Many people who file for bankruptcy have a plethora of questions regarding how it will affect them in the future. A common one is how long bankruptcy will last on their credit report. Credit bureaus only report bankruptcies for a certain amount of time. People who...
personal bankruptcy
Understanding personal bankruptcy, its positives and aftermath
With the ongoing health crisis and the accompanying financial challenges people are facing through job loss, medical expenses and depleted savings, bankruptcy may be a way to navigate the situation and get on stronger financial ground. Illinois residents and people...
Bankruptcies are trending downward in Illinois
As of the end of November 2020, just over 28,250 individuals and businesses in Illinois have filed for bankruptcy protection. As usual, the vast majority of these bankruptcies were filed under Chapter 7 or Chapter 13, the two types of bankruptcies families most...
The benefits of a reaffirmation agreement
Most residents of Will County consider bankruptcy a means of shedding debts they cannot pay. Rarely to these debtors look at the benefits of reaffirming one or more debts. Reaffirmation of a debt in a bankruptcy proceeding can, however, result in the debtor keeping...
Can bankruptcy stop creditor harassment?
When bills begin piling up, and debtors struggle to make ends meet, it can feel like there is no end to the debt in sight. Things only become more stressful when creditors begin harassing a debtor for payment. The harassment can feel like the worst part of financial...
Can bankruptcy stop creditor harassment?
When bills begin piling up, and debtors struggle to make ends meet, it can feel like there is no end to the debt in sight. Things only become more stressful when creditors begin harassing a debtor for payment. The harassment can feel like the worst part of financial...
What legal actions can a creditor engage in?
Having to struggle to pay bills is difficult enough without having to worry about creditors harassing Chicago debtors in different ways. Unfortunately, creditors often make repetitive phone calls that can turn abusive, they threaten debtors with violence, use profane...
The miracle of the automatic stay in bankruptcy
Bankruptcy is often hyped as an effective way to gain protection from outstanding debts and the businesses trying to collect them. Unfortunately, the exact method of the protection is not well known. In this post, we will provide a description of how this protection...
How does the bankruptcy “means test” work?
When people with overwhelming debt consider bankruptcy as a way to restore their financial stability, they must first take a means test, which determines whether they meet income requirements to qualify for Chapter 7 bankruptcy. The test was designed to lower the...
Do you automatically lose your home if you file for bankruptcy?
There are many myths and misconceptions out there when it comes to filing for bankruptcy. You may have heard from others that filing for personal bankruptcy means you have to give up your home during the process, but is this actually true? According to SFGATE, this is...