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September 2016 Archives

What consumers should do when hit with time-barred debt

Even when people believe that their finances may be in order, they may be contacted by a creditor trying to collect old debt. Since debt has a statute of limitations, creditors are unable to collect unpaid debt once a certain time period has passed. These ‘expired’ expenses are known as time-barred debt. Regardless of whether the person is actually still responsible for the debt, however, aggressive creditors may continue harassing debtors through phone calls, mail and even bad marks on their credit report.

Understanding homeowners’ rights during the foreclosure process

There are a number of homeowners across the state of Illinois who may struggle to keep up on their mortgage payments. As a result, people may face foreclosure or lose their home when the lender decides to reclaim the property. Although homeowners who face foreclosure may be delinquent in making their house payments, they do have certain rights when it comes to the foreclosure process.

What is a debtor in possession in a Chapter 11 bankruptcy?

Whether you run a corporation in Illinois, are the sole proprietor of a business or are involved in a partnership, you may run into tough financial situations where you are forced to consider bankruptcy as a way to clear your debt. Chapter 11 bankruptcy is designed to help these types of businesses reorganize debt in such a way that it can be repaid in a timely manner, and the company can continue on with its business endeavors. When filing Chapter 11 bankruptcy, you may actually become a debtor in possession, which requires you to take over many of the responsibilities associated with the case.

What is the meeting of creditors in a Chapter 7 bankruptcy?

Whether you have already started the process of filing for bankruptcy or you are simply gathering more information about the process, it is important that you know about the meeting of creditors. This mandatory meeting is essential for all who file for Chapter 7 bankruptcy in Illinois or anywhere else across the nation. Since declaring Chapter 7 bankruptcy may ultimately end in full discharge of your medical expenses, credit card debt and other unsecured loans, the creditors involved in the case are given an opportunity to state their case and ask questions before the court-appointed trustee.

Rebuild your credit: Watch out for high interest credit cards

People who have declared bankruptcy in Illinois may be encouraged to open a new secured credit card with the idea of paying off the balance every month. Since bankruptcy can have a negative effect on your credit report for up to 10 years, rebuilding your credit is an essential part of reestablishing your financial stability.

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