Most Americans consider filing for bankruptcy a last-ditch effort to overcome financial hardship. However, when faced with rising health care costs, even those employed can find it more and more difficult to make ends meet. Medical issues are the number one cause of bankruptcy in America. According to research, 66.5 percent of all bankruptcies were caused due to medical reasons…Read More
Job loss can be a financially devastating experience. While consumers file for bankruptcy for many different reasons, job loss is one of the leading causes of bankruptcy in America. Although there was an upswing of job creation in August 2020, payrolls are still short over 11 million jobs compared to pre-pandemic levels. By May, close to 39 million Americans filed…Read More
Understanding What Can And Cannot Be Exempted From The Liquidation Process If you are considering filing for Chapter 7 bankruptcy, you may be wary of the liquidation process. Unlike a Chapter 13 bankruptcy, which focuses on reorganizing your debt and committing to a multiyear, partial repayment plan, Chapter 7 bankruptcy filers undergo liquidation to compensate creditors. Even the word “liquidation”…Read More
Recognizing When Filing May Be Necessary Filing for bankruptcy is never anyone’s first choice. Though, the process helps many individuals overcome seemingly hopeless financial obstacles, the need to file stems from having an exorbitant level of debt. Mounting debt can be the result of any number or combination of factors: a serious injury, the loss of a job, a confluence…Read More
It doesn’t take much to find yourself in debt. Whether times are difficult, or you simply are living your life to the fullest, debt can sneak up on you. While consumers are always better off being more proactive in managing financials, the cost of living is often too much for the average family to bear. If you find you are…Read More
Image by Gerd Altmann from Pixabay The idea of filing for bankruptcy can be overwhelming. However, it can prove to be a positive step if you are experiencing unmanageable debt. When you file for Chapter 7 bankruptcy, a 341 meeting is held with your creditors and trustee to determine how to proceed with your remaining debt. Here we review who…Read More
Understanding And Carefully Exercising Your Rights As A Debtor It is totally understandable to become frustrated and even incensed when you are bombarded by debt collectors. It is common to receive a flurry of phone calls, letters in the mail, and even in-person visits at your home when creditors seek to collect. If you have multiple debts simultaneously, the problem…Read More
Understanding Your Rights As A Debtor No one wants or likes having debt. If you had the capital to pay off your debts, you almost certainly would. Not paying it means being hit with late fees, interest, and, eventually, even more serious penalties. Why, then, do collection agencies and debt collectors put so much energy into convincing you to pay…Read More
Image by cdz from Pixabay If you are considering filing for Chapter 7 bankruptcy, you might be worried about how that will affect your possessions. The good news is, car loan lenders are not allowed to repossess your car or even try to collect on your outstanding balance once you file for Chapter 7 bankruptcy. In fact, their only recourse…Read More
Understanding The Role Of The Means Test In Bankruptcy Filing for bankruptcy can help you navigate situations where you are drowning in debt. The first step of that process is determining which type of bankruptcy you should be filing for, a process that typically requires determining your eligibility. The Illinois Means Test is meant to assess your ability to at…Read More
