Bankruptcy Blog

  • Bad things can happen to those who default on federal student loans. Borrowers may be subject to income tax intercepts, administrative wage garnishments, and seizure of some government benefits. If you are in default, you want to get out as quickly as possible. This post will talk about two ways to cure defaulted federal loans. Consolidation. The first option is to consolidate defaulted loans into ...
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  • Private student loans are originated by private lenders and they may be insured by other private entities. They are not guaranteed by the United States Department of Education. Because these are not federal loans, the remedies that are available are much different if a default should occur. Therefore, careful consideration should be given before taking out a private student loan. From a practical ...
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  • Can bankruptcy help you catch up on delinquent real estate taxes which have been sold to a tax purchaser? Perhaps, through a chapter 13 bankruptcy. A chapter 13 is essentially a consolidation of your debt. Your debt is combined into one payment which is made each month to a trustee. The trustee then pays your creditors according to the terms and conditions of your chapter 13 plan which generally ...
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  • Credit card debt is the worst. They are designed to keep you in debt for the better part of your life. If you carry a balance on your credit cards and are just making the minimum monthly payments, it will take you years, if not decades, to pay off the debt. Also, you'll be paying thousands of dollars in interest. For example, if you have $50,000 in credit card debt, an APR of 16.9%, and a ...
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  • There is a common misconception that income taxes cannot be discharged in a chapter 7 bankruptcy. Well, this is true regarding some income tax debt but not all. Income taxes may be discharged in bankruptcy if the following five criteria are met: The taxes must be more than three years old. The clock starts ticking the date the tax return is due, not when the return was filed. If the tax year in ...
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  • Lawsuits cause a lot of stress. Ten of thousands of lawsuits are filed every week by creditors seeking to collect on all types of debts, including credit cards, medical bills and foreclosure deficiencies. If you do in fact owe the money, there are few legitimate defenses that will prevent a judgment. When you are served with a summons and lawsuit, you must take action immediately…it will ...
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  • Social media platforms including Facebook, Twitter, Google+, LinkedIn and others have become the secret source for bill collectors, creditors and bankruptcy Trustees; a Chicago bankruptcy lawyer will warn you on what posts and pictures can adversely affect your bankruptcy. For many years, divorce attorneys scoured social media sites to get evidence of marital infidelities, large purchases, and ...
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  • Your bankruptcy attorney is your advocate when filing for bankruptcy, unlike the bankruptcy Trustee assigned to your case. A Trustee is assigned in both Chapter 7 and Chapter 13 bankruptcy cases and are there to act in the best interest of the creditors and is assigned by the Bankruptcy Court. The U.S. Justice Department appoints bankruptcy Trustees and they are normally attorneys with significant ...
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  • Every state in the United States has their own Statute of Limitations on debt; they vary widely and a Chicago bankruptcy attorney can help Illinois residents weed through the laws. Different types of debt have different periods of time under the Statute of Limitations. Oral contracts, written contracts, open accounts, and promissory notes fall under different guidelines in each state. In Illinois, ...
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  • Fear is one of the most powerful of all human emotions, during a bankruptcy a Chicago bankruptcy attorney can help alleviate fears and protect your best interest. One of the leading causes of bankruptcy is unpaid credit card and other debts. Once an account is in arrears, creditors hire debt collection companies to collect the debts, and any fees and interest owed. The debt collection industry is ...
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  • Bankruptcy was created to give people a fresh start with their finances and allow them to recover from past life-altering events such as job loss, a traumatic accident or illness, a pay cut, or divorce. Individuals who file for bankruptcy enjoy immediate relief with the automatic stay imposed on all creditors by law. This helps to relieve the enormous stress associated with the financial problems ...
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  • Bankruptcy lawyers can help families overwhelmed with debt, including healthcare costs, and can seek help from harassing creditors. With the current state of the economy, and the high unemployment rate in Chicago, many families have lost their health insurance and are now saddled with staggering medical bills. There is hope, bankruptcy laws were created to give individuals and families relief from ...
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  • It is important, when facing a possible bankruptcy that a debtor takes all of their assets into consideration. This is why it is always best to file a bankruptcy through a reputable bankruptcy attorney in Chicago and to utilize the knowledge and skills to avoid losing any more than you have to. A marriage contract and the type of agreement that is signed can play a large role in determining what ...
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  • Do you wait until creditors are hounding you before calling a bankruptcy lawyer? Do you call for legal help at the first sign of trouble? When exactly is the right time to start look at bankruptcy as a viable financial strategy that can help you sustain your assets and move forward into the future. Bankruptcy and Unemployment Job loss is one of the biggest reasons that many Americans make the ...
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  • One of the biggest fears that people have when they contact a bankruptcy attorney is the issue of their credit rating after declaring bankruptcy. In fact it is a main reason that people refuse to file for bankruptcy even when faced with a mountain of debt. If you are unable to meet your financial obligations you may find yourself slipping into the downward spiral of debt, creditors knocking at ...
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  • 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 ...
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  • 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 ...
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  • 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? ...
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  • The biggest question asked by people in Illinois when they meet a 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 bankruptcy attorney to guide you through the process. The IRS Payment Plan and Discharging Taxes in ...
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  • There are numerous reasons to consider consulting a 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 a Chicago bankruptcy attorney is the first step in stopping the cycle and facing the future financially free of crippling ...
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  • 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 ...
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  • Facing foreclosure and the possibility of losing your home is one of the most difficult and stressful events that you ever have to deal with. Consult with a reputable Chicago bankruptcy lawyer as soon as you are able to get expert legal advice on foreclosure and bankruptcy and the option available to you. If you are dealing with the threat, or the actuality of foreclosure, then you will need to ...
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  • Here's a link to the article. Although is doesn't appear the Congress is going to do much for most of the student loan debt that people have, it looks like some relief amy be around the corner for private student loans: http://online.wsj.com/article/SB10001424052702303978104577364120264435092.html?mod=WSJ_WSJ_US_News_5
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  • When deciding whether or not to use a bankruptcy attorney in Illinois, Chicago residents should consider three important facts. While many people believe that hiring a bankruptcy attorneyis too expensive and they can do it on their own, they are mistaken. Attorneys have the experience to make sure your bankruptcy successfully gets you out of debt. Individuals filing for bankruptcy generally have ...
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  • Life After Bankruptcy

    17-Apr-2012

    There is one fact that any bankruptcy lawyer will always warn about: Filing for bankruptcy without knowing your rights and responsibilities. Bankruptcy does not mean that you will lose everything that you own. There are ways of minimizing the damage and ensuring a stable financial future for you and your family. Understanding Bankruptcy Laws There are two types of bankruptcy that can be filed by ...
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