Articles Posted in Bankruptcy

Your Chicago Bankruptcy Lawyer If you have fallen behind on your mortgage payments, chances are the mortgage company will attempt to foreclose on your property. Facing foreclosure can be extremely stressful, especially if the property being foreclosed on is your primary residence. Luckily, filing for bankruptcy can help alleviate this stress. Bankruptcy will stop the…

Chicago Bankruptcy Lawyer Filing for bankruptcy can be scary and is never an easy decision to make. Unforeseen things happen in life causing people to fall behind on bills and payments. If you are overwhelmed with debt or facing financial difficulties, we are here to help. The Bankruptcy Code was enacted to help people in…

If you are facing financial difficulties and struggling to make ends meet, filing for bankruptcy may be your best option to help you get back on your feet and eliminate your debt. Chapter 7 bankruptcy is the most common type of bankruptcy that allows you to discharge your unsecured debt, such as credit card debt…

The Internal Revenue Service (“IRS”) is the largest creditor in the country. When owed income tax debt, the IRS can be especially aggressive in its collection efforts and have a variety of ways of collecting. Although the IRS offers debt settlements and repayment plans, many of these options are economically unfeasible, forcing many to turn…

If you are drowning in student loan debt or struggling to repay your loans, filing for bankruptcy may now be a viable option for you. Recently the Justice Department (“DOJ”) and Department of Education announced new guidelines making it easier for debtors to discharge student loans in bankruptcy. This is an exciting development for people…

Due to the pandemic and rise in unemployment rates, especially in Illinois, many people are struggling to make ends meet. Unfortunately, very few creditors are willing to work with debtors to help repay the debt owed to them or offer reasonable, affordable payment plans. Consequently, many people turn to bankruptcy for financial relief. Chapter 7…

If you have decided to file for Chapter 7 or Chapter 13 bankruptcy, you will be required to attend a meeting after your case is filed. This mandatory meeting is called a 341 meeting, or a meeting of creditors, which is required under section 341 of the U.S. Bankruptcy Code. There is no need to…

What is a bankruptcy discharge? When you file for either Chapter 7 or Chapter 13 bankruptcy, the underlying goal is to complete your case and receive a bankruptcy discharge. Once a discharge order is entered in your case, you are no longer personally liable on any debt eligible for discharge in your case. This means,…

When potential clients call our office, the two most common questions they ask are which type of bankruptcy they should file and what are the differences. In general, as a consumer, the United States Bankruptcy Code offers two different kinds of bankruptcies – Chapter 7 and Chapter 13. Although both are designed to give debtors…