Filing for bankruptcy is difficult enough, but certain myths and misinformation about it make people hesitate before taking this much needed step to restart their financial life. From how to go about filing, the reasons for filing, and the changes it will bring it...
A Team Of Attorneys Focused On Your Legal Needs
personal bankruptcy
Understanding Illinois bankruptcy exemptions
When a resident of Will County considers filing a petition for bankruptcy, one the first concerns is how much personal property will be lost in bankruptcy. For most people, the most important asset is their family home, followed closely by the family vehicle. The...
Do spouses have to file bankruptcy together?
You do not have to file bankruptcy jointly with your spouse. It is generally a good idea not to file jointly if only one of you is liable for the debts that led to the bankruptcy filing. The Illinois State Bar Association explains that the court considers the liable...
Can filing for bankruptcy stop creditor harassment?
Everyone knows about the dreaded phone call from a credit card company. The one where they call relentlessly asking for money. Creditors only care about one thing-getting their money. There is a way to stop these phone calls and letters. Declaring bankruptcy can help...
Student loan repayment and discharge
Many people borrow student loans to pay for higher education. Even many years after graduate, they can still have difficulty repaying the loans. It is helpful to understand a few of federal student loan repayment options that may be available to borrowers. IBR and...
When getting married, when should you file for bankruptcy?
You know you want to walk down the aisle with your significant other, but you do not know when to file for bankruptcy. Should you file before saying, "I do," or wait until after? Experian may have the answers you need. Start your marriage on the right financial foot....
Was 2020 the worst year for bankruptcies?
We see the news every day. The parade of horribles: job losses, high unemployment, business closers, etc. And, with all of this grim economic news, it hardly a wonder that many of us believe that 2020 saw bankruptcies skyrocket. But, did that actually happen? The...
Bankruptcy does not impact credit scores forever
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...
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...