 1975, education debt was… Read More »
Bouncing Back From An Illinois Bankruptcy
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 »
Which Type Of Indiana Bankruptcy Is Best?
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 »
Should I File A Chapter 7 In Indiana?
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 »
To The Rescue: The Automatic Stay In Indiana
Financial stress is a significant problem for many area families. About a quarter of Americans experience such severe financial stress that they experience PTSD-like symptoms. That obviously has a significant effect on their home and work lives. This problem may soon get worse. The Supreme Court recently diluted some key provisions in the Fair… Read More »
How Does Bankruptcy Help Illinois Families Stay In Their Homes?
Briefly, bankruptcy stops pending foreclosure, gives distressed homeowners a fair chance to catch up on past-due payments, and may reduce your monthly payments after the case is finalized. It’s all part of the fresh start with the Bankruptcy Code guarantees. These fresh starts are available to all “honest but unfortunate” debtors. This phrase applies… Read More »
Are Student Loans Dischargeable In Illinois Bankruptcies?
Because of the harsh Brunner rule, which is examined below, many people assume the answer to this question is always “no.” But in one recent study, a surprising 40 percent of student loan debtors obtained at least a partial discharge in their bankruptcy proceedings. Despite the relatively high possibility for success, the vast majority… Read More »
How Does An Indiana Bankruptcy Affect Government Loans?
Many families in Illinois have at least one government business, housing, or education loan. For the most part, these programs are designed to give individuals who otherwise lack the funds to own a house, go to college, or start a business the financial means to pursue these goals. Unfortunately, often for reasons that are… Read More »