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Chicago Bankruptcy Lawyers Getting People Out From Under Overwhelming Debt

Make a post-bankruptcy plan to rebuild your credit

In filing for bankruptcy, you are taking the first step toward a fresh, new financial future. Gone will be that mountain of debt that has been wearing you down.

Once bankruptcy is behind you, restoring your credit will be the next goal, and you can begin by putting together a plan of action in five easy steps.

The basics of wage garnishment

If you are accruing debt, your first instinct may be to ignore it. It can be difficult to admit you have a problem; however, ignoring outstanding debts can lead to a frozen bank account or wage garnishment. According to NPR, millions of Americans are getting their wages seized because of medical bills and credit card debt.

When you are facing debt that you cannot pay, the best thing you can do is act early, talk to creditors and consider bankruptcy. Otherwise, if you ignore and fail to pay your debt, your employer may start to withhold some of your wages because of a court judgment.

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.

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