If a consumer in Frankfort, Illinois, believes they have no way out of debt, they might consider bankruptcy. Chapter 7 removes debt by requiring the selling of some assets while Chapter 13 is a structured repayment plan, and both can help get debts discharged....
personal bankruptcy
Student loan debt plagues many even with payments paused
Many Illinois residents are confronted with overwhelming student loan debt. This was a problem before the ongoing situation with medical expenses, lost jobs and an inability to pay their mortgages, rent and everyday expenses. It will still be a problem after life...
How long does the automatic stay remain in effect?
One of the benefits of filing for bankruptcy in Illinois is the automatic stay, which will be automatically ordered after the bankruptcy petition is filed. It is an injunction against the person's creditors ordering them to cease all collection activities and stop...
Bankruptcy might help with recently amassed medical debt
In Will County, throughout Illinois and across the United States, people have been forced to adapt to a radically changed set of circumstances personally and professionally. For many, that has meant job loss, reduced income, an altered family dynamic and recovering...
Fighting back when creditors violate your rights
Bankruptcy offers a much-needed solution for many Illinois consumers who need to get a fresh start. Debtors who attempt to file alone may find creditors try to take advantage of them by attempting to collect. An experienced bankruptcy attorney can help by utilizing...
What to know about Illinois bankruptcy exemptions
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...
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...