August 2015 Archives

What are credit counseling and debtor education?

When you plan to file for bankruptcy, you will be required to provide information regarding your financial situation. As the Federal Trade Commission points out, you will also have to participate in both credit counseling and debtor education. You will be required to take credit counseling prior to filing for bankruptcy, and you will have to participate in a debtor education program following your filing.

Navigating bankruptcy as a small business

It is never easy to discuss the option of filing for bankruptcy. At Ledford, Wu & Borges, we regularly work with small business owners in Illinois who are looking to alleviate financial distress. If you have found yourself in such a position, it is important to know how the different types of bankruptcy could work for you.

The link between medical debt and bankruptcy

Though more Americans have health care insurance now, medical debt is still a serious issue for many people in Illinois and across the country. In fact, a study from NerdWallet last year revealed that medical expenses are the most significant cause of filing for personal bankruptcy.

Know how to clean up your credit after bankruptcy

If you recently filed for bankruptcy in Illinois, you are not alone. According to the U.S. Courts, nearly 62,000 people across the state did the same thing during fiscal year 2015. At Ledford, Wu & Borges, LLC, we know that working to restore your credit following bankruptcy is an important step for moving forward. There are several ways you can accomplish this.

Can I discharge debt from a payday loan in bankruptcy?

Whenever you borrow money from a payday lender, you should be aware of the laws governing the practice. According to the Illinois Payday Loan Reform Act, no more than $15.50 per $100 loaned can be charged, and the loan must be for at least 13 days or longer. There are additional measures that protect the consumer from receiving a loan and going into debt.

Know the signs of illegal debt collection in Illinois

When you owe money, it is possible that you will have debt collectors contacting you in an effort to recover a payment. At Ledford, Wu & Borges, LLC, we know that some agents may engage in illegal practices. When you can recognize these behaviors, you may be able to save yourself time and – more importantly – money.

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