You’re drowning in debt, and you’ve been struggling to keep your head above water for months. Every time the phone rings, you feel a knot in your stomach, wondering if it’s another creditor demanding payment. And forget about bankruptcy. There’s no way you would qualify, and even if you did, you’re afraid of what you’d […]
Category Archives: Bankruptcy Questions
Question: What do Akorn Pharmaceuticals and the Corner Bakery Café have in common? Answer: Both recently declared bankruptcy. The economic uncertainty brought on by the global pandemic has led to an increase in bankruptcy filings, with companies and individuals alike struggling to stay afloat. Meanwhile, the Chicago Loop Alliance says office occupancy is only about half […]
For those who are owed or paying child support prior to filing for bankruptcy, the idea of discharge can be either terrifying or welcome. Regardless of which one applies to you, though, the truth of the matter might be altogether different than you imagined.
This is the bankruptcy case study for Todd, from Steger, Illinois, and his wife Emily. The couple is considering chapter 7 or chapter 13 bankruptcy, but is not sure which chapter is best for them. Let’s explore the details. The couple owns a home in Steger, Illinois with a market value of approximately […]
Medical Debt There is no question that a chapter 7 bankruptcy case will eliminate medical debt. However, if you only have one debt, you may not need to file bankruptcy at all. This is all going to depend upon the aggressiveness of the debt collector as well as your tolerance for ongoing collection efforts. In […]
The Facts A former client contacted me recently in an effort to obtain an official transcript for her daughter’s first year of high school at a private school. The facts of the case are undisputed. The debtor filed a chapter 7 bankruptcy in 2010. Later that year, the debtor’s daughter attended her first year at […]
In Chicago and around the country, people are over spending on their credit cards. Maybe it’s the have it now, pay for it later mentality. Maybe it’s the convenience of not having to carry cash. Maybe it’s the enticements of rewards by using the card. Whatever the reason, folks have become too reliant on credit […]
Reasons To File Bankruptcy People hesitate to file bankruptcy for a variety of reasons. The first is the name bankruptcy has a negative connotation which has been around for centuries. The truth is bankruptcy was put in place to help people who are struggling financially. Bankruptcy is not a scarlet letter that someone has to […]
Court Is In Chicago If you live in Chicago or any part of Cook County, Illinois and file bankruptcy, then your court date is going to be in downtown Chicago. The court will take place at the Dirksen Federal building which is located at 219 South Dearborn Street in Chicago. The court date is in reality […]
Rebuilding after bankruptcy is a process. It starts with not incurring any negative credit after such time you file for bankruptcy. For example, after your bankruptcy case is over, you want to make sure that you do not incur any negative credit items on your credit Bureau. This would include not falling behind on any […]