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...
personal bankruptcy
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...
Do I need to check if my medical debt has been eliminated?
If you have medical debt, you have likely heard about the recent changes announced by the three major credit bureaus. Beginning July 1 of this year, they changed how they will report outstanding and paid-off medical debt, which as a result, will affect the credit...
What is the means test under Chapter 7?
Each chapter within the bankruptcy code offers advantages for specific individuals or entities. Chapter 7 can provide the debtor with a blank canvas on which to draw a financial future. Under this fresh start, a trustee, first, sells assets and returns to the debtor...
What are potential obstacles to getting a Chapter 7 discharge?
When residents of Will County and the surrounding areas of Frankfort are dealing with overwhelming debt, they want to find viable solutions. For many, they will do whatever they can to stay ahead of debt collectors, make minimum payments and worry about how they will...