Credit Card Defense

A good day in court as I was able to have a summary judgment motion against my client denied. I have now been defending these lawsuits all over southern Illinois. Today Wabash County, tomorrow two trials in White County.

chapter 11

Reorganization in a chapter 11 bankruptcy proceeding can restructure your outstanding debt!

Do not use your retirement account to pay debt.

Retirement accounts and IRA's are exempt in bankruptcy and from creditor garnishment in Illinois.

Bankruptcy in Southern Illinois

Chapter 7 and chapter 13 help many people eliminate reduce their debts.

garnishments

All garnishments can be immediately stopped by filing a bankruptcy petition.

If sense financial trouble.....

Get professional advice, preferrably from an attorney who concentrates in debt relief. Many people, desperate and not knowing what to do, use their exempt assets to pay some debt but find themselves still needing to file a bankruptcy. They could have saved those exempt assets they liquidated.

home inventory

Due to the numerous foreclosures, homes owned by banks are at a new high. My concern is if there are enough people with sufficient income to make reasonable payments on these uninhabited homes.

student loans

As student loans are generally non-dischargable, extreme caution should be used in taking out large loans.

too much debt

After the days of "easy" credit, many people just have too much debt to repay. Bankruptcy is probably the logical solution.

mortgage restructures

People should be weary that any mortgage restructure does not create more debt against the land. Many temporary restructures do not pay the interest accruing on the mortgage.

foreclosures

If you wish to save your home from foreclosure, do not let a judgment of foreclosure be entered even if the bank tells you they will still work with you.

Bank account automatic withdrawal

I suggest that everyone avoid automatic withdrawal's for debt repayment. Too many things can go wrong and over drawn bank accounts can cause multiple problems.

credit card debt forgiveness

Be aware that if a credit card company forgives a portion of your debt, there may be tax ramifications as debt forgiveness is generally considered income and you may have to pay taxes on the amount of debt forgiven.

Fresh Start

Now more than ever Americans in debt trouble need a fresh start by filing a chapter 7 bankruptcy.

Foreclosures Up! Chapter 13 can save your home

As home foreclosures continue to rise, many people lose their homes. I wish more people knew a chapter 13 bankruptcy can save their home!