As we noted in our COVID-19 Readiness Statement, we understand that the situation is fluid, and we continue to closely monitor updates from The Centers for Disease Control and other public health agencies to ensure safety best practices and business continuity. This means hoping for the best and preparing for the uncertain. It’s difficult to address the elephant in the…Read More
If you were struggling financially before the coronavirus hit, it may feel as though the pandemic pushed you past the point of no return. Alternatively, you may have been experiencing a dependable level of success, but an unexpected layoff or business shutdown has now crippled your income. Either way, you may be one of the millions of Americans who aren’t…Read More
Every chapter of bankruptcy has its own purpose, set of benefits, and targeted filer. Chapter 7, for example, allows both individuals and businesses to liquidate assets and discharge most of their debt. Chapter 12, on the other hand, is very rarely used, and only family farmers and fishermen may qualify. Determining which chapter to file can be one of the…Read More
In our last blog, we provided information about the CARES Act stimulus checks, potential scams, and student loans, as well as general tips for paying your bills during the COVID-19 pandemic. We will now dive into a discussion about managing debt during and after a national emergency. Bankruptcy And The CARES Act Bankruptcy is one of the most effective methods…Read More
The most urgent threat we face amidst the coronavirus pandemic is, of course, our physical health. To stay safe, we all must follow guidelines from our local, state, and federal governments, whether by washing our hands more frequently, implementing social distancing measures, or staying home as much as possible. The better we follow these guidelines, the more lives we can…Read More
If you’re considering filing bankruptcy, you’ve just begun the process, or you’re managing life after the proceeding, you may have a few questions about your taxes. Here are the answers to 5 frequently asked questions about bankruptcy, your tax return, and what you may owe the IRS. Is Cancelled Debt Taxable Income? Unfortunately, you may need to pay taxes on…Read More
In 2019, student loan debt reached an all-time high: more than $1.5 trillion among 44 million Americans. Therefore, it is the second-highest form of consumer debt, directly behind mortgages. While mortgages, credit card debt, and other types of loans can be discharged through bankruptcy, courts have barred student loans from this form of cancellation. Congress officially prohibited federal student loans…Read More
Stopping Wage Garnishment Through Bankruptcy Call Our Wage Garnishment Lawyers Serving Northbrook The short answer to this question is yes -- bankruptcy can stop your wages from being garnished, but first, it’s crucial to understand how wage garnishment works when it comes to bankruptcy. If your wages are being garnished, here’s what you can do. What Is Wage Garnishment? Wage…Read More
How to Catch Up on Your Mortgage There are many reasons why people fall behind on their mortgage payments. Whether its mounting medical bills, an unforeseen job layoff, or high credit card balances — life happens. Although being late on mortgage payments can put you at risk of foreclosure, all hope is not lost. Here are some ways you can…Read More
Have you recently filed for chapter 7 or chapter 13 bankruptcy? Are you worried about how you and your family are going to make it through the holidays without adding to your debt? At Bach Law Offices, Inc., we are committed to helping clients with their bankruptcy cases so they can obtain the debt relief they need to get their finances back in…Read More
