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Category Archives: Chapter 7 Bankruptcy

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 »

Is it Possible to Discharge Student Loan Debt in Bankruptcy?

If you feel mired down in student loan debt, you are in good company. According to the Institute for College Access & Success, in 2012 the average debt for graduating seniors from private, non-profit colleges was $32,300. Those graduating from for-profit colleges had, on average, $34,950 in student loan debt, which is up 26% from… Read More »

Bankruptcy and Why You Shouldn’t Be Relying on Your Tax Refund

If you’re like many Americans, you’re looking forward to using your annual income tax refund to make a once-per-year payment on your debts. It’s always a positive step to pay down debt, but it’s a big mistake to treat your tax refund like some sort of “annual bonus.” Your tax refund is not a bonus;… Read More »

Overwhelmed by Debt? Stop Ignoring Your Mail & Do This Instead

Are you feeling overwhelmed by a mountain of debt? If you have reached the point where you feel hopeless about your ability to ever pay it off, then read on to discover some vital action steps you can take to get back in control. Stop ignoring your mail. A common reaction to large amounts of… 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 »

My Income is Over the Limit, Can I Still Qualify for Chapter 7?

If you are considering filing for Chapter 7 bankruptcy and are wondering if your income is too high to qualify, you may be surprised to learn that most people who need Chapter 7 protection are allowed to file. Chapter 7 Bankruptcy is most often relief sought for debtors. Under Chapter 7, you may eliminate most… Read More »

What Property Can I Keep If I File for Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy is often called “liquidation bankruptcy” because the bankruptcy trustee can opt to liquidate, or sell off, your non-exempt assets to repay your debts.  Chapter 7 Bankruptcy is usually a good option for people who have mostly unsecured debt, such as medical bills, payday loans or credit card debt and for people who… Read More »

Six Common Mistakes That Could Ruin Your Bankruptcy Case

Filing bankruptcy requires carefully planning with qualified and experienced chapter 7 bankruptcy attorneys in Chicago to avoid making common mistakes. Although you may be able to correct some minor mistakes, others could prove costly and ruin your chances of discharge — or worse. People filing Chapter 7 bankruptcy in Illinois should avoid these common errors… Read More »