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How Unpaid Medical Debts Damage Credit Scores

When you’re recovering from injury or illness, paying bills might be the last thing on your mind. If so, you’re not alone: Medical bills are the most common form of delinquent debt in the U.S. But left unpaid, medical debt can add up to a world of pain. According to the Fed, nearly 1 in… Read More »

Committing Bankruptcy Fraud: Just Don’t Do It

No one gets away with lying on a bankruptcy schedule – not even celebrities. The proof: Teresa and Joe Giudice, stars of the Real Housewives of New Jersey, recently confessed in a federal court to committing bankruptcy fraud by neglecting to list income and assets. Sources say the couple lied about Teresa’s income from the… Read More »

Can I Discharge Income Tax Debt With Bankruptcy?

With tax day fast approaching, many folks are understandably concerned about their finances. In fact, one of the most common questions we get asked around this time of year is whether income taxes can be wiped out with bankruptcy. The short answer is that it depends. Federal and state income tax debt can indeed be… Read More »

How Bankruptcy Saves Homes from Foreclosure Rescue Specialists

When you’re in danger of losing your home, a foreclosure rescue specialist may seem like the answer to your dreams. In truth, these “specialists” can turn out to be your worst nightmare. Let’s say you’ve fallen behind on mortgage payments and the bank has sent you a foreclosure notice – or several. You get a… Read More »

How to Stop Debt Collectors From Calling About Old Debts

Have you ever heard of “zombie debt?” No, it’s not a new horror flick – it’s a real phenomenon. And it’s an increasing problem for indebted Americans. In recent years, sketchy debt collection agencies have begun buying up old debts for pennies on the dollar, and then hounding consumers relentlessly until they pay up.  Essentially,… Read More »

Americans Taking on Significantly More Debt, Much Of It Student Loans

Americans are back on the credit card wagon in a big way – and that’s both good and bad news, according to a recent CNN Money article. The Federal Reserve Bank of New York’s just-released Household Debt and Credit Report shows U.S. consumers took on $241 billion in new debt this past quarter, the biggest… Read More »

Robo Signing Settlement Deters Loan Fraud

Last year Illinois, along with 48 other states, joined the U.S. Department of Justice in a $25 billion settlement agreement with five of the nation’s largest bank mortgage companies to remedy widespread “robo-signing” of documents for foreclosure and other fraudulent practices that banks used in servicing loans for homeowners. There are two main components of… Read More »

How Can I Protect Myself from Debt Relief Scams?

Debt is big business.  Companies and individuals use your debt as way for them to make money, but tend to leave you in further debt. Debt consolidation loans in Illinois, which compile all of your debt into one monthly payment, are often used in this manner.  These loans lure homeowners into using their houses as… Read More »

What are the Wage Garnishment Laws in Illinois?

Having wages garnished can be devastating. In this tough economy, many people are struggling to meet their basic living expenses and simply don’t have enough income left over to pay off their debts. Creditors typically use wage garnishment in Illinois as a final attempt to collect outstanding debts. During this process, you can no longer… Read More »

The Automatic Stay

One of the benefits of filing bankruptcy is protecting your property from creditors pursuing collection actions against you.  You can get automatic stay protection in Chicago as soon as you file your bankruptcy petition. An automatic stay begins to protect all the property you listed on your petition. How does the automatic stay work? The… Read More »