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April 2013 Archives

Will Inherited Retirement Accounts Lose Bankruptcy Protection?

Retirement accounts are usually protected against creditors in bankruptcy. In other words, if you're overwhelmed by debt, don't take money out of your 401(k) to pay credit cards or medical bills, if you can help it. Most or all of your retirement account will remain yours after bankruptcy.

Rules of foreclosure are explained by the Illinois Supreme Court

Back in February, the Illinois Supreme Court instituted some rules designed to protect homeowners involved in foreclosure proceedings. The new rules require lenders to give the court certain assurances prior to receiving a final judgment in a foreclosure case. Those assurances surround whether a homeowner has been notified of any options available to them before a foreclosure such as a loan modification. It also requires the lender to certify to the court that the homeowner was made aware of that legal proceedings had been filed against him or her.

Even Illinois doctors have financial problems

There are very few businesses In Illinois that haven't been impacted in some way by the recession. It would seem that even doctors' offices and clinics have also been impacted by the financial problems facing consumers. An increasing number of doctors are filing for bankruptcy protection due to a reduction in revenue and an unforgiving increase in expenses.

Checks from Banks to Homeowners Bounce

After the housing collapse in 2008 and the years that followed, after many thousands of homeowners found themselves facing foreclosure, after the long fight toward an eventual $3.6 billion settlement with banks and other mortgage lenders - the checks go out to those homeowners and the checks bounce.

Illinois bankruptcy: How far can debt collectors go?

Since the start of the recession, there have been many consumers in Illinois that have gotten behind on their bills. The stress and frustration at not been able to make ends meet and living on the verge of bankruptcy is only compounded when debt collectors begin calling non-stop. Debt collectors often only make people feel worse about not being able to pay their bills. Most people would agree that if they could pay their debts, they would be paying them; even if it is just to get debt collectors to stop calling.

Short Primer on the Home Affordable Refinance Program (HARP)

When the housing bubble burst and the economy tanked in 2008, many homeowners found themselves underwater, meaning that their homes were worth less than the amount they owed on their mortgages.

Dionne Warwick hopes Chapter 7 will get rid of old tax liens

There may be Illinois residents who don't know that there are certain types of debt that are not ordinarily dischargeable. Debts such as student loans and tax liens fall into that category. Fortunately, there are exceptions that allow certain classes of student loans and tax liens to be discharged in a Chapter 7 bankruptcy. Dionne Warwick is hoping that her tax liens fall into that exception and be discharged.

Nothing but Scary Words: 'Willful Evasion,' Says Debt Collector

She didn't even owe any money. She wasn't in debt. But tell that to the debt collector with Gregory Adams & Associates in Florida, a company that the Better Business Bureau says gets a "pattern of complaints" from consumers. These complaints seem to involve exactly what Henry Erb's report for Target 8 describes: People get calls from debt collectors asking for money, yet these same people don't owe any money.

Many Americans File Bankruptcy Because of Medical Bills

Charles Simic has written an opinion piece on the New York Review of Books, in which he says health care is our "new American sadism," and refers to a TIME Magazine article about the problem of medical bills in our country.

Illinois bankruptcy: You can live without credit cards

Many Illinois residents have been impacted by the recession in one way or another. Some of those residents ended up in such dire financial straits that they filed bankruptcy in order to get a fresh start with their finances. Once all of a filer's credit card debt is discharged, many people decide to live without credit cards. The question is how to do it?

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