Bankruptcy, Foreclosure & Loan Modification Blog

Do I Have to Disclose My Bankruptcy to My Employer?

There are certain questions employers cannot ask, like your religion or whether you were born in the United States. There are other questions that employers can legally ask, but they can potentially make employees and interviewees uncomfortable. One of these is whether the applicant or employee has ever filed for bankruptcy. You can refuse to answer this question, but it is in your best interest to answer honestly and frame it in a positive way. Lying about your bankruptcy can reflect worse on you than disclosing it....
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Who can File for Bankruptcy?

Individuals who are facing insurmountable levels of debt can file for bankruptcy to have their debts discharged under court supervision. In order to file for either Chapter 7 or Chapter 13 bankruptcy, an individual must meet certain requirements. Individuals over the age of 18, regardless of gender, race, employment, or marital status can file for bankruptcy....
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What is Bankruptcy Fraud?

Bankruptcy fraud is the act of defrauding a bankruptcy court or trustee for one’s own financial gain, which is typically through not having to liquidate certain assets. It is considered to be a white collar crime because it is financial in nature and generally requires the offender to hold a privileged position, such as a financial advisor to the indebted individual....
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What are Some Common Reasons Why People File for Bankruptcy?

Everybody who files for bankruptcy has a personal reason for doing so. For some, it is a fairly easy decision and for others, it comes only after a prolonged period of analysis and searching for alternatives. No matter why you file for bankruptcy, understand that it is not a personal failure. It is a way to discharge the debts that are preventing you from living a financially secure lifestyle. Below are a few of the common issues that can drive people to the point of filing for bankruptcy. Medical Bills...
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How to Know it is Time to File for Bankruptcy

When you are living with debt, the debt can easily become your “new normal.” Sometimes, an individual can live like this for years, not realizing that he or she can receive help with the debt through financial counseling, debt consolidation, or bankruptcy. If one or more of the following apply to your life, you could be a good candidate for bankruptcy. Talk to an experienced bankruptcy lawyer to receive help and advice with that decision. Your Debt is Growing Faster than You Can Pay it Down...
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Alfred Angelo Bankruptcy Disrupts Brides’ Plans

In July of 2017, dressmaker Alfred Angelo filed for Chapter 7 bankruptcy after more than 75 years in the bridal dress business. The 60 Alfred Angelo shops were shuttered immediately. This came as a surprise to dress retailers and the brides who had ordered Alfred Angelo gowns through them, some of whom are now scrambling to find out if they will receive their dresses or if they will have to get new gowns at the last minute....
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If You are Considering a Loan Modification, Make Sure You are Qualified for One

When a homeowner is facing foreclosure, getting a loan modification can be an attractive alternative to filing for bankruptcy or facing the foreclosure process. If you are considering modifying your mortgage loan, understand that it is not a simple process. You will need to demonstrate that you are qualified to have your loan altered this way and if you do receive a modification, you will need to comply with its terms....
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How Could My Bankruptcy Affect My Family?

When you are facing a substantial amount of personal debt that you cannot realistically repay on your own, you might consider filing for bankruptcy. In most cases, this is not an easy decision. Your bankruptcy will change your life, and if you have dependents, it will impact their lives, as well....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL