Category: Illinois | Chapter 13 - page 17

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…

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…

Illinois law states the repossession of a car or truck is illegal if the consumer is not actually in default on the loan or if the creditor doesn’t have a valid security interest in the vehicle. But a valid repossession can become illegal if the repossessor used tactics that “breach the peace” when seizing the…

Last year, CNN Money reported that the big three banks in the United States – JPMorgan Chase, Bank of America and Wells Fargo – had made $1.1 billion on overdraft fees in the first three months of that year alone. Obviously, overdraft fees are a big money-maker for the banks, but who is most likely…

A common question for people in debt is when they should file for Chapter 7 bankruptcy. Often, filing for bankruptcy cannot wait for a specific time of year, as it often comes after a major, surprising life event such as unexpected medical bills. There are, however, a few ways you can time your bankruptcy to…

If you are experiencing financial difficulties, the last thing you need is to be taken in by a scam. Unfortunately, debt elimination scams are an increasingly popular way for fraudsters in Illinois to take advantage of people when they are most desperate. One of the most important things to look out for is the general…

The stress of being in debt is exacerbated if you are also unemployed. How can you repay your loans if you don’t have a steady income? Don’t worry – you still have options. You don’t have to be employed to file for bankruptcy. You can still file without having a job, although it may complicate…

The only thing worse than having a debt in collections may be having a debt that’s become a judgment. A judgment is a court decision that allows a creditor or debt collector to take legal steps to collect payment from a delinquent debtor. This can include freezing your bank account, garnishing your wages, and…

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,…

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…