One of the biggest fears consumers have about filing for bankruptcy is financial ruin. Many believe that if they file for bankruptcy, their credit score will plummet and they'll never be able to regain financial trustworthiness again. This is simply a myth, and here's why. While it's true that bankruptcy does hinder an individual's ability to, for instance procure a mortgage on a home shortly after discharge, it doesn't mean that it will last forever. In fact, there are actions consumers can … [Read more...]
What are my rights and options when faced with garnishment in Illinois?
If you fall behind on your credit card bills and other unsecured debts, one of the options your creditors have is to seek garnishment of your wages. You may already know that wage garnishment is a court order that directs your employer to withhold a portion of your wages for the benefit of your creditors, but may not understand the rules surrounding it or the ways of avoiding this unpleasant process completely. The following will provide a brief summary of the main rules of garnishment in … [Read more...]
Rebuilding Credit After Bankruptcy Once you have filed for bankruptcy, you have the opportunity to start fresh and to rebuild your credit. It is important to consider the factors that led to your unmanageable debt and to learn from mistakes and missteps before obtaining new lines of credit. At the Peoria law office of Charles E. Covey, Attorney at Law, we understand the challenges you face as you begin rebuilding credit after bankruptcy. We know the potential pitfalls that often appear and … [Read more...]