affordable bankruptcy attorney in Peoria Illinois Archives - Page 2 of 3

Avoiding Credit Card Debt Over the Holidays

November 20, 2016

Online and brick and mortar retailers are forecasting a strong season during the 2016 holidays. Consumer confidence appears to be high as buyers flock to purchase gifts for family and friends. What is good news for businesses may present a problem to those struggling with credit card debt. Last year, one survey revealed that consumers added nearly $1,000 dollars to their credit card balances during the holiday season. Often times, even after deciding on a budget, consumers can get carried … [Read more...]

Should I Declare Bankruptcy Before or After My Divorce?

November 15, 2016

Sometimes when a couple decides to divorce, they may be contemplating how to deal with a difficult financial situation simultaneously. After accumulating debt during a marriage, many people wonder if they would be better off declaring chapter 7 bankruptcy jointly before a divorce or file separately afterward. The answer is, it depends on the unique circumstances of your case. For one thing, you and your spouse will have to qualify to declare chapter 7 bankruptcy. Looking at your combined … [Read more...]

Preparing for Your Initial Bankruptcy Consultation

August 18, 2016

At Charles E. Covey Law Firm, we take time to understand your unique financial situation in order to determine what is the best strategy for you, which may include Chapter 7 or Chapter 13 bankruptcy. The more we understand about your financial circumstances, the better we can help. When preparing for an appointment with a bankruptcy attorney, taking the time to gather your financial information will be helpful in determining the right strategy for you and your family. Providing pertinent … [Read more...]

Payments or Transfer of Property Prior to Filing Bankruptcy

August 9, 2016

Your financial activity prior to filing for bankruptcy protection may come under scrutiny with regard to payments made to certain creditors or the transfer of property. The clawback provision in bankruptcy allows a trustee to void transactions that are deemed preferential to certain creditors or recent transfers of property out of your name for the benefit of recovering that money and property for all of your unsecured creditors. In general, payments or transfers made within 90 days of … [Read more...]

What Property Can I Keep in an Illinois Chapter 7 Bankruptcy?

July 26, 2016

Figuring out how much of your assets will be seized in bankruptcy depends on the type of bankruptcy you file and the value of your belongings. Chapter 7 bankruptcy implies that you do not have enough disposable income to make debt payments would like to have the debt eliminated in order to get a fresh start. As part of the process, you may have some of your assets seized and sold to pay off a portion of your debt to existing creditors. However, other assets such as cash, your home and your … [Read more...]

Peoria Illinois Auto Repossession Bankruptcy Lawyer

July 22, 2016

If you default on your car payment, typically the lender can repossess the vehicle, sell it at auction, and hold you responsible for the remaining balance due under the secured loan agreement. There are sometimes exceptions to the rule, of course, and in a recent case involving an Illinois man, a judge discharged the balance owed to an auto finance company based on the debtor's unique circumstances. As reported in the Wall Street Journal, the case involves on Illinois insurance salesman who … [Read more...]

Keeping a Car or Home When Filing for Bankruptcy Protection

July 22, 2016

When you take out a secured loan, you are required to use something of value as collateral for the loan. It may be your car, home, or other valuable personal property. The lender holds the title or deed to the collateral or he or she places a lien on the collateral until you pay the loan balance. If you default on the loan, the lender has the right to take possession of the collateral and use the proceeds of the sale of the collateral to fulfill the outstanding debt. Keeping Your Car In … [Read more...]

Struggling With Debt? Affordable Bankruptcy May Help

April 28, 2016

Although there may be a negative connotation associated with filing bankruptcy for some, it is usually the first step toward financial health for those facing difficult financial circumstances. Very few people wind up in bankruptcy because they were spending too much or irresponsible with their finances. Rather, a bankruptcy case is more often filed by someone who is dealing with a difficult situation such as the loss of a job, unexpected medical bills or simply the mounting expenses of raising … [Read more...]

Print Directories Struggle in Digital World – Chapter 11 Bankruptcy

April 20, 2016

Chapter 11 usually comes to mind when large corporations fall into financial distress and need bankruptcy relief. Typically the debtor files for protection and proposes a reorganization plan, which the creditors will then vote on before final approval is given by the bankruptcy court. It may not come as a surprise to many that one of the country's largest phone book publishers, Dex, is planning to file for Chapter 11 business bankruptcy protection next month for the third time in seven years. … [Read more...]

Tackling the Stranglehold of Student Loan Debt

March 29, 2016

Most debtors cannot discharge student loan debt in Chapter 7 or Chapter 13 bankruptcy. Absent this bankruptcy protection, the student loan industry sometimes functions with impunity. Because lenders have no reason to seriously evaluate a prospective borrower's ability to repay a loan, they lend money all too freely. When borrowers default, the lenders end up making even more money in interest and are given grossly enhanced collection powers to get it back. Borrowers who default on student … [Read more...]