debt collectors

Bankruptcy and Taxes—The Basics

The relationship between bankruptcy and taxes is a complicated one. Many families who are facing financial insolvency are not up to date on their taxes, which can inhibit their ability to file for bankruptcy. If you are considering bankruptcy, the most important first step is to seek the counsel of a qualified bankruptcy attorney. The next is to make sure that your tax debts are sorted. “Not all tax debt can be discharged in bankruptcy,” according to Fox Business.
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How to be a Debt Collector Whisperer

Americans have lots of debt. Not all debt is bad, but if you land in a tough financial situation, debt can feel like an invisible weight around your neck. Enter the debt collector. This post discusses  how to understand and communicate with debt collectors:
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The Safety of Your Home During a Bankruptcy

If you have been surprised by unexpected medical bills or lost your job, then you might be in a financial predicament.  When you get behind on your bills, creditors will aggressively call for you to pay what you owe.  Sometimes, banks and other lenders will threaten to foreclose on your home or garnish your wages.  But if saving your home is important to you, it is important to know how filing for bankruptcy may save your house.
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How to Survive a Financial Crisis

While the unemployment rate has been trending downward since the apex in the beginning of 2010, it does not mean that everyone is in a better economic situation.  If you are still struggling with a personal financial crisis, then there are certain steps you can take to get back on the right track.
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Preparing for Bankruptcy

The process of deciding on bankruptcy is personal and must be made based on the facts of your financial situation.  As difficult as it is to come to terms with that decision, it is important to know the beginning of the process in order to successfully begin a new financial life.
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Electric Chair and Armored Car Up for Grabs in Bankruptcy Auction

A federal bankruptcy judge has ordered online auctions to liquidate the inventory of the J. Parsons retail store in Springfield, IL. The funds raised from the sale will go to pay millions of dollars in federal and state back taxes and penalties the company owes. The State Journal Register reported that the Illinois Department of Employment Security is owed nearly $603,000 because the company did not withhold from employee paychecks.
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Credit Card Delinquency Up Again

The road to bankruptcy can be lined with persistent creditors, harassing phone calls, and enough daily annoyance to make a person crazy. Credit card debt is one of the main reasons cited for bankruptcy for Americans, and many in debt negotiate with debt settlement programs.
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The Use of a Homestead Exemption

In order to protect spouses and children left behind when the provider of shelter has died, some states have enacted a homestead exemption.  If a homeowner dies and leaves behind a dependent spouse or dependent children, this exemption protects their home from taxes, creditors and other situations which could put that property in jeopardy.
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL