Archives for June 2023

Bankruptcy protection is a federal process, but if you live in Illinois, you will use state bankruptcy exemptions and federal non bankruptcy exemptions. Federal non bankruptcy exemptions are laws that protect government benefits from creditors. They are not part of the bankruptcy code, but bankruptcy filers in Illinois may take both state bankruptcy exemptions and federal non bankruptcy exemptions. Illinois Bankruptcy Exemptions at a Glance Homestead Exemption allows $15,000 for … [Read more...]

Payments on federal student loans, on pause since March 2020, will resume this fall. Student loan interest will start accumulating as of September 1, 2023 and student loan payments will be due in October. The pause on payments and interest were ordered at the onset of the Covid 19 pandemic to ease financial pressure on borrowers, many of whom were forced to stay home from work. However, recently Congress agreed that there would be no more extensions on payments. This, as the Supreme Court … [Read more...]