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Category: Illinois

Repossession is the process through which the lender, bank, or other creditor reclaims possession of an automobile from a borrower who has defaulted on their loan. Repossession is legal because the contracts for most auto loans provide that the vehicle being purchased will serve as collateral to ensure the buyer fulfills their end of the agreement. This means that under Illinois law, a lender can take back your… Read More »

As an individual in Illinois, bankruptcy laws allow you to file for two different types: 7 and 13. With Chapter 7, you can wipe out your unsecured debts entirely, whereas Chapter 13 requires you to make monthly payments towards your debt over the course of 3 to 5 years… Read More »

People often think there is a limit on how many times you can claim bankruptcy in Illinois, but this is not the case. The truth is that you can file as many times as you need it, as long as you comply with the legal conditions placed on refiling… Read More »

When your family is suffering from debt and financial struggles, it can feel like they will never end. The fear of losing your home, car, or job can be overwhelming. While many families view bankruptcy as a last resort to get relief from the crippling weight of their debts… Read More »

When your family is suffering from debt and financial struggles, it can feel like they will never end. The fear of losing your home, car, or job can be overwhelming. While many families view bankruptcy as a last resort to get relief from the crippling weight of their debts… Read More »

Many people fear filing for bankruptcy will mean surrendering their possessions. But one of the most attractive features of bankruptcy is that it can legally protect your assets from creditors, thanks to a long list of exemptions… Read More »

One of the things that make people susceptible to the scams we've been talking about is desperation. Let's face it: spending months or even years worried about money can make anybody feel desperate. At DebtStoppers, if there's one thing we've seen over and over… Read More »

For you to get a loan, the lender usually requires that you give some guarantee that you will pay the loan back. For a home equity loan, you secure the loan with your home. Typically a home equity loan works like a credit card. It provides you with a… Read More »

Rent-to-own stores let you buy new and used appliances, furniture and electronics under long-term payment plans. And they don't check your credit. So if you have poor credit, rent-to-own might look like a good idea — especially if something breaks or you need something that just can't wait. OK, what's so bad about paying a few dollars a week for a computer or a flat-screen TV?… Read More »

Every year at about this time there is a glut of advertising by tax return preparers for what they refer to as "Rapid Refund," "Fast Cash Refund," "Express Money," or "Instant Refund". Some locations even offer a chance to play a game and double your "Instant Refund". These very tempting offers purport to get you your anticipated tax refund immediately or within a day or two. What many people don't realize is that there is… Read More »