Liens Explained by a Anna Illinois Bankruptcy Lawyer
Bankruptcy Clinic
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1w ago
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
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Centralia IL Debt Management Attorney: Benefits of Chapter 13
Bankruptcy Clinic
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1M ago
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
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The Importance of Monitoring your Credit Report in Centralia Illinois
Bankruptcy Clinic
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1M ago
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
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How to Stop a Foreclosure in Murphysboro Illinois
Bankruptcy Clinic
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1M ago
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
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How long will my Chapter 13 take? A Harrisburg Illinois Chapter 13 Attorney explains.
Bankruptcy Clinic
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1M ago
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
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Anna Illinois Statute of Limitations on Debt Collection
Bankruptcy Clinic
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1M ago
While some may think a statute of limitations may be their way out of paying off a past due debt, they may not realize what these laws refer to. The statute of limitations on debt collection only refers to the length of time a creditor has to file a lawsuit against the consumer in an effort to seek legal recovery. If they file a lawsuit after the statute of limitations has run, the debtor may successfully defend against it on the basis that the statute of limitations has run. In Illinois, debt collectors have five years to file suit on an open account or unwritten contract and up to 10 year ..read more
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Harrisburg Illinois Bankruptcy Attorney on Fraudulent Conveyances
Bankruptcy Clinic
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1M ago
When a Harrisburg, Illinois debtor 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 atto ..read more
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Can Bankruptcy Eliminate Tax Debt?
Bankruptcy Clinic
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1M ago
One of the most frustrating debts a person can have is tax debt. The IRS is often the most merciless collection agency a debtor can face. The IRS can shut down your business, seize assets, garnish wages, and even withhold Social Security benefits, all in an effort to collect money owed to Uncle Sam. In the majority of bankruptcy cases, this debt is not dischargeable. In some cases, however, it may be possible to wipe that tax bill clean. A bankruptcy lawyer can discuss your situation to determine if bankruptcy may be an option for you. The body content of your post goes here. To edit this tex ..read more
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How Much Debt Does the Average Household Carry?
Bankruptcy Clinic
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1M ago
The first step towards getting your debt under control is taking a hard look at your finances and seeing exactly where you stand. Comparing yourself to other Americans can be a good first step in determining whether or not you have borrowed too much and may need the help of a bankruptcy attorney. A recent study found that the average household has more than $129,000 in debt, with the average credit card debt coming in at $15,000. Of course, it should be noted that every household is different, so manageable debt for one person may be completely unmanageable for another. The biggest debt most ..read more
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Good Faith Explained by a Carbondale Chapter 7 Attorney
Bankruptcy Clinic
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1M ago
In order to receive a Chapter 7 discharge, a person will need to show their case was filed in good faith. This is a necessary part of obtaining a discharge of your debts. In order to prevent abuse, part of the 2005 bankruptcy reforms requires a person be able to establish a good faith filing. A Carbondale Chapter 7 Attorney can examine your particular situation to make sure you meet these standards.  Preventing a Bad Faith Dismissal with a Carbondale Chapter 7 Attorney  A bankruptcy court may look at a variety of circumstances in determining if a bankruptcy is filed in good faith ..read more
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