Being told you owe debt is intimidating for any Illinois resident. Harassment by creditors looking to get paid back is even worse. However, sometimes, there is an out available to you in the form of a debt validation letter. What is a debt validation letter? A debt...
personal bankruptcy
How Chapter 7 bankruptcy works
If you struggle to pay debts, bankruptcy may help you remove some of them. Many filers in Will County, Illinois, choose Chapter 7 over other types of bankruptcy. Learn how Chapter 7 works and if you should file. How Chapter 7 bankruptcy works Chapter 7 bankruptcy...
Debtors’ and creditors’ rights during a bankruptcy
There are numerous protections that are guaranteed to debtors and creditors, according to federal and state bankruptcy laws. Debtors do not have to lose everything during a bankruptcy, and creditors cannot take everything that an individual owns. Creditors in Illinois...
Understanding bankruptcy’s automatic stay rule
Worries about how to pay massive debts could leave many people feeling anxious. A person's state of mind might worsen when creditors call to collect what the individual owes. Laws exist to protect people from collection agency harassment, but not every creditor or...
Basic points about personal bankruptcy
Debts could spiral out of control, leaving someone worrying about a foreclosure on their Illinois property. Several reasons may cause someone to struggle hopelessly with both secured and unsecured debt. Rather than continue to deal with creditors and balances that...
When can you refinance loans after bankruptcy?
Filing for bankruptcy can have a negative impact on your credit score and overall creditworthiness. However, it won't necessarily preclude you from refinancing an existing home, car or other type of loan. Take a look at what you should know about reorganizing your...
Are third parties protected in bankruptcy cases?
For many years, in bankruptcy cases across the United States, if a business was subject to litigation, third-party investors (or others who were involved with that business in some way) were protected from litigation. However, that situation may be changing. At the...
Should I file for Chapter 7 or Chapter 13 bankruptcy?
Filing for bankruptcy in Illinois is a big step. In all likelihood, you came to this decision as a last resort after struggling to get control over your finances for years. Before you file, you might have to make another decision about whether to choose Chapter 7 or...
When should you file for bankruptcy?
Illinois residents heavily in debt often wonder if there’s any way out. Bankruptcy might just be the answer. It’s important to know when you should file. What should you consider before filing for bankruptcy? Filing for bankruptcy should only be used as a last resort...
Fears rise over aggressive debt collection, creditor harassment
Illinois residents who are in debt have enough to think about without facing aggressive debt collectors and various forms of harassment. In the past, contact was generally limited to phone calls and notices in the mail. However, as people communicate in different...