Recent Blog Posts

Learn How To Deal With Debt Collectors

Charles Glanzer — Thu, 17 May 2012 18:35:00 GMT

Maybe you’re not ready for bankruptcy—or even a good case for it, but you’re still suffering from high debt that makes it impossible to pay the really important bills like rent, electricity, gas, or food. You should still consider talking to a bankruptcy attorney in Chicago about the process and what it entails. You may also gain some insight into how to deal with debt collectors.

Credit Card Bills and Settlement

Talk to your Chicago bankruptcy lawyer about the different types of ‘credit settlement’ available to you. You might want to try and “settle” your credit card bills. When you owe a lot of money in back payments and there is a legitimate reason for it (job loss, divorce, medical emergency), many times the credit card companies will settle your debt for thousands less than what you owe. To them, some money is better than no money and will usually come around during negotiations if you have a large lump sum to offer.

Beware of Scams

There are a lot of shady companies out there that will take your money to negotiate for you and you just end up in a stink of legal trouble for your efforts. Your Chicago bankruptcy attorney has helped many consumers lower their debt through settlement or the process of bankruptcy. Credit card companies play hardball when they think there is more money to squeeze out of you. Your Chicago bankruptcy attorney is there to help you get in the game. They know the tricks of their trade and can get you a settlement that you both can live with.

Your bankruptcy attorney in Chicago will be able to help you decide which type of bankruptcy is going to be most beneficial for you. The different chapters of bankruptcy in the United States Bankruptcy Code are there for different reasons and for different circumstances. Remember that bankruptcy is not a way out, but a way forward and a legal resource for every American who has run into financial difficulty.

Discuss Bankruptcy With A Lawyer in Chicago

Charles Glanzer — Thu, 17 May 2012 13:30:00 GMT

There are a number of essentials that you need to know about bankruptcy that will help you make a wise decision about using a Chicago bankruptcy attorney in your fight for financial freedom.

The first is that bankruptcy is NOT a four letter word! While it might seem to be a drastic step to take; in actual fact it could be one of the most important and prudent financial decisions that you ever make.

Bankruptcy in Illinois Explained

Declaring bankruptcy is not the worst thing that can happen to you. It is not a word that should be avoided and it is not the end of the road. If you approach bankruptcy as a step in the right direction, you will be able to face the future again with confidence and security.

Illinois has been hard hit in the recession and despite the promises of an improved economy, the recovery seems to be slower than expected. If you live in the Chicago metro area you will have seen firsthand just how tough it is financially and economically right now. Unemployment in Illinois stands at 9.4 % according to the Illinois Department of Employment Security. This is why it is vital that you use a Chicago bankruptcy attorney to file your bankruptcy.

If you have amassed a large amount of personal debt and you are unable to make payment on this debt, you may be eligible for a Chapter 7 bankruptcy. This is the best choice for people who have been hardest hit in the recession and who may be unemployed and unable to service their debt. Most if not all of your debt is effectively wiped out in a Chapter 7 bankruptcy, and you are able to start over again with a clean financial slate.

If you are able to finance the repayment of your debt and you receive steady income then you may consider filing for a Chapter 13 bankruptcy which will allow you to maintain your home and vehicles. In a Chapter 13 bankruptcy, yo are repaying your debts at a rate determined by a Chicago bankruptcy court. This is why it is vital to use the services of a professional Chicago bankruptcy attorney who has knowledge of the local legal system and the bankruptcy court judges. Remember that your bankruptcy will only be discharged when you have completed a Credit and Debt Counseling programs which will be overseen by the court and your local Chicago bankruptcy attorney.

Bankruptcy In Illinois And The Means Test

Charles Glanzer — Wed, 16 May 2012 20:29:00 GMT

If you are considering filing for bankruptcy in Illinois, you will have to establish both your eligibility for bankruptcy and which type of bankruptcy that you can apply for. This is why it is vital to consult with a Chicago bankruptcy attorney.

The bankruptcy means test is used across the state of Illinois to determine whether or not you qualify for a Chapter 7 or a Chapter 13 bankruptcy. Your local Chicago bankruptcy attorney will be able to advise you on the means test and your options regarding bankruptcy

Chapter 7 Bankruptcy Explained

If you have no source of income and are unable to service any of your debt then you may be eligible for a Chapter 7 bankruptcy. It effectively wipes out all of your personal debt, including medical bills, which is one of the biggest reasons that people are filing for bankruptcy in Illinois. A chapter 7 bankruptcy is also able to stop any wages being garnished by your creditors.

When you feel that you have reached the end of the road and cannot bear to answer the phone or the door anymore because your creditors are hounding you, then talk to a professional bankruptcy attorney who can help ease the path and the way ahead for your financial future.Filing for bankruptcy means that you are able to rebuild your financial foundation and your future without the stress and worry that comes from the crippling debt that is hurting many people across the country.

Chapter 13 Bankruptcy Explained

If you do have a steady job, but have fallen behind on payments or have amassed a large amount of debt due to medical bills that you are unable to service, then you may be eligible for a Chapter 13 bankruptcy. You will have to submit a repayment plan to the court in Chicago who will then assess your case and discharge your bankruptcy when you have completed a Credit and Debt Counseling program to the satisfaction of the local court.

A chapter 13 bankruptcy is one of the best ways of stopping a foreclosure even if you have been served with a foreclosure notice. You will be able to pay back the arrears on your mortgage without losing your home and the roof over your family’s head.

There are a number of different ways of approaching a bankruptcy which is why you need to get the best guidance and help to decide on the way forward. It might fell like you cannot get out of the quagmire of debt right now, but there is a solution and it may very well be through a Chicago bankruptcy attorney.

Beware Cut Rate Bankruptcy Advice

Charles Glanzer — Wed, 16 May 2012 14:33:00 GMT

Our elders always told us, "You get what you pay for," but as we get older we learn that this advice isn't always true. Sometimes you get more than you bargain for, and sometimes less. So how can you know if you are getting the best bankruptcy legal services for your money? The answer is actually simpler than you think. Below is a discussion of three ~~little pigs~~ attorneys who charged three different bankruptcy rates: the expensive rate, the market rate, and the discount rate.

The Expensive Bankruptcy Attorney

A consumer bankruptcy attorney who charges higher fees is telling you an important detail about his or her legal services. The expensive attorney does not need your business. The expensive attorney is often very experienced in consumer bankruptcy cases, but has committed his or her time to some other type of work. This is often true of bankruptcy attorneys who work for creditors, like banks and credit card companies. Also, if the attorney advertises his services, you are likely subsidizing his advertising budget by paying a high fee. Sometimes bankruptcy is just a "side business" that the attorney can "take or leave." Obviously the expensive attorney's main focus is on something other than representing you.

The Discount Bankruptcy Attorney

The discount bankruptcy attorney needs your business either because he or she has started a new bankruptcy practice or because business is slow. A new bankruptcy practitioner is obviously a dangerous gamble. This attorney may not have the experience with the bankruptcy code, the local rules, the bankruptcy court judges and trustees, or the local creditors to reach the best outcome for the bankruptcy client. Practicing in the bankruptcy profession is not just a matter of knowing "what to do," but the best result often depends on knowing "how to do it."

A slow bankruptcy practice should also be a warning sign. Ask yourself, "Why is this firm offering a discount rate?" Is this attorney not getting referrals from other attorneys? No recommendations from previous clients? Why not? There may be reasons for the discount rate that could affect your case.

The Market Rate Bankruptcy Attorney

Successful consumer bankruptcy attorneys know what their competitors charge and will not over charge or under charge their clients. The market rate bankruptcy attorney knows the value of his or her services, and will confidently represent you in bankruptcy court. Most bankruptcy fees are simple and the process at a market rate attorney's office is very efficient. This attorney can quickly identify issues with your case, recommend a course of action, and will zealously represent you. The market rate bankruptcy attorney has open lines of communication with the bankruptcy trustees and creditors, and can work quickly to achieve the best possible result.

Just like Goldilocks discovered, market rate bankruptcy services is just right! Your best option is an experienced bankruptcy attorney that charges a fair price.

How Long Does A Chapter 13 Bankruptcy Take in Chicago?

Charles Glanzer — Wed, 16 May 2012 14:05:00 GMT

One of the most frequently asked questions of any Chicago bankruptcy lawyer is the length of time it takes for a bankruptcy. People often wonder why a Chapter 13 bankruptcy takes longer than a Chapter 7. Typically, a person filing for Chapter 7 can receive a debt discharge within 6 months; whereas a person in Chapter 13 may take up to five years for to have their debts discharged.

Chapter 13 Timeline in Chicago

Why does Chapter 13 take longer than Chapter 7? The short answer is that debt repayment takes longer than debt elimination. In a Chapter 7 case, filers debts are eliminated through a bankruptcy discharge. The time it takes to satisfy creditors when the debtor cannot afford to repay the debts is only as long as it takes for your attorney to complete the paperwork and gather necessary information, usually within a matter of months. You need to work with a skilled bankruptcy attorney in Chicago to make sure that your paperwork is complete and correct at all times. Any mistakes can cause further delays.

A Chapter 13 case is a bit more complicated than a Chapter 7 case because it involves a debtor’s plan, or plan of creditor repayment. When filing for Chapter 13 through your Chicago bankruptcy lawyer, a repayment plan is developed based on the disposable income level of the debtor. The plan outlines how much will be repaid to creditors and the payments are spread out over a period of three to five years, whichever best fits the budget of the debtor. Because Chapter 13 requires repayment the process is extended in order to allow smaller payments to prevent the debtor from suffering further financial insolvency, which is especially helpful for dealing with secured debts like a mortgage or car loan.

Choosing which bankruptcy to file is not a process that you should do alone. Find a reputable Chicago bankruptcy attorney who will advise you on all aspects of filing as well as exactly how long it will take.

Can You Afford To File For Bankruptcy in Chicago?

Charles Glanzer — Tue, 15 May 2012 14:45:00 GMT

If your Chicago bankruptcy lawyer was to ask if whether or not you could afford to file bankruptcy, you might think it was a trick question. After all, bankruptcy is a tool for those who are financially insolvent and can't afford to resolve their debts. While bankruptcy is designed to help those in financial hardship, not everyone can afford to file.

How Much Does Bankruptcy in Illinois Cost?

A new study, conducted by the National Bureau of Economic Research, has found that many Americans are "too poor" to file for bankruptcy. The study estimates a range of 200,000 to 1 million Americans considering bankruptcy cannot actually afford to file their case. Why? Filing fees and lawyer costs may put bankruptcy out of reach.

The average Chapter 7 case can cost a debtor up to $300 in court fees and upwards of $1500 for a bankruptcy attorney. While these fees don't sound like much compared to the benefits provided by a bankruptcy filing, many people lack the cash flow necessary to pay for such fees. A study conducted by Columbia University found that 200,000 people would not have been able to file for bankruptcy last year without the help of their tax refund check.

Filing Help

These studies reveal some interesting facts about the financial state of many Americans, but it doesn't mean that filing is impossible. There are a few ways to find help with your bankruptcy case. First, find a pro bono attorney, or one who offers flexible payment plan options. If you are filing for Chapter 13 you may be able to roll your lawyer fees into the repayment plan. Second, request a filing fee waiver with the court. There are instances in which the court will waive filing fees for certain Chapter 7 cases.

If you think you can't afford to file for bankruptcy you need to be talking to a bankruptcy lawyer in Chicago fast. Financial insolvency does not get any better with time, and yet far too many people put off filing for bankruptcy until it's too late.

The Fair Credit Reporting Act and Bankruptcy

Charles Glanzer — Mon, 14 May 2012 15:37:00 GMT

The cornerstone of the federal bankruptcy law is the discharge at the end of the debtor's case. The discharge provides the debtor with a new opportunity for a fresh financial start without the encumbrance of overwhelming debt. But a "fresh start" is not possible if the debtor continues to be penalized by past financial mistakes. Consequently, the federal law not only forbids a creditor from seeking to collect on a discharged debt, it also directs credit reporting agencies to report the debt accurately to avoid any indirect penalty.

The Fair Credit Reporting Act (FCRA) is a federal law that directs the collection and use of consumer credit information by credit reporting agencies. The FCRA contains two powerful provisions that debtors should know after receiving a bankruptcy discharge. The first is that credit reporting agencies are to list a discharged debt as "discharged in bankruptcy" with a "zero balance." Any negative activity (delinquent payments, etc.) prior to the date of the bankruptcy filing can remain on your credit report for up to seven years. However, any negative information listed on your credit report that occurred after the date of the bankruptcy filing is a violation of the bankruptcy law and should be removed. This includes a post-filing transfer of the debt to a collection agency.

The second powerful FCRA provision is the amount of time a bankruptcy filing can remain on your credit report. The FCRA states that a bankruptcy can remain on your credit report for ten years after the date the bankruptcy case was filed. Note that the ten year period starts from the date the case is filed with the court, and not from the date you receive your discharge. This limitation is the maximum time the bankruptcy report can remain on your credit report.

The Fair Credit Reporting Act directs credit reporting agencies to maintain simple procedures for disputing inaccurate information. Once you file a dispute, the credit reporting agency must verify the accuracy of the information or remove it from your file. You are entitled to one free credit report each year by contacting the individual credit reporting agencies. While there are dozens of these agencies, the most popular are Equifax, Experian, and Trans Union. A free credit report can be obtained from each of these credit reporting agencies by going to a joint website at: http://annualcreditreport.com

Understanding your credit report rights is an important part of your fresh start after bankruptcy. Debtors who correct credit report errors and rebuild their credit histories through responsible use of credit can quickly improve their credit scores to average or above average levels. If you need specific advice on improving your credit after bankruptcy, consult with your bankruptcy attorney.

The Importance of A Bankruptcy Lawyer in Chicago

Charles Glanzer — Mon, 14 May 2012 13:15:00 GMT

Anyone who is considering filing for bankruptcy should first hire a good bankruptcy lawyer in Chicago. Your lawyer will be able to explain the different types of bankruptcy and how it might be personally beneficial to file under a specific chapter. Additionally, a good bankruptcy lawyer in Chicago will know all of the complex issues and nuances of the law so will be able to help you make the decisions that will be most beneficial in the long run. Whether you are filing for credit card bankruptcy or declaring some other type of bankruptcy, an experienced bankruptcy lawyer can guide you every step of the way.

Is A Bankruptcy Lawyer in Chicago Experienced?

The ideal bankruptcy lawyer in Chicago is a licensed professional who understands how to use the laws to defend a bankruptcy case successfully. One simply cannot ignore how vital it is to hire a good bankruptcy lawyer, because the decisions that are made in court that surround your bankruptcy case can affect your life for years to come. It is important for each client to understand that there are different laws for different types of cases. Your bankruptcy attorney will explain what these differences are and will guide his clients through the necessary steps of the bankruptcy process.

Is a Bankruptcy Lawyer in Chicago Licensed?

That a lawyer has a license to practice law is, of course, very important. Bankruptcy laws vary from state to state. A bankruptcy lawyer in Chicago will usually obtain his or her license to handle cases in Illinois only. Rarely do they obtain licenses to practice in more than one state. Each state’s laws are complex and it would be quite difficult to familiarize oneself with the vast differences between them all from one state to another. It is vital to the success of a case that if you decides to file for bankruptcy, that you should hire an experienced and knowledgeable bankruptcy lawyer in Chicago who stays up to date with the new laws that are applicable in Illinois.

It could be the smallest law or legal loophole that could save you literally thousands of dollars in your bankruptcy. You want to know that your bankruptcy lawyer in Chicago is right on top of the law on your behalf.

Bankruptcy Is Not Absolute

Charles Glanzer — Fri, 11 May 2012 15:13:00 GMT

The bankruptcy discharge is one of the most broad and powerful provisions in U.S. law. Discharged debts cannot ever be collected from the debtor. However, there are limits to the bankruptcy discharge and it is only meant to help honest debtors. The federal bankruptcy code excepts certain "bad actor" debts from discharge, like criminal fines, debts from willful and malicious conduct, debts from drunk driving, etc.

The case of Nicolai v. Larsen, decided recently by the 7th circuit Court of Appeals, is an excellent example of how the bankruptcy code may limit the discharge when the debtor is dishonest. In this case Larsen was awarded $3.4 million by a Wisconsin court as a result of injuries Nicolai caused while attempting to murder his wife. Nicolai tried to discharge this debt during bankruptcy. The 7th Circuit Court of Appeals found that the debt was based on Nicolai's bad acts of battery, false imprisonment and intentional infliction of emotional distress. Under section 523(a)(6)of the bankruptcy code, debts arising from "willful and malicious injury by the debtor to another entity or to the property of another entity" are not dischargeable, the 7th Circuit denied Nicolai his request to discharge the $3.4 million debt. The court said:

"We imagine that all courts would agree that a willful and malicious injury, precluding discharge in bankruptcy of the debt created by the injury, is one that the injurer inflicted knowing he had no legal justification and either desiring to inflict the injury or knowing it was highly likely to result from his act. To allow him to shirk liability by discharging his judgment debt in those circumstances would undermine the deterrent efficacy of tort law without serving any policy that might be thought to inform bankruptcy law property of another entity."

The bankruptcy code does not automatically except a debt for "willful and malicious injury" from the order of discharge. Instead, a creditor has a duty to affirmatively object to the discharge of the debt. If the creditor fails to file a timely objection, the debt is included in the discharge and the creditor may not collect from the debtor.

If you need financial help, speak with an experienced bankruptcy attorney. Your attorney can explain your legal rights and discuss your bankruptcy options. The bankruptcy code is flexible to permit repayment, discharge, or time to restructure your finances.

Let A Local Chicago Bankruptcy Lawyer Guide You Through the Steps Of Bankruptcy

Charles Glanzer — Fri, 11 May 2012 14:15:00 GMT

Let a local Chicago bankruptcy lawyer guide you through your bankruptcy process. Petitioning a court with bankruptcy papers is a technical process that you don’t want to face alone. There are many steps to the bankruptcy process. All steps in the bankruptcy process must be completed in order and by specific deadlines. Obtaining the services of an expert bankruptcy lawyer in Chicago can help avoid a great deal of time and many common errors. The wrong mistake can lead your bankruptcy petition to be dismissed, and in some situations without the right to re-file again.

Chicago Bankruptcy Laws

Not only is the process of filing bankruptcy detailed, the bankruptcy rules are written in legal jargon. You need to understand the rules of filing bankruptcy to maximize your outcome, which is what a bankruptcy lawyer will do. Here are some common misconceptions that you need to know before you file bankruptcy:

·Don’t cash in your retirement fund, because most retirement funds qualify for protection under bankruptcy guidelines. Liquidating retirement funds to hide them or to pay off creditors is not necessary.

·Don’t transfer the titles of your assets into someone else’s name. Certain assets are protected under bankruptcy laws. If the court finds you have transferred property or assets in an attempt to hide them, they have the ability to reverse the transaction.

·Don’t max out your credit cards if you plan to file with a Chicago bankruptcy lawyer. The court reserves the right to consider specific debt incurred within 90 days of filing bankruptcy non-dischargeable. You may end up being held accountable and have to pay if you run up your credit cards prior to filing bankruptcy.

Filing for bankruptcy is like any other court proceeding. You wouldn’t go to court if you were facing charges without a lawyer, so don’t go into bankruptcy court without someone protecting your financial rights. Hire a local Chicago bankruptcy lawyer to walk you through the bankruptcy process. Getting the right advice when you’re filing for bankruptcy so that you know your rights are protected. Consulting with a Chicago bankruptcy lawyer can even save you money in the long run.

What Is "Bankruptcy Protection?"

Charles Glanzer — Thu, 10 May 2012 15:38:00 GMT

When a company or celebrity files bankruptcy it is a news-worthy event. The media often states that the company or person has "filed for bankruptcy protection." But what exactly does this mean?

The federal bankruptcy laws are written to allow the debtor time to reorganize his or her finances. Reorganization would not be possible if creditors are allowed to continue collection actions like repossession, foreclosure, or lawsuits. Consequently, when a debtor files a bankruptcy case, the federal law immediately and automatically stops all collection activity. This provision, called the "automatic stay," gives the debtor "breathing space" to work with legal counsel, the bankruptcy trustee, creditors, and the court to propose a plan to either repay or discharge debts.

The automatic stay is technically a temporary injunction, issued by the federal bankruptcy judge, and directed at creditors that forbids collection action without prior permission from the court. The automatic stay prohibits creditor contact with the debtor in an effort to collect on a debt, which means collection letters, phone calls, emails, and other harassment must immediately cease. Lawsuits and garnishments must also stop once the bankruptcy case is filed. A violation of the automatic stay is punishable by contempt and enforced by the bankruptcy court.

The automatic stay continues until the debtor receives a discharge, the case closes, or the stay order is modified. Once the debtor receives a discharge, a new injunction takes the place of the automatic stay, commonly called the "discharge injunction." The discharge injunction is permanent and does not expire. It prohibits the creditor from collecting from the debtor, which includes lawsuits, garnishments, collection letters, etc.

The automatic stay and the discharge injunction apply to original creditors and third party collectors like collection agencies and attorneys. However, while violation of these orders does not depend on knowledge of the bankruptcy, court punishment usually does. The first thing to do when a violation occurs is to notify the collector of the bankruptcy order and contact your attorney. Knowing violations of a court order will likely have serious consequences for the collector and any wrongful repossession, garnishment, or seizure will be undone by the court's authority.

Bankruptcy protection is very powerful. The automatic stay umbrella will immediately shield you from creditor harassment while you restructure your finances, and the discharge injunction will give you peace of mind to enjoy your fresh start. For more information on how you can benefit from bankruptcy protection, contact an experienced bankruptcy attorney.

Filing Chapter 7 Through A Chicago Bankruptcy Lawyer

Charles Glanzer — Thu, 10 May 2012 14:10:00 GMT

When you are on verge of insolvency, you need to make time to meet with a Chicago bankruptcy lawyer to help you salvage your financial crisis. If you have an idea of what insolvency or bankruptcy is, you understand that only experienced lawyers can handle the complicacies of debt and the bankruptcy process. Americans have different types of bankruptcy available to them. One of those, and certainly one of the most common, is a Chapter 7 bankruptcy.

Your Chicago bankruptcy lawyer will guide you through the different types of bankruptcy solutions and advise you on which one is the best for you personal situation and your financial future.

Chapter 7 Bankruptcy in Illinois

Chapter 7 of Title 11 of the United States Code, also known as the Bankruptcy Code, is one of the most typical bankruptcies that Americans are known to file. When you file bankruptcy under this Chapter 7, it requires liquidation of certain assets to pay bad debt. However, you are allowed to keep exempt property. The court then assigns a trustee to sell the non-exempt property. The proceeds of the sales are then used to pay off the creditors. The the definition of exempt property differs from state to state and from the federal definition. Some states allow you to choose to use the federal exemption statutes instead of the state exemptions. In the vast majority of cases, most people do not lose any of their property in a Chapter 7 bankruptcy.

Chapter 7 and Foreclosure in Illinois

If you’re faced with possible foreclosure or even if you have been serviced with a foreclosure notice, it is vital that you consult with a Chicago bankruptcy attorney before you do anything else. Filing for bankruptcy under the Bankruptcy Code can help you delay the foreclosure process. It can provide you with an additional 45 to 75 days, for preparation, while the Bankruptcy Court processes the details of your case. There are eligibility requirements, to qualify for the Bankruptcy code, regardless of which chapter.

Even though filing under the Bankruptcy Code readily means being discharged of debts for most people, there are certain circumstances and certain debts that can’t be discharged. Filing under the Chapter 7 bankruptcy does not dismiss a lien on property, as the rights to the collateral still remain on the hands of the creditor, which serve as the non payer’s payment.

The intricacies involved in each bankruptcy case and the various laws created for Chapter 7 bankruptcy mean that you should always have a Chicago bankruptcy lawyer handle your case. Your financial future is just too important to be left to chance.

Chicago Bankruptcy and the IRS

Charles Glanzer — Wed, 09 May 2012 13:05:00 GMT

The biggest question asked by people in Illinois when they meet a Chicago bankruptcy attorney is if they can also claim their back taxes. When you file a Chapter 13 Bankruptcy you may repay any IRS tax amount owed through your Chapter 13 payment plan. This is why it is tremendously important to use a Chicago bankruptcy attorney to guide you through the process.

The IRS Payment Plan and Discharging Taxes in Bankruptcy

The IRS Payment Plan will enable you to get your taxes paid without a lot of penalties. In most cases it is always best to have the services of an experienced Chicago bankruptcy attorney who can help you with any issues that you have with the government.

Tax and bankruptcy laws permit people to repay their back taxes when they file for Chapter 13 Bankruptcy, and with the help of a Chicago bankruptcy attorney you can work out a good payment program. The best way to get IRS tax relief when you are filing for Chapter 13 Bankruptcy is by using the services of an experienced bankruptcy attorney in Chicago. Your attorney can guide you to get the tax relief that you need.

Many people prefer to file Chapter 7 Bankruptcy, because this will wipe out most of the bills that you owe and let you start all over again with a clean slate. This is a great way to recover with a fresh look on life. In a Chapter 7 bankruptcy, income taxes may be discharged if they are at least three years old (the clock starts ticking from the date the taxes were due, not the date the returns were filed), the tax return in question must have been filed within the last two years, the IRS must have assessed the taxes at least 240 days before you file your bankruptcy, the income tax return cannot have been fraudulent, and you cannot be guilty of tax evation.

If you have IRS tax debt, you need to make sure that you consult with a reputable Chicago bankruptcy attorney to find out your options.

Three Reasons Why Illinois Residents File For Bankruptcy

Charles Glanzer — Tue, 08 May 2012 18:55:00 GMT

There are numerous reasons to consider consulting a Chicago bankruptcy attorney. As we all know unexpected events occur and disrupt our lives without rhyme or reason. Generally these unforeseen events start a destructive financial cycle which could end in bankruptcy. Consulting with aChicago bankruptcy attorney is the first step in stopping the cycle and facing the future financially free of crippling debts.

The Recession And Chicago Bankruptcy Statistics

Economic factors have brought many Americans to their knees when it comes to debt and finances. Many people that have been blessed to keep their jobs have had to accept pay cuts or loss of hours. Either situation results in individuals getting a paycheck that is lighter than it has been in years. Now with less income people find themselves robbing Peter to pay Paul, but that doesn’t work for very long. Next thing you know its food for the family vs. paying off credit cards; we all know who wins that war. This is when people begin thinking of consulting a Chicago bankruptcy attorney.

Consult A Chicago Bankruptcy Attorney For Medical Debt

Medical emergencies can arise at anytime and can result in thousands of dollars ofmedical debt. And if it's the primary breadwinner of the house that becomes sick, then the paycheck can stop too. Unfortunately this is another route that can end in declaring bankruptcy to eliminate the mountains of piled up debt.

Credit Card Debts

Credit card debt can become overwhelming and force people into a credit card bankruptcy. People can manage their credit card payments for years and the longer they maintain the payments the higher the limits are raised. Next thing you know the minimum payments have all doubled or tripled and you cannot keep up. Once the payments are late, the penalties start accruing and the interest rate is raised. In this situation many people have had no choice but to meet with a reputable Chicago bankruptcy attorney to protect their assets through bankruptcy.

Many of the reasons that can force people to consider bankruptcy are beyond their control. Evaluate your situation and if you decided that a personal bankruptcy is the only option to alleviate the excess debt in your life, then proceed with a reputable Chicago bankruptcy attorney at your side.

The Right Time to File For Bankruptcy in Chicago

Charles Glanzer — Tue, 08 May 2012 15:30:00 GMT

Is there any ‘right time’ to file for bankruptcy in Chicago? Anyone who has ever had a lot of debt knows how draining it can be. Not just financially, but mentally and physically draining as well. Between trying to make minimum payments, avoid debt collectors and worrying about losing vehicles, their home, or any other property, people in debt have a lot on their plate. Most people want to try to fix their financial problems themselves but there are times when it is best to contact a reputable bankruptcy lawyer in Chicago to help you through the mire.

When The Money Is Just Not There

Most people would agree that if they had the money they would not be in debt. Part of the process of filing for bankruptcy is credit counseling. Often people don’t realize how much money they actually have. By budgeting and limiting spending, you may find a clear path to a financial future free from debt.

When Your House Might Be Lost

When filing chapter 7 bankruptcy a family’s home may be ost if you are unable to afford your monthly mortgage payments. For most people facing financial disaster losing their home or car is last thing they need so they tend to put off filing for bankruptcy. Only by speaking to a bankruptcy lawyer in Chicago, however, can you learn about the difference between chapter 7 and chapter 13, which may allow you to keep your home, vehicles and any other item that credit was used to purchase.

When Your Life Circumstances Have Changed

Unpredictable events can happen to anyone. If someone struggling financially is a victim of an accident, divorce or have lost his or her job and unable to return to an equal-paying job, bankruptcy may be the best choice. Unpaid debt left to accrue interest will not go away but only get worse. Illinois residents willing to take an honest and realistic look at their circumstances can determine with the help of a bankruptcy lawyer in Chicago if they will ever be in a position to repay their debt. If not, bankruptcy will probably be recommended.

No one plans on filing for bankruptcy. Once someone with a mountain of debt is able to look past the stigma and stereotypes and work with trained credit counselors and bankruptcy lawyers in Chicago they can determine if bankruptcy is the best answer for them. Sometimes wiping the slate clean is the only way to begin moving forward again.