Many people facing bankruptcy are hesitant to file because of the negative impact it may have on their future. Although getting a car loan, mortgage or credit card will be more difficult in the short term, it is not impossible and as long as you keep your debts down and maintain your job status afterwards, your credit will rebound…
When filing for Chapter 7 or Chapter 13 bankruptcy, federal debt may not be automatically discharged. Most tax debts are difficult to eliminate, and complicated bankruptcy laws are often difficult to understand without a bankruptcy attorney who understands federal laws.
Bankruptcy is a legal way to get a clean financial slate, but there are some limitations. When people file for personal bankruptcy in Arlington Heights, they start a federal process that usually leads to a creditor meeting, court hearing or both. They also put a pause on all debt collection. After a debtor has filed for bankruptcy, their creditors…
Foreclosures are down across the country, however, that’s little consolation for homeowners who are currently facing the loss of their homes. Homeowners who are behind on their payments and are facing foreclosure proceedings can file Chapter 13 bankruptcy to halt the process.
Married couples can file Chapter 7 or Chapter 13 bankruptcy together or separately. Understanding the impact of liability for the non-filing spouse is an important consideration before filing. A bankruptcy attorney who knows Illinois bankruptcy laws can provide legal advice for filing bankruptcy without a spouse.
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.
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…
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.
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….
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…
