If you are currently considering debt relief through the liquidation of personal assets by petitioning for Chapter 7 bankruptcy protection, federal law mandates that you first seek pre-bankruptcy credit counseling and post-filing debtor education.
Admitting your debt has spun out of control and realizing you are financially incapable of managing your liabilities can often lead to moments of sheer frustration and uncertainty. It takes a personal leap of faith to place your trust in an experienced bankruptcy attorney, but it may be a necessary step in stabilizing your financial situation.
According to a recent survey from Gallup® Politics, six of every 10 Americans polled believe the federal government holds too much power. Over 1,500 adults, age 18 and above in all 50 states and the District of Columbia were surveyed via telephone, and the new statistics were the highest recorded percentage since Gallup® first posed the question in 2010.
Debt refinancing is quite elementary and often used as a financial equalizing tool. More often than not, consumers experiencing the onset of financial difficulties may turn to mortgage refinancing to ease the burden through lower interest rates, avoid foreclosure or possible bankruptcy.
According to an article published by the Chicago Tribune, Illinois homeowners plotting to strategically walk away from their homes is not an alarming new trend. For years, homeowners who have been feeling the sting of the housing market whims have often turned to an experienced Strategic Defense attorney to discuss Strategic Default of their mortgage as a method to relieve persistent debt concerns.
Bankruptcy, as defined by LendingTree, LLC, the nation’s leading online lender exchange, is a complicated situation that can open the door to a personal or business “do-over” without the burden of insurmountable debt but not without possible financial consequences.
It may be easy to briefly define bankruptcy but for those facing the reality, the situation can raise numerous questions, especially when it involves your Roth IRA.
Purchasing a home requires planning and budgeting skills. Mortgage payments must be included on family calendars and paid on time. The joys of home ownership are great, but can require sacrifice. When hardships happen, it can make the home ownership even more stressful and financially difficult. In Illinois home owners do have the option of a short sale for their homes to quickly get rid of a home they no longer can afford.
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.
In Illinois, the owner of six coal fired electric generating plants, including Fisk and Crawford stations in Chicago, is very close to filing for bankruptcy. The chairman and chief executive officer at Edison International, the holding company for Edison Mission Energy whose subsidiary is Midwest Generation, Ted Craver said EME is not expecting to repay $500 million debt that is due in June 2013.