Category: Bankruptcy

Could Filing Bankruptcy Discharge Income Tax Debt?

Taxpayers who are unable to pay past due federal taxes have several options to choose from, including working with the IRS to create a payment plan or an offer in compromise to fulfill their tax obligations. However, if those options do not meet an individual taxpayer’s needs, bankruptcy might be an option to consider.

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Chicago Bankruptcy Rates Continue to Fall

The data is out for new bankruptcy filings in January of 2016, and the trend of fewer filings continues. In fact, last January’s numbers were the lowest since 2008, and greatly lower than the number of filings from 2010 and 2011, when the worst of the recession was upon the Chicago area. Statistics from the Northern Illinois District of…

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Should I file Chapter 7 or Chapter 13 bankruptcy?

  As an attorney could confirm, filing Chapter 7 bankruptcy is a common choice for people in Lake County. However, it may not always be the optimal decision. Several factors can help determine whether Chapter 7 or Chapter 13 bankruptcy is the more favorable debt relief option.

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Can I keep my home if I file for Chapter 13 bankruptcy?

When dealing with the prospect of bankruptcy, people are forced to make crucial decisions that will have a large impact on their lives. According to the U.S. Courts, 936,795 Americans filed for bankruptcy in 2014. Approximately 310,051 of the cases filed that year were Chapter 13, which is the second most common form of bankruptcy next to Chapter 7….

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Will bankruptcy ruin my credit rating?

  For Americans who are overwhelmed with financial debt, bankruptcy offers a way for people to gain a fresh financial start. Over one million Americans filed for bankruptcy in 2013, according to the U.S. Courts. While this option may not be ideal for every person suffering with extensive debt, it can transform the lives of others. Many people avoid…

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Medical debt leading cause of personal bankruptcy

When people think about bankruptcy filings, they commonly think about credit card debt, loans that can no longer be paid and frivolous spending habits, among other things. In some cases, these factors may contribute to people filing for bankruptcy in Illinois, and elsewhere. However, the Huffington Post reports that medical expenses are the number one reason why people file…

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