Frankfort Law Group
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Posts tagged "Personal Bankruptcy"

Qualifying for Chapter 7 bankruptcy

Many Illinois and Indiana residents face financial challenges at some point in their lives. While some are able to overcome the difficulties associated with the loss of a job, the onset of an unexpected medical condition or soaring interest rates on lines of credit, others find themselves completely overwhelmed. In the latter circumstances, it is wise to consider all debt relief options, as it is unrealistic to try to climb out of a hole that just keeps getting deeper.

Facing overwhelming debt? You're not alone

When you're struggling with debt, it can be easy to feel alone. One reason for this is because many people who find themselves overwhelmed with debt feel embarrassed. They therefore choose not to discuss the matter with family and friends, let alone seek debt relief options. However, this isolation can only contribute to one's stress. Those facing this type of situation should know that they are not alone.

Questions to ask when considering bankruptcy

Many Illinois and Indiana residents find themselves living paycheck-to-paycheck, one unexpected situation away from financial disaster. Those who wind up facing unexpected and overwhelming debt can find it hard to pay their rent or mortgage, keep the lights and water on and even put food on the table. In desperation, these individuals may turn to family and friends or something like a payday loan, for assistance. However, when these resources dry up, these individuals can still be left struggling.

Changes made to Chapter 13 bankruptcy processes

The procedures followed for successful bankruptcy discharge are dictated by federal law. As such, changes to the law can change the way an individual approaches his or her personal bankruptcy. Recent changes to the Chapter 13 bankruptcy code may provide additional benefits to debtors. Those considering seeking bankruptcy protection should familiarize themselves with these changes, ensuring they are taken advantage of throughout the process.

Some may unknowingly be pushed into certain types of bankruptcy

Debt is not the easiest thing to deal with. Most are aware that there are a variety of bankruptcy types and debt relief options available to them. Choosing the right path to pursue is wholly dependent upon one's circumstances and their desired outcome. This is why it is critically important that those who are facing overwhelming debt ensure that they are fully informed before taking any legal action.

Debt settlement or bankruptcy?

Most people hate the idea of filing for bankruptcy. To them, taking such action is an indication that they have failed financially, and the social stigma attached to them moving forward, they fear, may be more than they can bare. Therefore, many Illinois residents turn to debt settlement options in hopes of avoiding their fears of bankruptcy.

Chapter 13 bankruptcy not always the right debt relief option

As many Illinois residents know, facing financial difficulty is nothing short of challenging. It can leave an individual feeling overwhelmed and hopeless, while at the same time they are overly stressed with trying to find a way to dig themselves out of debt. Although some of these people are able to get themselves out of debt, others only find themselves falling into a deeper hole. When this is the case, it might be wise to seek debt relief. This may include filing for personal bankruptcy.

We help to decipher the bankruptcy process

Previously, this blog discussed how many Americans are struggling to pay off their credit card bills. This, when taken together with other debts, including medical expenses, income hardships from a lost job, reduced hours or decreased pay, can leave an individual in a dire financial situation. He or she may not know what to do to protect themselves and their family, and the pressure can rise when unrelenting creditors continue to hound him or her.

The types of claims in a Chapter 13 bankruptcy

Illinois residents who are facing financial difficulties may struggle to find a way to secure their financial future. Working overtime and additional jobs may not be enough to overcome their debts, leaving them fearful for their future. These individuals should take comfort, though, in the fact that debt relief options may be available to them. Depending on the circumstances at hand, the most effective of these options may be bankruptcy. However, before pursuing bankruptcy, an individual should understand the process as fully as possible.

Medical debt credit reporting standards to change

Although the economy seems to be recovering, far too many Americans continue to live paycheck-to-paycheck. These individuals are just one unexpected life event away from facing financial ruin. Being in this position can be extremely stressful, and when one of those life events occurs, they may find themselves overwhelmed with no idea how to resolve their financial difficulties. This often happens when an individual is hit with unexpected medical expenses.


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