Top Seven Reasons to File Bankruptcy

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

What to do if You are Late on Your Car Note?

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

Minimum Payments are NOWHERE! – Credit Card Debts

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

Student Loan Discharge : A Detailed Look

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

Can you file a bankruptcy case without a lawyer?

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

Student Loan Default & Fresh Start

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

The Bankruptcy Code Requires Lawyers to Advise Chapter 7 Clients

"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

Call the Attorney: Why Should Someone File a Bankruptcy Chapter 13?

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

How Does the CARES Act Affect Bankruptcy Proceedings?

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

23 Errors Commonly Made by People Who File Bankruptcy Without a Lawyer

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

Tips for Rebuilding Credit After Bankruptcy

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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