Chapter 13 Archives

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.

Olympic gold medalist's mom filed for Chapter 13 bankruptcy

The Olympic Games provide a highly visible stage on which the globe's best athletes can showcase their talents and hard work before the world. But while the spotlight shines brightly on the competitors, its glow can also bring the stories of family members to light. When the press announced during the Summer Games that the mother of Olympic gold medalist Gabby Douglas had filed for Chapter 13 bankruptcy prior to the Olympics, however, she took it in stride and said she was not embarrassed about it.

Rise in bankruptcy filings leads to drop in credit card debt

Credit cards are a nearly ubiquitous presence in today's consumer economy, and many people in the Chicago area use them on a daily basis to meet ordinary expenses. While credit cards are exceedingly convenient and offer a variety of rewards, there is no such thing as a free lunch. Most people recognize that elevated interest rates can rapidly grow an unpaid balance into high credit card debt. What may come as a surprise, however, is that credit card debt has fallen in the past few years, a time of falling salaries and stubborn unemployment, according to a Federal Reserve study.

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