Chapter 7 bankruptcy eligibility Archives - Peoria Bankruptcy Lawyer Charles Covey

Preparing for Your Bankruptcy Consultation

January 30, 2022

If you have scheduled an initial consultation with a bankruptcy attorney, you will want to prepare by gathering documentation and other information needed to determine your eligibility for bankruptcy. You will want to provide your bankruptcy attorney with proof of income; recent tax returns; a list of debts including loans, credit cards, medical bills; and a list of household expenses that you make every month which may include rent, food, or insurance. It is also helpful to anticipate … [Read more...]

Student Loan Repayment Pause Extended

December 30, 2021

The student loan repayment pause which was set to end February 1st is now been extended until May 2022. The pause on the repayment of federal student loans in response to the Covid-19 pandemic has provided many Americans with needed financial relief with the extension giving those who have fallen behind financially a few more months to come up with a plan to tackle their financial difficulties. For some, chapter 7 or 13 bankruptcy is a good strategy to recover from the economic downturn that … [Read more...]

Chapter 7 Means Test at a Glance

September 28, 2021

If you are in a difficult financial situation, dealing with significant debt, chapter 7 bankruptcy protection may offer a way out so that you can get a fresh financial start. Although, you may be required to surrender certain nonexempt property, which is then liquidated to repay the debts you owe, Chapter 7 bankruptcy will allow you to discharge unsecured debt such as credit cards or medical bills so you are no longer required to pay them. To qualify for chapter 7 bankruptcy protection, you … [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...]

Millennial Bankruptcy as a Strategy for Financial Recovery

June 17, 2020

Nearly 50 percent of millennials were still recovering from the Great Recession when the Covid 19 economic fallout took hold. Double digit unemployment and stagnate wages that began in the 2006 downturn left many millennials unable to pay off bills or tuck away retirement funds; Covid-19 has only exacerbated the problem. Now, many Americans are in real financial trouble, unable to pay their rent or mortgage, credit card bills or keep up with car payments. Although creditors have provided … [Read more...]

What is a Bankruptcy Discharge?

December 14, 2016

One reason people decide to file a chapter 7 bankruptcy is to liquify their debt so that they can get a fresh start. A bankruptcy discharge is a court order which states that you do not have to pay most of your debts. However, there are some debts which cannot be discharged. For example you cannot discharge most taxes, child support or spousal maintenance, most student loans, court fines and restitution, and a personal injury judgement when it involves drunk driving or other … [Read more...]

Caterpillar Employees Receive Layoff Notices | Peoria Illinois bankruptcy lawyer

August 30, 2016

As part of Caterpillar's planned workforce reduction, an undisclosed number of employees in Peoria received layoff notices earlier this week. Although the company says they are committed to helping impacted employees transition to other jobs within or outside the company, for many families who are stretched thin as it is, the impact of being out of work even for a short period of time will prove difficult. Not surprisingly, unexpected layoffs across the country have resulted in many … [Read more...]