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Author Archives: Robert J. Semrad

As Debts Threaten Home Ownership, More Retiring Baby Boomers Turn to Bankruptcy

Living with large debts makes it hard enough to keep up with mortgage payments during your working years. But what will happen to your home once you retire? A growing number of seniors are about to find out. By 2030, the population of people over 65 in the U.S. will more than double to 73… Read More »

What happens to a cosigner when the borrower files for bankruptcy?

Most people have the best of intentions when they ask a loved one to cosign a loan. But what happens when a well-meaning borrower can no longer afford to make loan payments? All too often, co-signers bear the burden when a family member defaults on a debt. It’s hard to say no when a child,… Read More »

When Delinquent Debts Sneak Up on Consumers, Bankruptcy Comes to the Rescue

More than one third of Americans have delinquent debts, according to a new study – and the only thing scarier than that statistic might be the fact that many don’t even realize they have debts in collections. A recent Urban Institute survey found that 77 million people, or about 35 percent of U.S. adults with… Read More »

Can Chapter 13 Bankruptcy Help Me Get My Car Back?

If you’re anything like millions of Americans, your car is one of your most loyal companions. You rely on your car, truck or SUV to get you to work, to school, or wherever it is you need to go each and every day. But what if your vehicle – and your freedom – were taken… Read More »

Bankruptcy May Help Indebted Workers Save for Retirement

Could the days be over when reaching retirement age means actually being able to retire? A new survey seems to indicate so. Almost one third, or 31 percent, of adults in the U.S. say they have no savings or pensions as they approach retirement. As if that isn’t worrisome enough, nearly 20 percent of those… Read More »

Many Americans Worse Off Than Before the Recession, Says New Survey

Nearly seven years after the Great Recession reared its ugly head, a new economic report paints an unpleasant picture of American finances. According to the Fed’s Report on the Economic Well-Being of U.S. Households, 34 percent of survey participants are either” somewhat worse off” or “much worse off” financially than they were back in 2008… Read More »

Chapter 13 Bankruptcy and Unpaid Chicago Parking Tickets

Get your license back and eliminate parking ticket debt with Chapter 13 bankruptcy For most drivers, Chapter 13 bankruptcy is the best choice for wiping out parking ticket balances. Along with giving you back your driver’s license, filing for Chapter 13 bankruptcy allows you to propose a repayment plan to the city of Chicago. Under… Read More »

Watching Out for Sneaky Credit Card Traps to Avoid Debt, Bankruptcy

Most consumers rely on credit because they think it’s convenient – but the reality is that, for most folks, credit cards are anything but. Sure, when you can’t afford a purchase, plastic will help buy you time until payday. But when you make paying with credit cards a habit, you’ll ultimately pay the price. What… Read More »

As More Elderly Americans Find Themselves with Large Debts, Many Turn to Bankruptcy

For years, it was rare to find an elderly American with debt, as those old enough to remember the Great Depression were usually very wary of credit. It was even less likely to find a retiree filing for bankruptcy. But all that may be changing. Seniors 65 years and older are the fastest growing portion… Read More »

When Unpaid Medical Bills Damage Credit, Bankruptcy May Offer Relief

It’s not just unpaid credit card bills and mortgage payments that hurt your credit. Increasingly, Americans are seeing their credit scores drop when their medical bills wind up in collections. A recent study by the Consumer Financial Protection Bureau shows that people with unpaid medical bills see lasting impacts to their credit records – even… Read More »