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Author Archives: Robert J. Semrad

Getting Married? If You’re Drowning in Debt, You May Want to File Bankruptcy Before You Tie the Knot

If you’re getting married, you’re probably looking forward to starting a new life with your soon-to-be spouse. But if you have a lot of debt, keep in mind that you’ll also be bringing some not-so-great aspects of your old life into your marriage. If your financial situation warrants filing for bankruptcy, it’s advisable to do… Read More »

Personal Bankruptcies Surge in 2014 As Consumers Struggle with Rising Costs, Falling Incomes

Are tough economic times really over? Recent bankruptcy statistics seem to indicate otherwise. Personal bankruptcy filings in the U.S. are up a whopping 30 percent over last year, according to a recent study by the National Bankruptcy Research Center. Financial experts point to increasing debt, declining home values and a rise in overall living costs… Read More »

How Much Debt Should You Have Before Filing for Bankruptcy?

One of the questions our bankruptcy attorneys hear quite often is whether there’s a certain amount of debt a debtor must accumulate before filing for bankruptcy. The truth is that there is no magic number. We’ve seen clients successfully file for bankruptcy for $10,000 debts and $100,000 debts – and everything in between. It’s up… Read More »

Planning Ahead Helps Debtors Get the Most Out of Filing for Bankruptcy

Ever heard the old saying: “Failing to prepare is preparing to fail?” It may never be truer than when you’re filing for bankruptcy. Many debtors file for bankruptcy as a last-ditch effort, without a lot of advance planning. Often this is because they’ve spent the months or years leading up to their bankruptcy filing living… Read More »

Helping Your Adult Child with Debt – Without Compromising Your Own Finances

Young adults are drowning in debt – and often times, their parents are getting pulled in with them. The average 25- to 29-year-old carries more than $35,000 in debt, according to PNC Financial Services. And while the student debt crisis has been highly publicized as of late, it’s not the only source of overwhelming debt…. Read More »

How Will Filing for Bankruptcy Affect My Job or Future Employment?

For many people, bankruptcy has the power to wipe out debt. But could it also wipe out your job? Debtors often erroneously believe that filing for bankruptcy will cost them their paycheck. This simply isn’t true, say bankruptcy experts. In some cases, your employer will not even find out you filed for bankruptcy. While your… Read More »

Will my creditors stop harassing me when I file for bankruptcy in Chicago?

One of the biggest benefits of filing for bankruptcy in Chicago is freedom from creditor harassment. From the minute you file, your creditors are prohibited from contacting you about your debts thanks to a legal action called the automatic stay. That means no more letters in the mail, no more harassing phone calls at home… Read More »

What if I forget to list a liability in my bankruptcy in Chicago IL?

One of the most important steps in your Chicago bankruptcy filing is submitting a comprehensive list of your creditors. Known as a mailing list or mailing matrix, this document must include every one of your liabilities. Forgetting to list just one creditor can cause problems with your bankruptcy case, and even land you in legal… Read More »

Debt Collector Scams Targeting Payday Loan Borrowers

There’s a new reason to be stressed about phone calls from debt collectors: a growing number of debtors are being scammed into paying off debts they don’t owe by phantom debt collection agencies. Thousands of Americans have reported receiving calls from fake debt collectors, according to the Federal Trade Commission. In response, the FTC has… Read More »

What Happens If My Spouse and I Get a Divorce During Chapter 13 Bankruptcy?

For many debtors, Chapter 13 bankruptcy is truly the most effective way to find lasting debt relief. But in the three to five years it takes to work your way through a Chapter 13 repayment plan, your financial situation may change, whether you get married, switch jobs or – as many folks unfortunately do -… Read More »