Blog Posts in October, 2011

  • Couples who live together as a married unit but don't have the legality of an actual marriage cannot file for bankruptcy together, even if their debt was jointly incurred. Gay Marriage and Bankruptcy Although there was much celebration in the summer of 2011 when the state of Illinois allowed same sex civil unions there are still some limitations to couples who have taken advantage of ...
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  • People in Illinois struggling with their finances and considering bankruptcy need to contact a bankruptcy attorney to analyze their individual situation. For instance people with a second or even a third mortgage on their home may have some specific questions about their mortgages and their debts. Many people who suffered financial blows in the past used their home as a way to get back on their ...
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  • When bankruptcy is a possibility, people who live in Illinois should seek the advice of a Chicago bankruptcy attorney to discuss how their retirement funds will be treated. If you're worried about losing your retirement funds by filing for bankruptcy you may be surprised that a bankruptcy may be the best thing you can do to save your retirement funds. IRAs Some people believe that they should ...
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  • Most people don't walk directly from the unemployment office over to file their bankruptcy petition but with the unemployment situation the way it is in the United States right now it might not be a bad idea for some people to do just that. Will it apply in my case? Every situation is unique so there is no rule of thumb when considering bankruptcy after a job loss, speaking to a Chicago ...
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  • A Chapter 13 bankruptcy can almost be thought of as a consolidation repayment plan as opposed to a Chapter 7 bankruptcy where most or all of your debts are eliminated. In a Chapter 13 bankruptcy a trustee will be assigned to your case and they will determine the priority level of your debts. Once you have supplied your bankruptcy trustee with all of the required paperwork and information on your ...
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  • Most of the myths surrounding bankruptcy center on the stigma and social aspects of filing for bankruptcy. A good Chicago bankruptcy attorney will take the time to explain exactly what bankruptcy means and what you can expect during and after the process. To be blunt: People are ashamed about having to file for bankruptcy and often will take extraordinary measures to stay out of bankruptcy court, ...
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  • “Individual Bankruptcies are falling!” So proclaim the pundits, press and politicians. Statements like this don’t mean much to cash strapped, debt laden Americans who must still struggle from pay-day to pay-day and try to survive the debt crisis. Politicians tend to talk in percentages. Discovering the real number behind the cloak of a percentage is the key to discovering the ...
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