Many individuals experiencing debt problems have deep moral or religious concerns  regarding filing for bankruptcy. Consolation may be found in understanding a good deal  of our modern bankruptcy laws evolved directly from the teachings of the bible. The "seven year rule" respecting the discharge of debts stems from the "Lord's Release"  in the bible. In Deuteronomy, it was mandated that debts be forgiven every seven years,  regardless of a person's circumstances. Deuteronomy 15: 1-3 ("At the end of every seven  years you shall grant a release. And this is the manner ..read more

When it comes to bankruptcy in Centralia and other towns in Southern Illinois, not all debt is considered equal. Some creditors will be paid back first while others will get what’s left over, if anything. Understanding the type of debt and creditors you have is important to understanding your bankruptcy. An experienced bankruptcy lawyer can examine your situation and explain how best to proceed. These are the debts in bankruptcy: Priority debts in the Chapter 13 Bankruptcy include costs and fees associated with the Chapter 13 filing, some tax debts and domestic support obligations. These de ..read more

When a debtor in Anna, IL files bankruptcy, the trustee and creditors will look for pre-filing sales and transfers that might be considered an abuse of the bankruptcy system. One type of questionable transfer involves fraudulent conveyances. In anticipation of bankruptcy, some debtors may try to hide certain assets or sell them off to friends or family for less than fair market value. In either case, the trustee can recover these assets for liquidation to pay towards the creditors in a Chapter 7 bankruptcy. In order to prevent this problem, it is best to speak with a bankruptcy attorney befo ..read more

What Might Keep Me from Qualifying for a Chapter 7 Bankruptcy in Centralia IL? There are situations where a person may not be eligible for a discharge in a Chapter 7 bankruptcy. For instance, if a person has received a discharge in a C  hapter 7 case filed in the last eight years, or a Chapter 13 filed in the last six years, he or she will not be eligible for a Chapter 7 discharge. In those instances, a Chapter 13 may be more appropriate. Some may wonder if there is a minimum amount of debt required to file a Chapter 7. There is no minimum amount. What might be a seemingly small amount of ..read more

The Affordable Care Act is now in its second year and more people have insurance coverage than before this law was passed. Unfortunately, it did not completely end problems associated with medical coverage. People still have to dip into their pocket to pay for deductibles and out-of-pocket expenses to pay for medical care. Those bills can be substantial. For someone barely holding on, this new expense could push them over the edge. Fortunately, bankruptcy exists to help a person get their debts in order. If you have suffered a serious injury and now have medical debt, a bankruptcy lawyer may ..read more

Some clients come to speak with a Anna Illinois Bankruptcy Lawyer about liens. A lien is a legal claim filed against a piece of property to secure a loan. With a car loan, for instance, the lender will assert a lien against the vehicle. The same is true of a mortgage, where the lender will place a lien on real estate. These liens generally survive a Chapter 7 case unless the property is sold or returned to the lender. Other types of liens, such as those placed on pre-owned household furnishings, can be removed or stripped off in a Chapter 7 or Chapter 13 bankruptcy, Stripping Real Estate Lie ..read more

While some people may automatically assume Chapter 7 is the best bankruptcy option, there are a number of consumers who are better served through Chapter 13. This form of bankruptcy lets a person keep their assets while making payments over a period of time (typically 3-5 years) to the bankruptcy trustee. This trustee then uses that money to pay back creditors. When the bankruptcy period is complete, unsecured debt is discharged and the creditor can no longer collect on that loan. A Centralia IL Debt Management Attorney can discuss your particular situation and determine which bankruptcy opti ..read more

Most people in Centralia Illinois don’t closely monitor their credit. They assume everything reported to the reporting agencies is accurate. Only after attempting to make a major purchase on a car or a home does one learn there is a problem. By annually checking your credit report, you can be sure it is accurate and does not contain major errors or problems. This way, when you do make that big purchase, you won’t suffer an unexpected surprise. Every American has the right to check their credit report from the three major rating agencies once every 365 days. It is highly encouraged people tak ..read more

Foreclosure can be a daunting experience. A home is often our most valuable asset. It is the symbol of the American dream, and oftentimes, the most expensive purchase we will ever make. Unfortunately, some homeowners suffer a setback such as a job loss, divorce, illness or unanticipated event which might make it difficult to keep current on house payments. After falling behind by more than two months, the bank may then refuse to accept further payments, and instead, refer the matter out to their attorneys for foreclosure proceedings. If you are behind on your mortgage, there may be options ..read more

Some clients are considering Chapter 13, but aren’t exactly clear how long their repayment period will be. A repayment period in Chapter 13 will last between 3-5 years. A Harrisburg Illinois Chapter 13 Attorney will examine your situation to determine the best option for you. Factors we will consider might include your monthly income, the amount you owe, the amount you are behind on certain debts, as well as other factors that may impact your ability to meet your monthly obligation. By finding the right repayment plan, you can get your debt under control while keeping your home, car, and othe ..read more