Chapter 7 Bankruptcy: An Overview
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 and medical […]
Will Bankruptcy Help With Tax 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 […]
Discharging Student Loan Debt In Bankruptcy
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 with student […]
What Causes People To File For Bankruptcy?
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 and Chapter 13 bankruptcy […]
Your Bankruptcy 341 Meeting: What To Expect
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 stress out about the meeting, […]