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Bankruptcy Archives

Why gray bankruptcy is on the rise

At the Law Office of Paul R. Idlas in Illinois, we have noticed that more and more of the people who come to us for help in filing bankruptcy are senior citizens. Even the New York Times has reported on this new “gray bankruptcy” phenomenon, reporting that seniors like you now represent 12.2 percent of all bankruptcy filers whereas you represented only 2.1 percent in 1991.

Can you strip a lien from your house?

In you are like many Illinois homeowners, your debts have gotten so out of hand that you cannot pay them and you fear losing your home to foreclosure. But what if you could strip the lien from your home that your second mortgage represents? As Home Guides explains, that may be exactly what you can do by means of a Chapter 13 bankruptcy

What you know about Chapter 7

If you are considering bankruptcy as a way to regain hold of your finances, you are not alone. More than 796,000 people across the nation decided to file for divorce from June 2016 to June 2017. Of these filers, approximately 489,011 chose to file for Chapter 7 bankruptcy, or liquidation bankruptcy. As the most common type of bankruptcy, Chapter 7 has definite advantages and disadvantages when compared to other types of financial debt relief. Chapter 7 is designed to wipe out most of your debt, including medical expenses, credit card debt and other bills, and help you start fresh with a clean financial slate. Student loans, delinquent child support payments and money owed to the government cannot be eliminated in a chapter 7 bankruptcy.

What about the emotional impact of bankruptcy?

After months of dealing with financial difficulties and overwhelming debt, you are seriously considering filing for bankruptcy. However, there is one thing holding you back – you are worried about the stigma and embarrassment associated with having a personal bankruptcy on your record. These are not uncommon fears for residents of Illinois, as well as across the country. Despite bankruptcy being more common and accepted these days, many people still attach negative emotions to it.

Never give up: There is a life after bankruptcy

Some people can't fathom a life after bankruptcy. The way bankruptcy is portrayed, you would think that the filing is the end of a person's world, and that they will spend the rest of their life trying to overcome an insurmountable obstacle. It is as if the bankruptcy becomes a permanent fixture in their life, one that can never truly be fixed.

Could a tax refund also mean bankruptcy?

The first three and a half months of the year are big for the tax industry, but could it also be big for bankruptcy too? Tax refunds are often used by people as a way to catch up on bills, but for those too far behind, it could provide the resources to pay the legal fees associated with bankruptcy.

Bankruptcy and Child Support: Important Facts

No matter how much money you make, going through a divorce can be financially devastating and may leave you needing to file for bankruptcy. You never thought you'd be in this position but after the divorce was finalized your financial status drastically shifted and on top of it all, you're now required to make monthly child support payments.

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