With the number of Covid-19 cases plummeting across the country, many are looking forward to getting back to normal hoping to recover financially following a year of closures and limited employment. When trying to tackle debt, many may consider Chapter 7 bankruptcy protection to either discharge unsecured debt such as credit cards, medical bills and personal loans, or, some may opt for Chapter 13 bankruptcy, which can provide a way out of debt through a structured repayment plan. To … [Read more...]
Illinois Bankruptcy Homestead Exemption | Tenancy in the Entirety
When filing for bankruptcy in Illinois there are a number of bankruptcy exemptions available, including the homestead exemption, which is a particular interest to home owners hoping to retain their domicile. Illinois Bankruptcy Homestead Exemption Under the Homestead Exemption, a homeowner is able to exempt up to $15,000 of equity on their home or other property used as a residence. That amount doubles to $30,000 for couples filing jointly. The Illinois statute has a special provision for … [Read more...]
Illinois Chapter 7 Bankruptcy Exemptions at a Glance
Illinois Chapter 7 bankruptcy protection offers filers a fresh financial start by liquidating much of their debt while allowing them to hold on to certain assets. Working with an experienced bankruptcy attorney can help Illinois residents eliminate debt and maximize chapter 7 bankruptcy exemptions. Chapter 7 Bankruptcy Exemptions Retirement Savings - Typically retirement accounts such as 401Ks and IRAs are exempt in charter 7 bankruptcy meaning that creditors cannot cash in on these … [Read more...]
Business Owners Struggle to Pay Rent Amid Covid-19 Restrictions
Despite stimulus payments to cover the costs of payroll for small businesses across the country, many business owners have struggled to pay rent on commercial property leading tens of thousands of small businesses into bankruptcy. Although landlords have shown some flexibility during the pandemic, it has not been enough for many businesses owners who fallen helplessly behind on rent forcing many to consider bankruptcy protection in the aftermath of Covid-19 closures. Of course, this also … [Read more...]
Pandemic Relief Bill Falls Short for Many
The new $900 billion Pandemic Relief Bill will include enhanced unemployment benefits and direct cash payments, which many Americans desperately need as closures and restrictions related to Covid 19 continue. Although many were hoping for more, as it stands, eligible individuals will receive $600 in direct stimulus payments and families will receive additional funds for children if their adjusted gross incomes do not exceed the threshold. For the many Americans who are out of work, a $300 … [Read more...]
Many Consider Bankruptcy as Payments Become Due
Many Americans have had to adapt to harsh financial realities due to increased unemployment or under employment due to Covid-19. As of November, estimates reveal that for every 16 unemployed people, there are only 10 jobs available, with older workers losing jobs faster and returning to work slower than their younger, mid-career peers. Those who are able to find work may only secure part time employment, while some seasoned professionals have had to accept salaries well below … [Read more...]
Do I Have to Pay Off Old Debt?
Many wonder if old debt will follow them around forever. Is there a statute of limitations for collecting a debt? Well, the answer is that when you fail to make a payment on a debt, collectors typically have a number of years to bring a lawsuit in order to collect a debt. However, once the statute of limitations has lapsed, the debt may become time-barred and, therefore, no longer collectible. How long a statute of limitation lasts depends on the law in the state and the type of debt - … [Read more...]
Pushing Back on Debt Collectors
Getting behind on bills can make every part of your life feel miserable and is only made worse when debt collectors start calling. While some debt collection agents are understanding, many are downright mean, but it is important to keep a cool head and not to let debt collectors intimidate you. Debt Collection 101 Of course if you have debt, you have a legal obligation to pay it. But, just because you may have made some financial mistakes does not give someone the right to abuse you - it … [Read more...]
Small Business Reorganization Act of 2019
There is no doubt about it, Covid-19 has wreaked havoc on small businesses across the country. Sole proprietors, main street businesses, suppliers, and other small businesses have had to get creative to stay open with many exploring Chapter 11 bankruptcy to reorganize as they weather the storm. With a Chapter 11 an individual or business can propose a reorganization plan, which may include downsizing to cut costs and renegotiating debts so they can remain open. As long as the plan is … [Read more...]
Chapter 7 Bankruptcy 722 Redemption for Car Loans
With the cost of automobiles skyrocketing, many, if not most, Americans are borrowers on a car loan. Not surprisingly, when someone is facing bankruptcy they often worry most about losing their vehicle - a car or truck they need more than ever to get back and forth to an existing job or secure new employment. Fortunately, there are options for bankruptcy filers to keep their car by reducing the amount of money owed on a car loan called the 722 redemption process. A 722 redemption enables a … [Read more...]