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...
personal bankruptcy
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...
What can’t a debt collector do in Illinois?
Debt collectors can be ruthless. They will do whatever they can to get you to pay your debts. However, there are some things that they are not allowed to do in Illinois. Here are five of them. 1. Harass you in any way Illinois Fair Debt Collection Act strictly...
What is a debt validation letter and how does it work?
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...
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...