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Author Archives: Robert J. Semrad

How to Deal with Medical Debt

According to a study from the American Journal of Medicine, medical bills caused 62 percent of all bankruptcies in 2007. Notably, 80 percent of all people who filed bankruptcy from medical debt that year had health insurance. Clearly, medical debt can be a major problem in America, and it’s often impossible to predict. If you… Read More »

When is the Best Time of Year to File Bankruptcy?

A common question for people in debt is when they should file for Chapter 7 bankruptcy. Often, filing for bankruptcy cannot wait for a specific time of year, as it often comes after a major, surprising life event such as unexpected medical bills. There are, however, a few ways you can time your bankruptcy to… Read More »

Strategies for Avoiding Student Loan Debt

The price of a college education is constantly increasing — and at a much higher rate than the income of the average American. For incoming college students, future debt from loans might seem to be an inevitability. However, there are ways you can avoid at least some of the debt to relieve the financial burden… Read More »

The State of Consumer Debt in the United States

The term “consumer debt” refers to money owed on the purchase of consumable goods. In the United States, the most common form of consumer debt is credit card debt. The following are some statistics illustrating the state of consumer debt in the U.S. as of May 2015: The average credit card debt for all indebted… Read More »

How to Deal with Wage Garnishments and Bank Account Freezes

If you start to fall behind on your debts, there is a chance your creditors could attempt to freeze your bank account or begin garnishing your wages. The garnishment process involves a certain sum of money being automatically withdrawn from your paycheck to be put toward your debt. Nobody wants to have these financial penalties… Read More »

What is a Debt Reaffirmation Agreement?

After you file for bankruptcy protection, you might decide you want to pay back a specific debt, or you might be asked by one of your creditors to repay a debt. If you pay a debt that would have otherwise been discharged in bankruptcy, you are required to sign a debt reaffirmation agreement and file… Read More »

How to Avoid the Pitfalls of Borrowing Money from Relatives to Pay Debt

Almost everyone can think of a time when they were in a financial pinch and they needed some help quickly. If you are saddled with a lot of debt and it is causing you stress and anxiety, you believe that getting a quick loan from relatives will give you a bit of breathing space. However,… Read More »

Life After Bankruptcy — How to Get Back on Track Financially

Declaring bankruptcy is never a fun process, but it is often the most responsible option when it comes to resolving outstanding debt. A bankruptcy will remain on your credit report for ten years. Initially, your credit score will be lower than you’d like it to be, but with a bit of diligence and discipline, you… Read More »

What’s Your Backup Plan for an Unexpected, Large Expense?

If you were hit with a big financial emergency, what is your backup plan for taking care of it? Do you have a sufficient emergency fund or will you have to turn to loved ones for help? Do you have relatives who could help you if you asked? Bankrate has released a new report that… Read More »

Consumers Beware: Avoid Debt Elimination Scams with Due Diligence

If you are experiencing financial difficulties, the last thing you need is to be taken in by a scam. Unfortunately, debt elimination scams are an increasingly popular way for fraudsters in Illinois to take advantage of people when they are most desperate. One of the most important things to look out for is the general… Read More »