Businesses are able to file for federal bankruptcy when they have extreme difficulty paying their expenses. However, this right to file bankruptcy has not been given to municipalities in the state of Illinois.
Current Bankruptcy Policy
Children are observant. They tend to sense when something is wrong. The continual phone calls from creditors, the heated arguments over money, less trips to the grocery store and even less money spent on family fun. Even more so they noticed a change in you. Emotions are running high and they have been walking on eggshells.
The rate at which professional football and basketball players are filing for bankruptcy after retirement is being discussed with increasing frequency across the NFL and NBA. The issue is not confined to those to sports alone, though, as some of the biggest athletes in a variety of sports – Warren Sapp, Dennis Rodman, Mike Tyson, Marion Jones – are broke.
Many people struggle with debt at one time or another. But how do you know when that struggle has become a serious one and you may need to consider consulting with a bankruptcy attorney to see what your options are?
Bankrate offers consumers signs to watch for that the organization says should serve as warnings that financial difficulties may be more than a bump in the road and serious attention is needed.
Eight years ago, President George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) into law. This law restricted a person’s right to file Chapter 7 bankruptcy to once every eight years, causing many to impulsively file for Chapter 7 bankruptcy in Illinois before the law went into effect. Unfortunately, many filed too early for their situation, causing them to lose homes and other assets without any further preventative help available.
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:
When a person files for bankruptcy, they must fill out certain paperwork to turn in to the courts to be sure that they are eligible. Specifically, if they choose Chapter 7, but they seem to have enough money to pay off their debts, they must take a means test to determine their eligibility. The means test will compare the income and expenses to that of the state’s mean, or average, numbers.
There are many reasons that a business can fold, but when you’re the business owner, the process of dealing with the aftermath of your failed business can be overwhelming and emotionally difficult. That’s why it’s best to turn to a qualified bankruptcy attorney who can help you determine the best course of action for your specific situation.
According to the organization American Student Assistance, some 20 million individuals are entering college every single year. Of that group, 60% are borrowing to finance some or all of the cost of higher education. The average amount of loan debt per student? Across all age groups, that number sits at $24, 301. It’s not surprising that one of the leading questions surrounding bankruptcy is whether or not student loan debt can be discharged.