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Chapter 7 Archives

What are credit counseling and debtor education?

When you plan to file for bankruptcy, you will be required to provide information regarding your financial situation. As the Federal Trade Commission points out, you will also have to participate in both credit counseling and debtor education. You will be required to take credit counseling prior to filing for bankruptcy, and you will have to participate in a debtor education program following your filing.

Know how to clean up your credit after bankruptcy

If you recently filed for bankruptcy in Illinois, you are not alone. According to the U.S. Courts, nearly 62,000 people across the state did the same thing during fiscal year 2015. At Ledford, Wu & Borges, LLC, we know that working to restore your credit following bankruptcy is an important step for moving forward. There are several ways you can accomplish this.

Can I discharge debt from a payday loan in bankruptcy?

Whenever you borrow money from a payday lender, you should be aware of the laws governing the practice. According to the Illinois Payday Loan Reform Act, no more than $15.50 per $100 loaned can be charged, and the loan must be for at least 13 days or longer. There are additional measures that protect the consumer from receiving a loan and going into debt.

Illinois Chapter 7 bankruptcy can relieve stress

Being behind on the bills can create a tremendous amount of stress and anxiety. Not only is the pressure of not being able to pay the bills causing stress, but also the fact that there is a nearly constant barrage of letters and phone calls from creditors who want to be paid. For many people in Illinois, filing Chapter 7 bankruptcy can alleviate this stress and anxiety.

New federal agency monitors debt collectors

It is an unfortunate truth that some debt collection agencies can be downright vicious. Some have even pushed Illinois consumers into Chapter 7 bankruptcy in order to get some relief from a debt collector's relentless pursuits. The problem has reached such a proportion that there is now another federal agency that consumers can report over-reaching debt collectors.

Illinois Chapter 7: Equusearch wants Casey Anthony to pay

People in Illinois may remember the story of Casey Anthony. She was convicted of lying to law enforcement in connection with the death of her 2-year-old daughter Kaylee. Now, Casey Anthony has filed for Chapter 7 bankruptcy protection and is attempting to have her debts discharged. One of those debts is to Equusearch, the search firm that looked for her daughter.

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.

Illinois Chapter 7: credit cards have big effect on credit scores

Most Illinois consumers may believe that if they are paying on the "important" debts such as car loans, mortgages and student loans that their credit score will remain good. Unfortunately, not paying those credit card bills can actually hurt a credit score more than not paying the mortgage. A Chapter 7 bankruptcy on your credit report may even be more beneficial in the long run.

Illinois taxpayers may find relief from tax debt in Chapter 7

Most Illinois taxpayers have heard that taxes are not eligible for discharge in bankruptcy, and for the most part, it's true. However, there are some taxes that may qualify for discharge under a Chapter 7 bankruptcy. Whether taxes are eligible for discharge depends on a number of factors.

Chapter 7 may save Illinois residents from losing their property

Sometimes, creditors obtain the right to seize property to sell in order to repay a debt owed to them. That property is then sold at auction, but may not cover all of the debt. In those circumstances, the creditor may continue to look to for payment of the remaining debt. Illinois residents may not know that filing for Chapter 7 bankruptcy protection may help stop this activity.

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