People who file for bankruptcy often do so as a result of a traumatic life experience, such as a divorce, job loss, or a medical emergency. Another common reason to file for bankruptcy is the presence of a disability. Some disabilities can prevent you from working temporarily or permanently, making it difficult, if not impossible, to keep up with your financial obligations. Fortunately, through personal bankruptcy, you may be able to eliminate some or all of your debts and keep creditors … [Read more...]
Archives for December 2016
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Caterpillar Cuts Jobs As the Holidays Approach
Unfortunately, Caterpillar Inc. has initiated a new round of layoffs as families are preparing for the upcoming holiday. An undisclosed number of employees received notices yesterday as part of cost saving measures on the part of the struggling company. According to a company spokesman, those affected may be placed in other available positions, while others will receive severance packages and outplacement services in order to find work. These days, manufacturing jobs in the U.S. can be … [Read more...]
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What is a Bankruptcy Discharge?
One reason people decide to file a chapter 7 bankruptcy is to liquify their debt so that they can get a fresh start. A bankruptcy discharge is a court order which states that you do not have to pay most of your debts. However, there are some debts which cannot be discharged. For example you cannot discharge most taxes, child support or spousal maintenance, most student loans, court fines and restitution, and a personal injury judgement when it involves drunk driving or other … [Read more...]
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How to Protect Lawsuit Proceeds in Chapter 7 Bankruptcy
In a Chapter 7 bankruptcy, you can discharge many or all of your debts. As part of the process, the trustee may take your property, which he or she will sell in order to pay debts owed to your creditors. Proceeds from a Lawsuit and Bankruptcy There are some state and federal laws that exempt some property from the bankruptcy estate. However, in the state of Illinois, proceeds from a lawsuit may not be exempt. Money that you have received from a lawsuit prior to filing bankruptcy, money you … [Read more...]
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