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While filing for bankruptcy is not for everyone, in some situation it may be your best option. Some people wait too long. In the process, the pressure mounts and they get themselves deeper and deeper into trouble. In the worst situations, they may lose so much more by not seeking relief from their financial issues. […]

The post Why File for Bankruptcy? appeared first on Bankruptcy Clinic.

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When utilized in the right situations, bankruptcy serves an important purpose. Bankruptcy can give debtors a fresh start by cancelling their debts and giving them a clean financial slate to begin anew. The bankruptcy laws are intended to require debtors to pay what they can reasonably afford in a reasonable amount of time. The bankruptcy […]

The post The Purpose of Bankruptcy appeared first on Bankruptcy Clinic.

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A reaffirmation agreement is an agreement entered into between a debtor and a creditor in a Chapter 7 case which sets forth provisions allowing the debtor to maintain secured debts that would otherwise be discharged in a bankruptcy case. Some debts in a bankruptcy may be secured by collateral the creditor could repossess or foreclose […]

The post Understanding a Reaffirmation Agreement appeared first on Bankruptcy Clinic.

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When filing for bankruptcy, you need quite a bit of information to make the process go as smoothly as possible. It may be obvious, but in order to list your creditors in your case, you will need their names and all their information, including what you owe them and their addresses. In the first part […]

The post Listing Creditors on My Bankruptcy Case appeared first on Bankruptcy Clinic.

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Although filing for bankruptcy may be something someone considers at a young age, some people may find they have to consider it for other reasons in their later years. As pensions have decreased over the years and health care costs have increased, many senior citizens are left looking for relief. One of the leading causes […]

The post Bankruptcy and Senior Citizens appeared first on Bankruptcy Clinic.

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If you file for bankruptcy, you may have many questions. You may want to know how public the information is and if those in your family, work and community will know. Bankruptcies are considered a public record. Anyone may contact the federal bankruptcy court to verify you have filed for bankruptcy. Even though they can, […]

The post Is My Bankruptcy Filing Made Public? appeared first on Bankruptcy Clinic.

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While many strive to be debt-free, the majority of us carry around some amount of debt. Oftentimes, we don’t learn money management skills early on, which in turn, can set you up for a lifetime of struggling with money. By taking some simple steps, you can establish a better financial path for yourself. Understand what […]

The post Simple Steps to Better Money Management: Keep a Budget appeared first on Bankruptcy Clinic.

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Many people mistakenly believe if they file for bankruptcy, it means they will lose everything they have. In reality, while in bankruptcy, there are many exemptions which allow the debtor to retain certain properties and items. When you work with our experienced Southern Illinois bankruptcy attorneys at the Bankruptcy Clinic, PC, we can help you […]

The post Exemptions in Bankruptcy appeared first on Bankruptcy Clinic.

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Credit card companies work to entice new cardholders into opening a new credit card with incentives. Unfortunately, there are often hidden fees, high interest rates and stiff penalties that, if implemented, can cause more problems for someone already struggling with debt. The Dodd-Frank Act of 2010 is an act geared toward protecting consumers from abusive […]

The post Credit Cards, the Dodd-Frank Act and You appeared first on Bankruptcy Clinic.

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Many people in need of bankruptcy relief are hesitant to proceed because they wrongly assume they will lose assets they have acquired. However the vast majority of the Chapter 7 cases we file are no-asset bankruptcies, meaning the debtor can keep all of his or her assets after we apply the proper exemptions. When you […]

The post What Will I Lose if I File for Bankruptcy? appeared first on Bankruptcy Clinic.

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