Bankruptcy gives debtors in Will County, Illinois, a fresh start, but some consumers hesitate filing because they fear losing everything. In some cases, they are required to relinquish property, but that depends on the type of bankruptcy. Illinois bankruptcy codes...
personal bankruptcy
The basics about Chapter 7 bankruptcy
Many Illinois residents have experienced some difficult times over the course of the past year or more. For some, health problems have been the primary concern. But, for others, it is their financial situations that have deteriorated significantly. Anyone facing...
Why are farm bankruptcies increasing?
If you and your family farm, no one need tell you that times are tough for farmers. Low commodity prices, retaliatory tariffs and natural disasters, followed by the worst unemployment rate in decades, have placed many family farmers in untenable financial positions....
Creditor harassment and its limits
Consumer debt is an ordinary part of American life, and millions of Americans have mortgage payments, car loan payments, student loan payments, medical debt, credit card bills and other types of debts. For many of us, these burdens are difficult, but not overwhelming....
Don’t let bankruptcy myths stop you from filing
Filing for bankruptcy is difficult enough, but certain myths and misinformation about it make people hesitate before taking this much needed step to restart their financial life. From how to go about filing, the reasons for filing, and the changes it will bring it...
Understanding Illinois bankruptcy exemptions
When a resident of Will County considers filing a petition for bankruptcy, one the first concerns is how much personal property will be lost in bankruptcy. For most people, the most important asset is their family home, followed closely by the family vehicle. The...
Do spouses have to file bankruptcy together?
You do not have to file bankruptcy jointly with your spouse. It is generally a good idea not to file jointly if only one of you is liable for the debts that led to the bankruptcy filing. The Illinois State Bar Association explains that the court considers the liable...
Can filing for bankruptcy stop creditor harassment?
Everyone knows about the dreaded phone call from a credit card company. The one where they call relentlessly asking for money. Creditors only care about one thing-getting their money. There is a way to stop these phone calls and letters. Declaring bankruptcy can help...
Student loan repayment and discharge
Many people borrow student loans to pay for higher education. Even many years after graduate, they can still have difficulty repaying the loans. It is helpful to understand a few of federal student loan repayment options that may be available to borrowers. IBR and...
When getting married, when should you file for bankruptcy?
You know you want to walk down the aisle with your significant other, but you do not know when to file for bankruptcy. Should you file before saying, "I do," or wait until after? Experian may have the answers you need. Start your marriage on the right financial foot....