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Many Americans Worse Off Than Before the Recession, Says New Survey

Nearly seven years after the Great Recession reared its ugly head, a new economic report paints an unpleasant picture of American finances. According to the Fed’s Report on the Economic Well-Being of U.S. Households, 34 percent of survey participants are either” somewhat worse off” or “much worse off” financially than they were back in 2008… Read More »

Chapter 13 Bankruptcy and Unpaid Chicago Parking Tickets

Get your license back and eliminate parking ticket debt with Chapter 13 bankruptcy For most drivers, Chapter 13 bankruptcy is the best choice for wiping out parking ticket balances. Along with giving you back your driver’s license, filing for Chapter 13 bankruptcy allows you to propose a repayment plan to the city of Chicago. Under… Read More »

Watching Out for Sneaky Credit Card Traps to Avoid Debt, Bankruptcy

Most consumers rely on credit because they think it’s convenient – but the reality is that, for most folks, credit cards are anything but. Sure, when you can’t afford a purchase, plastic will help buy you time until payday. But when you make paying with credit cards a habit, you’ll ultimately pay the price. What… Read More »

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 »

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 »

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 »

Helping Your Adult Child with Debt – Without Compromising Your Own Finances

Young adults are drowning in debt – and often times, their parents are getting pulled in with them. The average 25- to 29-year-old carries more than $35,000 in debt, according to PNC Financial Services. And while the student debt crisis has been highly publicized as of late, it’s not the only source of overwhelming debt…. Read More »