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What’s Your Backup Plan for an Unexpected, Large Expense?

If you were hit with a big financial emergency, what is your backup plan for taking care of it? Do you have a sufficient emergency fund or will you have to turn to loved ones for help? Do you have relatives who could help you if you asked? Bankrate has released a new report that… Read More »

Consumers Beware: Avoid Debt Elimination Scams with Due Diligence

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… Read More »

How to Stop Living Paycheck to Paycheck — 5 Tips to Getting Back on Track Financially

Despite the news of economic recovery from the Great Recession, 43 percent of U.S. households would be unable to pay their bills if they went just one month without a paycheck, according to the Springleaf Financial Strength survey. These households are just a paycheck away from financial disaster. If you are part of one of… 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 »

Bankruptcy and Retirement — How to Create a Sound Financial Future

Many baby boomers are struggling with credit card debt, most likely because their income is much lower than when they were working, but their expenses may not have decreased much. They may be facing high prescription and medical care costs, and any financial emergency seems magnified when you are living on a fixed retirement income…. 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 »

Can I File for Bankruptcy if I’m Unemployed?

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… Read More »

Wiping Out Lawsuit Judgments with Bankruptcy

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… Read More »

Can Bankruptcy Stop Creditors from Garnishing Wages?

From plummeting credit scores to harassment from bill collectors, there are many drawbacks to falling behind on debt payments. But perhaps none are as frustrating as wage garnishment. If you are delinquent on debts, creditors and debt collectors may be able to get a court order demanding that your employer garnish wages from your paycheck… Read More »