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There are different ways to organize and pay off debts

It can feel like an uphill battle to try to pay off debts. For people in Illinois, getting out of debt may require an understanding of how to pay things off in the most efficient way possible. Debt is money owed by one party, sometimes called the debtor, to another party, sometimes called the creditor. There are many different forms of debt. A person who purchases more with a credit card than they are able to pay off each month will be carrying credit card debt. A person who takes out a mortgage to buy a home will have mortgage debt.

How can you stay out of debt?

Illinois residents like you have two primary issues to worry about if you have been buried in debt: how to get out of it, and how to stay out of it. We at the Law Office of Paul R. Idlas will discuss a few methods that can keep you from falling back into debt once you have found a way out.

What is a debt settlement company?

When experiencing crushing debt in Illinois, it is important to know your relief options. That way, you can make an informed decision about where to go for help. You may have questions about the legitimacy and effectiveness of debt settlement companies. 

Even with protective laws, payday loans can be a trap

You may have been tempted before to apply for a payday loan. After all, the ads promise quick, easy money without having to have good credit. However, as we at the Law Office of Paul R. Idlas know, payday loans often lure unsuspecting borrowers in like a spider catches a fly. You and other Illinois residents should understand what these potentially predatory loans entail.

How do Americans feel about their personal debt?

If you are an Illinois resident who believes your household has never fully recovered from the 2009 financial crash, you are not alone. Despite frequent news reports of an economic recovery, many people across the nation have failed to feel its effects. If you are one of them, your amount of debt likely has increased in the past decade while your salary or wages have not kept pace.

Can the HARP program save your home?

As an Illinois homeowner, you not only love your home, but it likely represents one of your biggest investments. Consequently, if you are thinking about bankruptcy as your only way out of overwhelming debt, you nevertheless want to save your home if at all possible. As Mortgage Reports explains, the Home Affordable Refinance Program may be the way you can do this.

The basics of timing your bankruptcy

The financial difficulties you are experiencing may have had you considering bankruptcy for a while, but you might not realize that the time you file can have a positive or detrimental effect on the results of your bankruptcy discharge. In fact, when and how you file for personal bankruptcy might even result in fraud penalties. At the Law Office of Paul R. Idlas, we are prepared to answer the questions of Illinois residents to help them avoid potential penalties and make the most of the bankruptcy process.

How to find relief when debt becomes a burden

Sometimes individuals have a problem with debt because of out-of-control spending habits, but sometimes debt overwhelms homeowners and others unexpectedly. A shift in the housing market, a job loss, an accident or an extended illness that causes medical bills to pile up — all of these situations can happen without warning, leaving Illinois families struggling under the weight of debt they cannot repay.

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