When people are thinking of bankruptcy, most often, they have tried everything else. They tried to consolidate bills; they tried to call their creditors to work out a payment plan. They borrowed all they could from their friends and family. They withdrew all of their
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What is an “In Rem” Judgment of Foreclosure?
In the last few years, as the volume of foreclosures has slowed in Illinois, the foreclosure courts have been processing the cases faster. Foreclosure cases that used to take one to two years have been speeding through the court at a more regular speed of
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Entrepreneurs’ Common Money Mistakes to Avoid
Are you a contractor, builder, cabbie, realtor, mortgage broker, beautician, or barber? Do you run a restaurant or professional practice such as a dental, law or medical office. Then, you are an entrepreneur. That’s a fancy word, and, you are working for yourself, acting as
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Here’s One Easy New Years’ Resolution for your Money
I could give you many lists of things to do with your money in the New Year. I could also rattle off lists of different ways to track your spending. Those are all great, wonderful ways to get a handle on your financial life. You
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What to do to help Your Credit Score After Bankruptcy- Send Your Discharge Order to the 3 Major Credit Bureaus.
For so many years, you’ve been working to keep your credit score high. If you end up having to file for bankruptcy protection, there are ways to help increase your score, and to have the credit report accurately reflect the bankruptcy. Why would you want
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House Sold Short in 2014? You may get a tax break!
In 2013, the U.S. Congress extended the tax break for people who sold their houses at short sales, or gave up their houses, and were forgiven the balance of the loan. But, so far, in 2014, they let that tax relief expire. See my blog
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Life after Bankruptcy– Estate Planning
The best event of any bankruptcy case is when the Bankruptcy Court issues the Discharge Order. This means that the Bankruptcy case is done, and the debtor has finished it successfully. In a Chapter 7, that means that all of the unsecured debt is eliminated,
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Debt Settlement Consumer Protection Act in Illinois
A while back, I wrote about Debt Settlement, and whether it was a good way to avoid bankruptcy. Most people don’t want to file bankruptcy, and try many different things to avoid bankruptcy. Debt Settlement, in certain circumstances, can help. There are pitfalls. I mentioned
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Do You Qualify for Bankruptcy in Illinois? Check out the New Figures as of November 1, 2014.
What do these figures mean? These are the guidelines for people to help determine whether they are eligible to file Chapter 7 or Chapter 13 Bankruptcy. In Illinois, here are the figures for each household size: For 1 person: $47,469; 2 people : $61,443, 3
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Your HAMP Mortgage Payments May Bounce Up Soon in Illinois and Across the US
Back in 2009, the US Government announced the HAMP Program, Home Affordable Modification Program. The first group of homeowners started getting modifications, and many of those loan modifications had an “interest only” time period, usually 5 years. Now, the 5 years is coming up, and
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