What Are the Pros and Cons of Filing Chapter 7 Bankruptcy?
When financial hardships become overwhelming, Chapter 7 bankruptcy—or liquidation bankruptcy—can offer a fresh start. Chapter 7 of the United States Bankruptcy Code deals with the process of liquidation under the bankruptcy laws. This form of bankruptcy involves liquidating nonexempt assets to pay off debts, providing significant relief to eligible individuals. Balancing immediate debt relief with […]
Do Bankruptcies Clear Evictions?
Bankruptcy can stop many types of litigation, including eviction actions. Filing for bankruptcy could help if you’re being evicted from your home. Qualifying for bankruptcy protection means meeting certain criteria and filing the appropriate paperwork in court. However, this must be done before your landlord receives an eviction judgment or judgment of possession. If you’re […]
How to File Bankruptcy in Illinois
Filing for bankruptcy in Illinois can be a complex process, but it provides a structured way to manage or eliminate debt. The first step in knowing how to file bankruptcy in Illinois is deciding whether to file for Chapter 7 or Chapter 13 bankruptcy, each with its own requirements and benefits. In Chapter 7, most […]
What You Need To Know About Payday Loans
Payday loans have become a common financial tool for those in urgent need of cash. A payday loan is a high-cost, short-term loan for a small amount—typically $500 or less—that’s meant to be repaid with the borrower’s next paycheck. These loans usually come with very high interest rates, making them an expensive form of borrowing. […]
What is the Means Test for Chapter 7 in Illinois?
Navigating the complexities of bankruptcy can be challenging, especially when it comes to understanding the Illinois chapter 7 income limits. The means test is a critical tool designed to determine whether an individual qualifies for Chapter 7 bankruptcy based on their income and expenses. This test ensures that those with higher incomes are filtered out, […]