If there is one kind of debt that can add up quickly and make it hard to eliminate what you owe, it’s credit card debt. Credit cards often have high interest rates. Missing a payment can lead to penalty fees and rate increases, too. You’re not alone if you’re...
Bankruptcy
Can bankruptcy’s automatic stay help you?
Not so long ago, life was going well. You never dreamed that a few months later you’d be out of work, your bills would be piling up and you’re worried that you’ll soon be facing an eviction or a foreclosure. Filing for bankruptcy may be your best option. Once you file...
When should you consider bankruptcy? It is really up to you.
With the way things are currently going in many communities throughout the entire country, you may discover that your family’s finances are strained. Your household is down to one consistent wage earner. You still work but your spouse – active in the gig economy – has...
Chapter 7 bankruptcy: an option to overcome extreme medical bills
Your professional career has begun. You have few worries. Relying on contract work in this gig economy has been surprisingly steady and well-paying for you. Although you are not a full-time employee receiving no health care benefits, you reason that your health is...
Will I lose my retirement savings if I file for bankruptcy?
One of the biggest concerns of people who are contemplating bankruptcy is whether they will lose their retirement savings. The good news is most 401(k)s, IRAs, and other retirement plans are exempt from creditors. This means your retirement accounts are likely...
Bankruptcy an option for skyrocketing household debt
People tend to have a very clear-cut view of debt. Some believe that too much debt is the product of poor financial planning and spending, while others think it is caused by emergencies and unexpected bills. Reality is a lot more nuanced than that, and Illinois...
What you can and can’t keep in Chapter 7 bankruptcy
There may be a lot of apprehension when it comes to filing for bankruptcy, which is understandable. Most people are already in a vulnerable place by the time they realize it is time to take action. One of the biggest concerns that people have is that they will lose...
Common reasons to file for Chapter 7 bankruptcy
Many Illinois residents currently find themselves in a very challenging financial situation. Whether you have seen your hours cut or have lost your job, it can be hard to make ends meet when the income that you depend upon is reduced dramatically. Any savings that you...