Category: Bankruptcy

Bankruptcy for Sole Proprietors

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Many people begin operating a business on their own without formally creating an LLC or corporation with the state. This is called operating a sole proprietorship, and there are benefits to doing so, such as no filing requirements and simple pass-through taxation. However, in exchange for these benefits, sole proprietors receive no protections from personal liability for the debts…

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Chapter 7 Bankruptcy Filings Might Increase in 2020

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There is no doubt that 2020 has been a year that will go down in history. Unfortunately, many households will remember 2020 as a year of unemployment and financial struggles. Whether you were temporarily furloughed, had your hours reduced, or lost your job entirely, your family might have fallen behind on debts and/or relied on credit cards to get…

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Are You Planning to File Bankruptcy? Considerations for the Holidays


Many people begin to feel extra financial pressure as the holidays near. If you were already struggling to pay your debts, you might decide to file for bankruptcy after the holiday season comes to a close. While this is a popular decision among consumers, there are some things to keep in mind. Don’t Overspend When you decide to file…

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Bankruptcy FAQ

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Bankruptcy helps thousands of households across the United States each year. There are different options when it comes to seeking financial relief through bankruptcy, and you should discuss any questions you may have with a bankruptcy lawyer in Rolling Meadows. Some of those questions may include the following. What is Chapter 7 Bankruptcy? Chapter 7 bankruptcy is commonly called…

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Is Chapter 7 Bankruptcy Right for You?

chapter 7 bankruptcy

Too many people who struggle with debt fail to take action and keep falling deeper and deeper into the hole. Ignoring your debts will not make them go away, and constantly dodging creditors can make matters more stressful. The threat of a possible repossession or home foreclosure may be looming, and you do not want to risk losing your…

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Debt Is Piling Up: Will Americans Make It Out Alive?

About 68% of Americans wonder whether they will ever become debt-free, and while debt from credit cards, mortgages, medical bills and even student loans continues to pile up, a few simple strategies can help consumers make it out of debt alive.

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Does Bankruptcy Affect a Settlement Award?

The disbursement of settlement proceeds may be significantly impacted for individuals who have filed personal injury claims before filing for bankruptcy or throughout an open bankruptcy unless they take certain steps to preserve their settlement funds. Taking the following steps can help ensure that individuals have more control over their settlements, preventing unwanted circumstances from negatively affecting them.

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Converting a Chapter 13 Bankruptcy to a Chapter 7

Converting a Chapter 13 bankruptcy to a Chapter 7 is sometimes a solution that better meets the financial needs of some consumers, but it may not be the best choice for everyone. Chapter 7 bankruptcy is often an attractive option for debtors as it wipes out most debt owed, while Chapter 13 requires a portion of the debt to…

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How Bankruptcy Impacts Liability on a Civil Judgement

Bankruptcy could be a way to avoid liability in a civil judgment. However, this will depend on whether or not the underlying debt is dischargeable. While there isn’t a guarantee that you can get rid of the debt via a bankruptcy, individuals may be able to avoid the lien in some cases.

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