My clients who are looking at bankruptcy as a way to get out of debt worry about their car. Is it a good idea to get rid of it in favor of a less expensive vehicle? Will either the court or their car lender force them to surrender the vehicle?

Vehicle Impounded In Record Numbers During the last 10 days, I have seen a huge uptick in the number of Chicago residents who have had their vehicles impounded. This most certainly has to do with the city of Chicago and its effort to bring in revenue from parking ticket debt. When clients don’t pay their+ Read More

The scope and extent of debts that may be discharged is an often litigated issue in bankruptcy. In a recent Chapter 13 case in the U.S.

Being in debt is like being overweight; you’ve got too much of a thing you want to get rid of. As with losing weight, the way to get out of debt is a simple equation – spend less money than you make.
There are only two ways for that equation to work, and those involve spending less or making more.
Spending less smacks of deprivation because it means limiting the things you love. Making more, on the other hand, sounds more palatable.

It’s been estimated that about 80% of people in the United States have credit report errors.  Those statistics are from 2009, so it’s likely that those numbers are higher in light of the rampant mortgage-related issues over the past few years.

When you use bankruptcy to get out of debt, the first thing you’re going to want is to work on your credit score. Getting your credit into tip-top shape, after all, helps put you in the best light with new lenders.
That’s where credit repair companies come in.
They play on your fears that bad credit will stand in the way of your dreams, and that bankruptcy is the end of the world. Once you’re hooked, they promise to remove bad marks from your credit report.
It sounds too good to be true – and that’s exactly what it is.
Your Credit Score After Bankruptcy

Seasonal Worker I recently met with a gentleman who was employed by the union as a contractor. He had long stretches of unemployment and other stretches of high employment. He wanted to hear from me as to when was the right time to file chapter 7 bankruptcy. His situation is somewhat unique. He will work+ Read More

People file for bankruptcy protection for a number of reasons: overdue credit card debts, tax obligations, mortgage issues, and more. One benefit of filing for bankruptcy is the ability to modify the terms of your car loan and pay it off through a court ordered repayment plan.
If you’ve got a car and want to handle a particularly difficult car loan, you’re going to look to a repayment plan under Chapter 13 of the US Bankruptcy Code. Depending on your situation you may be able to reduce your interest rate, lower the balance of the car loan, or both.

Prior to implementation of the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005” (BAPCPA), debtors were able to discharge private student loans in either Chapter 7 or Chapter 13 bankruptcy.  Since then, young Americans have continued to struggle due to: Steep increases in college tuition; Mounting student loans debt; Bleak job prospect after graduation, […]

Tenants and landlords are no exception to the ever growing number of individuals filing bankruptcy. A bankruptcy can be a very stressful situation. Bankruptcy becomes even more stressful when real estate is involved, especially when it involves your home. Anything that could potentially threaten your shelter, a necessity of life, should be taken seriously. It is important that both tenants and landlords know their rights during a bankruptcy effecting real estate.