Recent Posts in chapter 7 bankruptcy Category

Chicago Bankruptcy Lawyer Warns of Tax Complications After Filing

If a person files bankruptcy, hopefully it is a once-in-a-lifetime experience. Therefore, the process is often intimidating as people have no previous experience with a personal bankruptcy. Lots of ...
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Q&A With A Chicago Bankruptcy Attorney

Q: I recently lost my job, and my wife has been out of work for almost a year. I believe I may need to file for bankruptcy, but I am worried about losing my home and vehicles. Is it possible to file ...
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Repairing Your Credit after Bankruptcy

For people who have filed a Chapter 13 or Chapter 7 bankruptcy, opening up another line of credit seems counterintuitive, but experts argue that it is important that you reestablish a good credit ...
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Bankruptcy Filings Down in 2012; Chicago Bankruptcy Attorney Hopes it is Sign of Improving Economy

Personal bankruptcy filings in 2012 have decreased from 2011, according to statistics from the United States courts. The number of personal bankruptcies in the one year period, ending on September 30, ...
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Chapter 7 and Chapter 13 Bankruptcies

Personal bankruptcy is a difficult process for someone to go through, but many people are scared because they simply do not know what the process is like and how it will affect their lives. Gathering ...
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Four Things to Remember About FTC Rules on Debt Relief

According to an October 23, 2012 WVTM-TV article, it has been two years since the Federal Trade Commission (FTC) implemented new rules regulating the debt relief industry. WVTM noted that consumers ...
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Obamacare May Reduce Some Large Medical Bills, But Not Everybody Can Be Protected

A Harvard study published in 2005 found that nearly two-thirds of bankruptcies were linked to illnesses and medical bills. "The cost of health care now causes a bankruptcy in America every 30 ...
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More Consumers Refuse to Be Cleaned Out by 'Messy Business' of Debt Collection

Dr. Chris DeRitis, a consumer credit expert at the economic research and consulting firm Moody's Analytics, told the Times-Tribune of Scranton, Pennsylvania, that all debt collection is under the ...
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'Rich Dad, Poor Dad' Author Files for Chapter 7 Bankruptcy

This video shows Robert Kiyosaki's appearance on Oprah Winfrey's talk show in 2000 following the publication of his successful financial self-help book, "Rich Dad, Poor Dad." On October 12, 2012, ...
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Survey Shows Happy Holidays Ahead for Seasonal Workers

This September 2012 video from WPRI-TV and a story published in the Chicago Tribune on October 16, 2012, shared two observations: there will be more seasonal or holiday employment opportunities this ...
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Foreclosures Pushing Down Home Values, Nearly 250K Underwater

On Monday, we discussed some of the options available to the thousands of homeowners in the Chicagoland area and throughout Illinois needing foreclosure help. This crisis affects entire neighborhoods, ...
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High Costs of Getting Well Leaves Millions Worried Sick About Medical Bills

As we mentioned on Wednesday, staggering health care costs continue to be one of the leading reasons that many Americans file bankruptcy. Because anybody can get sick, medical bills affect people all ...
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'Hidden Time Bomb' Could Leave Thousands of Homeowners with Hefty Tax Bill

We mentioned on Wednesday that one benefit of filing Chapter 7 bankruptcy is the elimination of tax liability on a mortgage deficiency. However, the Los Angeles Times reported on September 7, 2012, ...
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Homeowners Facing Foreclosure Should Know Three Benefits to Chapter 7

On Monday, we discussed Illinois having the highest foreclosure rate in the nation in August and talked about some of the benefits that a Chapter 13 bankruptcy offers for homeowners needing ...
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Chicago-area Foreclosures Higher Than Last Year as Lenders Tackle Backlog

Nearly 12,000 homes in the Chicago area received a foreclosure notice during July, RealtyTrac Inc. said on August 9, 2012. The Chicago Tribune reported that the overall number of 11,8885 was down from ...
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Consumer Confidence Hits Lowest Level In More Than 2 Years

The Consumer Confidence Index fell to 44.5 percent in August, a drop of nearly 15 points from a revised 59.2 in July. The Associated Press reported on August 30, 2011, that the sharp deterioration ...
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Patricia Kluge Blows Through $1 billion and Files for Bankruptcy

Patricia Kluge, divorcee', ex-belly dancer and owner of a checkered past, has filed for chapter 7 bankruptcy after spending her entire divorce settlement. She left her marriage with a settlement that ...
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Minnesota Auto Dealership Mogul Claims Bad Bankruptcy Advice put Him in Prison

It has been two years since Denny Hecker filed for personal chapter 7 bankruptcy. Hecker says he filed because his lawyers told him it was the only way to get the "gorilla" off his back. The "gorilla" ...
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