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Category Archives: Bankruptcy

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 »

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 »

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 »

Middle Class Americans Living Paycheck-to-Paycheck Find Relief Through Bankruptcy

Earning a good salary, owning a home and having a retirement account – all these things used to be indicators that you were in good financial shape. But according to a new report, today’s middle-class Americans are far from comfortable. In fact, most are living paycheck-to-paycheck. A recent study presented by the Brookings Institution claims… Read More »

Committing Bankruptcy Fraud: Just Don’t Do It

No one gets away with lying on a bankruptcy schedule – not even celebrities. The proof: Teresa and Joe Giudice, stars of the Real Housewives of New Jersey, recently confessed in a federal court to committing bankruptcy fraud by neglecting to list income and assets. Sources say the couple lied about Teresa’s income from the… Read More »