affordable bankruptcy lawyer in Illinois Archives - Peoria Bankruptcy Lawyer Charles Covey

Credit Counseling Versus Bankruptcy Protection

January 26, 2022

Many have seen the commercials for credit counseling services and ask, what is the difference between credit counseling and bankruptcy protection? Credit Counseling Services With so many struggling to pay their bills, credit counseling services have popped up across the nation offering to help people consolidate their debt into one or more affordable payments. This approach involves paying a credit counselor to reach out to your creditors to reach a new repayment plan - something an … [Read more...]

Renters Look to Covid Relief and Bankruptcy Protection

August 30, 2021

The Supreme Court recently lifted the federal ban on evictions allowing landlords to start the eviction process for people behind on their rent. Because federal rental assistance, provided as part of the tens of billions of the Covid relief package, has been slow to reach renters struggling to pay rent, many local agencies have stepped in to provide temporary assistance to bridge the gap as the moratorium ends. Renters who need help are encouraged to turn to various local programs for … [Read more...]

Personal Bankruptcy Likely to Surge in 2021

March 15, 2021

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...]

Do I Have to Pay Off Old Debt?

November 24, 2020

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...]

Personal Bankruptcy Likely to Increase in 2021

July 28, 2020

Many are predicting that personal bankruptcy filings will increase in 2021 as debt problems accumulate in the fallout of Covid-19. Although many Americans were in a holding pattern during the early months of the pandemic aided by government programs and forgiving creditors, those who have experienced periods of unemployment during the shutdowns, or had debt problems prior, are beginning to explore what debt forgiveness options exist as the economy opens back up. Fortunately, bankruptcy offers … [Read more...]

Bankruptcy Protection When Retirement Comes Too Early

July 5, 2019

Many older Americans are willing (or have to) stay in the workforce longer to ensure their retirement security. Working longer allows seniors to delay taking social security benefits, increasing monthly benefit amounts. Continuing to earn income can also be used to pay down debt while socking away extra savings for retirement. But counting on working longer to make a retirement plan work can be risky. While roughly a third of Americana expect to retire between the ages of 65 and 69 and … [Read more...]

Bankruptcy Filings Peak With Tax Refunds

April 22, 2019

A popular saying "working too hard to make money" rings true for many Americans who are stuck in a cycle of working hard at their jobs to make ends meet, with little time or energy to gain additional training or skills to move up the ladder to a better paying job. Many have just enough money to cover the basics of food, shelter and transportation, which leaves a good number at risk for financial problems if an unexpected expense arises. Bankruptcy Filings Peak With Tax Refunds When families … [Read more...]

Filing Bankruptcy Before or After Retirement?

July 25, 2018

If you are approaching retirement and are considering bankruptcy protection, you may have questions such as “what happens to retirement funds in bankruptcy before you retire?" Or, if you have carried debt into retirement and are considering bankruptcy after the fact, you may wonder if your disbursements will be up for grabs or even your social security benefits. As with any bankruptcy, filed at any age, timing can be a factor. Sometimes it makes sense to file right away while other times it is … [Read more...]

Should I File a Chapter 7 or Chapter 13 Bankruptcy?

October 24, 2017

Chapter 7 and Chapter 13 are the two main bankruptcy options available to people overrun by consumer debt. Before we look at the differences between the bankruptcies, there are two important terms to understand when considering bankruptcy: Unsecured debt and secured debt. Differences Between Secured and Unsecured Debt in a Bankruptcy Unsecured debt means that someone loaned you money without a lien. Credit cards and student loans are good examples of unsecured debt, because there's nothing … [Read more...]

Student Loan Debt Collection Under Scrutiny

September 20, 2017

Millions of dollars of private student loans made over a decade ago by lenders such as Bank of America and JPMorgan Chase were later sold as debt to investors, who are now in hot water for illegal and abusive collection practices that may result in consumers receiving a refund. In fact, one of the nation's largest holders of private student loan debt, the National Collegiate Student Loan Trusts, has been ordered to give back millions of dollars to borrowers and cease many collection … [Read more...]