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Over one million people filed for bankruptcy relief last year with the top reasons being medical expenses and unemployment rather than overspending.  The fact remains that individuals and couples will continue to experience financial trouble that results in a bankruptcy filing.  However, there is good news for those filing for bankruptcy relief - - your financial life can be revived after bankruptcy.  The first step is to address the cause of the bankruptcy and take steps to prevent that series … [Read more...]

If you borrowed money to attend college so that you could get a great job making good money so you could buy a home, you are not alone.  Unfortunately, many college students are now facing a decision - - buy a home or pay off student loans.  You can do both if you are willing to sacrifice some discretionary spending and live within your means.  Waiting until you pay off your student loans to buy your first home may not be your smartest move. To learn how you can do both read, “Pay Off a … [Read more...]

Unfortunately, some couples who are struggling financially are also struggling in their marriage.  Money problems are one of the top reasons that many couples argue.  Often, this continues until the couple is facing bankruptcy and even a divorce.  If you are facing both at the same time, you should seek a family law attorney who understands bankruptcy or is willing to work in conjunction with your bankruptcy attorney.  There are some instances when filing a bankruptcy prior to a divorce can … [Read more...]

If Congress cannot come to an agreement by the end of today, thousands of workers in Chicago will be affected.  Thousands of federal employees such as military personnel, air traffic controllers, TSA workers and those working for national security agencies, will be expected to report to work even though they will not be paid.  Even more federal employees will be furloughed without pay until the matter is resolved.  Government agencies are scrambling to institute plans that will continue … [Read more...]

Another company based in Chicago has been forced into Chapter 11 bankruptcy to fend off creditors.  Keywell LLC, claiming a lack of demand and a depressed global economy, filed for bankruptcy protection this week.  An officer for the company stated that they want to sell the company and already have an offer from a Pennsylvania company.  According to bankruptcy documents filed with the court, Keywell owes almost $28 million.  The company was originally founded in 1924 and employees 119 people. … [Read more...]

The simple answer to that question is “yes” you can file for bankruptcy relief again. The more important question is will you be able to discharge your debts in a new bankruptcy case if you have a previous bankruptcy filing.  There are rules that govern repeat bankruptcy filings and under what circumstances debtors may receive another discharge of their debts.  There are instances where a debtor can receive another discharge by filing a second bankruptcy.  For more information read, … [Read more...]

After being forced into Chapter 11 bankruptcy last week, it appears that Fox & Obel will now permanently shut down.  The local grocer filed for bankruptcy protection last week to prevent the electricity from being shut off - - ComEd was owed more than $35,000.  The owners had hoped to reorganize; however, it appears now that they will sell the assets through bankruptcy and close permanently.  An emergency hearing is scheduled to deal with the perishables and other assets will be going on the … [Read more...]

A new FindLaw.com survey reports that about one in six adults are still paying on their student loan debt.  The survey found that almost 1/3 of Americans received money from student loans with more than half of those still paying on those loans.  Because student loans are a huge financial burden for many Americans, FindLaw has created an entire section covering student loans including information about various payment options, bankruptcy and student loans, and the consequences of a default.  You … [Read more...]

If you are shopping for your dream home, then you probably are also shopping for a mortgage.  Most first-time homebuyers opt for a 30-year fixed-interest mortgage for two reasons.  The first is predictability – with the fixed interest rate they know what their payments will be for the life of the loan.  The second advantage are lower monthly payments – by amortizing the loan over 30 years it lowers the payments to something more reasonable for first-time buyers.  However, other mortgage terms … [Read more...]

Most consumers who file for bankruptcy relief are not concerned about their credit report - - at that moment.  However, once the bankruptcy is completed and they begin to rebuild their credit, having an accurate credit report becomes a top priority.  Reviewing your credit report is the first step in finding and ultimately correcting mistakes.  Mistakes on your credit report can lower your credit score and make it tougher to rebuild your credit after bankruptcy.  For tips on how to correct … [Read more...]