Credit: NCLC’s Consumer Bankruptcy Law and Practice #1: A Bankruptcy Filing Stops in Their Tracks Foreclosures, Evictions, Repossessions, Utility Shut-Offs, Garnishments, and Other Creditor Actions A bankruptcy filing will automatically and immediately, without any further legal proceedings, stop most creditor actions against a consumer and the consumer’s property—at least temporarily. A bankruptcy triggers an “automatic stay,” which Read More
If you are two months behind, your car is probably on a repo list. This means they are looking to repo your car! Without warning. They don’t tell you they are looking for your car. In fact they may even lie to you and tell you everything is fine! Hide the car. Get your personal Read More
If you are just paying minimum payments on your credit card balances, you should think about an alternative! For example, if you owe $10,000 on a credit card charging you just 18% annual interest, and you are paying the minimum payment of $250 per month, it will take you 28 years to pay off this Read More
In order to wipe out the Student Loans, in full or even partially, we must prove that repaying the loans would be an undue hardship. Criteria for ‘Undue Hardship’: A Detailed Look The term ‘undue hardship’ isn’t explicitly defined in the Bankruptcy Code, and so it’s open to interpretation by the courts despite the relaxation Read More
Yes, of course you can....but it is extremely dangerous and foolish to do that. I cannot tell you how many cases I have taken over after my client filed PRO SE, and made a complete mess of things. This resulted in my client paying me more to fix things than I would have charged the Read More
On April 6, 2022, the Department of Education (ED) announced that borrowers who have defaulted on their federal student loans will have a one-time opportunity to restore their loans to good standing through a “Fresh Start” initiative. Traditionally, defaulted borrowers can only restore their loans to good standing through the rehabilitation or consolidation processes. Defaulting Read More
Sometimes it’s convenient to add the name of a parent, child or sibling to property or a bank account. Usually done for estate planning purposes, co-ownership of property allows title of the asset to pass seamlessly from one person to the other upon death, or allows a younger person in the family to manage cash Read More
"you may be asked by a creditor to reaffirm a debt. You may want help deciding whether to do so. A creditor is not permitted to coerce you into reaffirming your debts." 11 U.S.C. § 527(b). Advising clients on whether to reaffirm can be tricky and varies based on local practice and case law. This Read More
Are you struggling to pay your bills? Have you considered filing for bankruptcy? If so, you’re not alone. In 2020, 8,526 Illinoisans filed for Chapter 13 bankruptcy. Your first step is to speak with a Chapter 13 bankruptcy attorney. Keep reading to learn more about bankruptcy and how an expert attorney can help you. What Read More
Are you caught in the economic fallout of the COVID-19 pandemic? Are you thinking about exploring bankruptcy proceedings? In April 2020, the unemployment rate rose to the highest level since the 1930s. In October, it was still at 6.9 percent. The Census Bureau’s Household Pulse Survey gathered data between October 28 and November 9, 2020. Read More
What Is a Bankruptcy Discharge? A bankruptcy discharge is the ultimate goal of a bankruptcy filing. Once a debt is discharged, you are no longer personally liable for that debt. More importantly, creditors that once had rights to collect, sue, levy, or garnish on the debt no longer have enforceable rights against you. Not all Read More
If you talk to any experienced Chicago bankruptcy lawyer, the first step that he or she will tell you to take when attempting to solve your debt problems is to evaluate your situation. There are a number of yes/no questions that you can answer to figure out the extent of your debt situation. First of Read More
Bankruptcy can be a trap for the unwary, particularly if you file bankruptcy pro se, i.e., without representation by a knowledgeable bankruptcy attorney. Some common mistakes made by individuals in filing for bankruptcy are listed here. All of these serious and sometimes catastrophic errors can be avoided by retaining competent bankruptcy counsel and following his Read More
Rebuilding credit after bankruptcy may seem like a long, tough road, but it's not as difficult as you might think. Filing bankruptcy won't completely destroy your finances. Instead, it can give your financial life a fresh new start, allowing you to build a better future. If you take the right steps immediately and vow not to let Read More
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