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Chicago Bankruptcy Lawyers Getting People Out From Under Overwhelming Debt

Celebrity bankruptcies can be a source of inspiration

Most of us look up to certain celebrities and put them on pedestals. Then, to prove that the stars we admire are only human, something quite ordinary happens in their lives, such as running out of money.

Here is a brief look at how four celebrities coped after making the decision to file for bankruptcy.

How individual retirement accounts fare under the BAPCPA law

If you are facing bankruptcy, you may worry about the disposition of retirement accounts, such as your 401(k) or your profit sharing plan.

Congress revised the Bankruptcy Code in 2005, and the changes shed light on your concerns.

Why your credit situation matters in an apartment search

When you are a renter, the search for just the right place to live can have its challenges. When you find an apartment or rental house that seems like the perfect fit for you, you don't want any complications getting in the way of you getting approved for a lease. Among the things that could create such roadblocks are debt struggles. 

Spending sprees and other pre-bankruptcy filing mistakes

Once you make the decision to file for bankruptcy, you will want the process to go as smoothly as possible. However, you are probably nervous. You have no idea what to expect.

When you are under a good deal of stress, mistakes are easy to make, but here are five common missteps that could be damaging to your petition for bankruptcy.

Toys "R" Us news shows how two forms of bankruptcy are used

When a company faces financial difficulties and goes into bankruptcy, Chapter 11 is the type most businesses use. Sometimes, however, the hoped-for advantages might not work.

Toys "R" Us recently ran into this problem and is now in the process of converting its Chapter 11 protection for Chapter 7.

Are you still wondering whether you should file Chapter 13?

Filing for bankruptcy is a big step in your financial life. However, if you are overwhelmed with debt, you may have determined it is the only realistic thing to do.

You have a family, a home and a job, and you are leaning toward filing Chapter 13, but you still have questions, not only about the process itself but also about the long-term consequences.

Helping you prepare to attend the 341 Meeting

The meeting of creditors relative to a bankruptcy filing is more formally known as the “341 meeting.” This name comes from Section 341 in Title 11 of the United States Code.

When you file for bankruptcy, you will have to attend this meeting along with your attorney and your trustee. It may sound a bit scary, but the 341 meeting is not as arduous an event as you might think.

Will your sweetheart’s bankruptcy disrupt your wedded bliss?

You would like to go into your marriage feeling supremely happy and confident about your future. However, your soon-to-be husband is going through bankruptcy, which casts a bit of a damper on your expectations for wedded bliss.

You are afraid that the bankruptcy issues could adversely affect your excellent credit rating. Fortunately, there are ways to prevent that from happening.

Selecting the best option to save your home

Everyone goes through hard times, and sometimes, those difficulties result in great loss. If you are facing a foreclosure, you may consider a few different mortgage assistance options.

However, it is important people select the best options for their particular situation. There are a few key factors to consider when choosing the right assistance for you.

How to end creditor harassment

Dealing with overwhelming debt is stressful and difficult enough without your creditors hounding you nonstop. Between paper notices, phone calls and in-person contact, you may feel like there is no escape from the endless communication.

While creditors have the right to contact you, the Fair Debt Collection Practices Act protects you from having to deal with behavior that escalates to harassment. You do not have to put up with that no matter how much you owe. Take these steps to end creditor harassment.

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