What is the Statute of Limitations on Medical Bills?
Medical debt is one of the most common forms of consumer debt in the United States, and Illinois is no exception. Many individuals wonder how long creditors or collection agencies have to pursue unpaid medical bills in Illinois. The answer lies in the statute of limitations, a legal timeframe that governs how long a creditor […]
Converting Chapter 13 to Chapter 7 Bankruptcy
You can have everything planned out, do all the right things, and still find yourself stuck in a financial situation you never saw coming. That’s life. A good job becomes a layoff. Medical bills sneak up out of nowhere. Rent increases, interest piles up, or your car gives up at the worst time. The repayment […]
What Assets Are Exempt in Chapter 7 Bankruptcy?
When filing for Chapter 7 bankruptcy, not all assets are taken by creditors. Certain types of property are protected by law and remain with the debtor, allowing them to retain basic necessities and some personal belongings. Understanding which assets are exempt is crucial for anyone considering bankruptcy. Exemptions vary by state but commonly include items […]
How Long Does Chapter 7 Bankruptcy Take?
Chapter 7 bankruptcy is a legal process designed to help individuals eliminate most unsecured debts and gain a fresh financial start. The entire process typically takes about three to six months from the initial filing to case closure. This timeframe can vary depending on specific case details and court schedules. During Chapter 7 bankruptcy, a […]
Can You Buy a House After Filing Bankruptcy?
Filing for bankruptcy can significantly affect a person’s financial life, especially when it comes to major purchases like buying a house. Many wonder if homeownership is still possible after bankruptcy. The simple answer is yes; it is possible to buy a house after filing for bankruptcy, but there are conditions and waiting periods to consider. […]