While some people may think of bankruptcy as a four-letter word, the fact of the matter is that it can offer those drowning in debt a financial lifeline. Indeed, this was a fundamental goal of Congress when they passed the federal bankruptcy laws. The Supreme Court...
personal bankruptcy
Student loan repayment may lead to more pain for debtors
The reinstatement of student loan repayments, so important to many borrowers in Will County, hangs in limbo. For two years, borrowers did not have to pay back these loans, but this deferment is set to end under one of two circumstances. In February, the Supreme Court...
Creditor harassment comes in many forms
The events of the last few years have left many Illinois residents struggling financially. Many people have fallen behind on bills or mortgage payments, causing them to rely on credit cards or loans to survive. Unfortunately, this usually only leaves many people with...
The power of the automatic stay in bankruptcy
Facing financial hardship is never easy, but modern-day collection efforts add a special kind of pain for anyone who has fallen behind on their financial obligations. Filing a petition for discharge (Chapter 7) or rearrangement of debts (Chapter 13) may seem...
Should I gift my things before bankruptcy?
There is a persistent myth that bankruptcy filers have to sell everything they own. As such, once a person reaches the conclusion that they will likely need to file bankruptcy, they think it is time to start gifting their stuff away. This is because of the mistaken...
Is bankruptcy an option while I am going through divorce?
This may come as little surprise, but many residents of Northern Illinois face marital problems and financial problems at the same time. Many Will County residents may even attribute their divorces to money woes. Like anyone else, people in Will County are free to...
What can you do about creditor harassment?
Being in debt can be a frightening experience. If you have run into financial trouble and can't make all your regular payments, you will see your unpaid balances pile up and gather interest. Before long, your total debt is so big you don't see how you will ever pay it...
When do debt collectors’ telephone calls constitute harassment?
Owing significant debt can be nerve-wracking and stoke fear in the debtor as to what the future holds. For Illinois residents who are simply trying to keep one step ahead of their creditors, their worry will be exacerbated by constant phone calls from debt collectors...
Are you on the wrong end of debt collection?
Having debts is common in the United States, including in Illinois. It is very easy to accumulate debts, whether from credit cards, student loans, car loans, a mortgage on your home, or some combination of all of them. Before you realize it, you may be behind the gun...
Are there alternatives to bankruptcy?
Even when the job market is favorable overall, Will County residents can easily and quickly run into serious financial problems. People still do lose their jobs even in an employee’s market. Moreover, a medical or other emergency can leave an Illinois family with one...