Category: Bankruptcy

Bankruptcy FAQ

bankruptcy lawyer

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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What Assets are Exempt in Chapter 7 Bankruptcy?

Declaring bankruptcy does not mean a person needs to surrender all of his or her assets or possessions to satisfy debts. Under Illinois and federal law, there are numerous exemptions that help give individuals the opportunity to make a fresh start following the conclusion of bankruptcy proceedings.

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How Often Can You Declare Bankruptcy?

There are no restrictions on how many bankruptcy cases a person can file, but there are restrictions on the time between filing. A bankruptcy attorney can explain the bankruptcy process and the required waiting period between filings.

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Tuition Debt: The New Bubble?

Some economists are predicting that rampant student debt (i.e. “tuition debt”) is the new speculative bubble that could sink the economy. Speculative bubbles are periods of rapid, unsustainable economic activity in a particular industry or service. These rapid buildups result in “bubbles” which continue to expand until they reach a tipping point when they are no longer sustainable. Once…

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