Chapter 7 Bankruptcy The Straight Story In my last article I went over for you the basics of bankruptcy and briefly described the two most common types of bankruptcy used by individuals. Now I am going to spend some time focusing on the number one most common type of bankruptcy; the Chapter 7, which is […]
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If you are facing foreclosure on your home, you may wonder what your best options are. Would it be best to list the home for sale and try to do a short sale? Should you file a deed-in-lieu of foreclosure? Should you do nothing and let the foreclosure process happen? Should you consider filing a Walworth County bankruptcy? Find out below how each of these processes may affect your credit score.
 
How a Walworth County Bankruptcy, Foreclosure, and Short Sale Affect Credit Score

When you’re served with a lawsuit for a credit card or other consumer debt, you’re like a deer frozen in the headlights. Maybe you don’t realize you’re being sued. Perhaps you don’t think there’s anything you can do to stop the wheels of justice from turning. Think again.

The Bankruptcy Abuse Prevention and Consumer Protection Act turned 10 years old today. I guess I should say thanks. After all, the same relief that was available before the Act’s passage remains available today, but the level of complexity of the bankruptcy laws has expanded exponentially and the number of procedural niceties that must be met in order to obtain relief has likewise increased tenfold.

Chase Bank agreed in July 2015 to pay more than $200 million to settle claims made by 48 states as well as the Consumer Financial Protection Bureau that it sold faulty credit card debts to third-party collectors.
Understanding what happened provides valuable lessons to anyone who’s being sued for a past due credit card debt.
Chase Halts All Collection Lawsuits

No one expects to be over their head in debt and thinking about bankruptcy. But sometimes there’s no other way out of your debt problems, and the only way to get your financial house in order is to wipe the slate clean.
Bankruptcy is designed to be a final option for resetting your finances, bringing your debt under control in an orderly fashion.
But debt freedom doesn’t come for free, so it’s important to understand the full scope of the costs you can expect when you file for bankruptcy.

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.