Bankruptcy and Taxes—The Basics
The relationship between bankruptcy and taxes is a complicated one. Many families who are facing financial insolvency are not up to date on their taxes, which can inhibit their ability to file for...
View ArticleMortgage Debt Relief Act Expires, Foreclosures Expected
The housing crisis that began concurrently with the financial crisis of 2008 may be a distant memory for most Americans, but according to Forbes there are many families still holding underwater...
View ArticleObamacare Expected to Reduce Medical Bankruptcies
A study conducted by NerdWallet Health last year found that the No. 1 cause of bankruptcies in America is unmanageable healthcare bills, according to CNBC.com. “Bankruptcies resulting from unpaid...
View ArticleDebt Collectors and Bankruptcy in Illinois
Bankruptcy can be an effective way to discharge debt and get back on your feet, no matter the specifics of your personal finances. One of the most common misconceptions about bankruptcy, according to...
View ArticleFiling for Bankruptcy: A Family Affair
Children are observant. They tend to sense when something is wrong. The continual phone calls from creditors, the heated arguments over money, less trips to the grocery store and even less money spent...
View ArticleSinking Home Value + Inability to Pay = Strategic Default? The Pros and Cons...
According to an article published by the Chicago Tribune, Illinois homeowners plotting to strategically walk away from their homes is not an alarming new trend. For years, homeowners who have been...
View ArticleAvoiding Bankruptcy: Financial Tips for Generation Y
As a society we have become accustomed to labeling different generations with short and catchy nicknames. Currently we have Generation X for those born from 1965 through 1979; Generation Y for those...
View ArticleUtility Shutoff Protection in Bankruptcy
Many people who are struggling financially to pay their mortgage, vehicle payments, medical bills and/or credit card debt also end up getting very behind in their utility payments. Disconnect notices...
View ArticleNorthern District of Illinois Bankruptcy Court Weighs In on Chapter 20...
As Chapter 20 bankruptcy rulings are rounding the circuit court system and gaining momentum, there is one instance where the application of lien stripping second or third property liens may be hitting...
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How to Spot a Debt Counseling Scam
When you are struggling with a large amount of personal debt, you might find yourself considering options that were previously unthinkable to lower your debt amount. Having to file for bankruptcy is a...
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Reasons Why a Bankruptcy Claim May Be Denied
When you file for bankruptcy, your claim is not automatically approved. It is possible for the court to deny your claim, putting you in a position in which you continue to face difficulty managing your...
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PacSun Files for Chapter 11 Bankruptcy Just Months After Quiksilver
In an earlier blog post, we discussed surf apparel company Quiksilver and the financial troubles that drove it to file for Chapter 11 bankruptcy. One of the issues cited was the fading appeal of the...
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Filing for Bankruptcy a Second Time
When you are struggling with an uncontrollable level of personal debt, filing for bankruptcy is not an ideal outcome. However, it is sometimes the best outcome for your situation because it allows you...
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Sports Authority Fails to Find Buyer, Will Close All Locations
In an earlier post, we discussed the financial troubles plaguing sports equipment retailer Sports Authority. Now, the company has announced that it is closing its doors because it failed to find a...
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Hostess is Going Public Again, Four Years After Bankruptcy
Hostess has been a favorite snack for Americans young and old since 1919. The company first produced its famous cupcake, a dark chocolate-flavored confection topped by an iconic white icing swirl,...
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When is Filing for Bankruptcy Not a Good Idea?
When you are unable to handle your debt load, whether that debt load is personal or business debt, you might consider filing for bankruptcy. Bankruptcy is a legal process through which an individual or...
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Exploring Your Bankruptcy Alternatives
When you feel like you cannot get your personal debt under control, filing for bankruptcy can be an attractive option. For many individuals, bankruptcy is the key to having their debts discharged and...
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Can a Trust Protect My Assets if I Declare Bankruptcy?
A trust can protect your assets if you have to declare bankruptcy, depending on the type of trust you have. Assets in revocable living trusts can be seized by an individual's creditors if he or she...
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Gawker Develops Plan for Bankruptcy to Help Creditors Collect Debts
In 2016, online media group Gawker filed for Chapter 11 bankruptcy. It is now in the process of developing its bankruptcy plan, which will allow for its payment to individuals and groups involved in...
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Should I Wait Until My Divorce is Final to File for Bankruptcy?
Bankruptcy is a complicated process. As with many other things in life, like parenting your children and putting money away for your retirement, getting divorced complicates the bankruptcy process. If...
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