Debt Relief

Recent Posts in Debt Relief

  • Hope For Student Debtors?

    Unlike other types of debt, student loans are notoriously known for being near impossible to discharge, with the debtor given the burden of proving that repaying the loan would cause “undue hardship”. A recent court case, however, has ...
  • Student Loan Firm Accused of Borrower Abuse

    A group of more than two dozen state attorneys general has accused Navient Corp. (formerly known as Sallie Mae), America’s largest student loan firm, of violating state laws to ban abusive or unfair practices by paying call center workers based ...
  • According to an article published by Time, the federal Consumer Financial Protection Bureau ordered two different firms to discontinue an illegal collection process that utilized an automated lawsuit generator. The CFPB stated that New Century ...
  • Father Wins Student Loan Debt Relief

    A federal appeals court has urged a bankruptcy judge to consider a settlement that would allow a Duxbury father to erase more than $246,000 in student loan debt. Fourteen years ago, now 65-year-old Robert Murphy lost his $165,000-per-year job as ...
  • Recently, our Chicago consumer law attorneys, Attorney Paul M. Bach and Attorney Penelope N. Bach asked the bankruptcy court to review a case for our client, Renato Casali. Casali filed for Chapter 7 bankruptcy on July 31, 2013. Prior to filing, ...
  • Most Americans Unable to Handle a $500 Surprise Bill

    The U.S. economy has recovered from the latest recession, but many Americans are still living paycheck to paycheck, putting them one unexpected bill away from a major financial catastrophe. According to an eye-opening new survey conducted by ...
  • A tax package unveiled last week could help some struggling homeowners get the tax relief they need. Normal tax law imposes income taxes on any debt that is forgiven, meaning that a homeowner who is able to complete a short sale or reduce the ...
  • The Department of Education has recently intervened in the case of a 65-year-old man named Robert Murphy, who has struggled for over three years in a legal battle to have his student loan debts discharged by bankruptcy. While student loans are ...
  • One of the benefits of filing for bankruptcy is the protection of the automatic stay. During the bankruptcy process, creditors are forbidden from carrying out any sort of collection activities against you, including harassing phone calls, mail ...
  • First Wave of Student Loan Forgiveness Coming Soon

    Of all consumer debts, student loans have the highest rate of default and delinquency rates. As many as 43 million people make up this $1.3 trillion liability, and many of them need help repaying large balances as they begin new careers or start ...
  • Strategic Default: What Is It and Can It Help Me?

    Strategic default can be useful to relieve yourself of the burdens of a mortgage while minimizing the negative consequences. Let’s say that the home you purchased turned out not to be such a sound investment—it may be time to walk away ...
  • Illinois residents have options when it comes to paying off debt and improving their financial situation, according to a book called "The Debt Escape Plan: How to Free Yourself From Credit Card Balances, Boost Your Credit Score, and Live ...
  • When cancelled debt is treated as taxable income

    An Iowa resident who receives forgiveness for part or all of one or more outstanding debts by a creditor might be surprised when a 1099-C federal tax form arrives. It may be a relief to be rid of the outstanding debts, but forgiven debt can be ...
  • Working with collection agencies for reduced payments

    People in Illinois who have outstanding credit card or other financial obligations may be able to negotiate with debt collectors for a settlement. If asked, many companies will agree to resolve a debt for a reduced lump-sum payment. Although not ...
  • Unsecured debt and property seizures

    Some residents of Chicago may be interested in learning more about unsecured debt collection. Although many people know that secured creditors can seize assets, it can also be possible in some circumstances for unsecured creditors to do the same. ...
  • Securing a credit card is possible after bankruptcy

    Illinois residents who have gone through bankruptcy may wonder how it will affect their ability to get a credit card. While it may take some time to build up trust again, lending institutions and banks may be willing to provide credit. There are ...
  • Paying credit card debt owed by a deceased loved one

    Residents of Illinois might wonder who pays a deceased consumer's credit card debt. When the consumer is a parent, grandparent or spouse, grief is the usually the first concern of family members, but worry about the decedent's financial ...
  • Small bad debt is still bad debt on a credit report

    As many Illinois residents may know, forgotten debt may pop up on a credit report at the worst possible time. Being alert to this possibility and avoiding it may make getting a mortgage or a car loan easier. In one example, a California woman charged ...
  • Retirement accounts and credit card default

    Some debtors in Illinois may wonder if defaulting on a credit card can affect retirement funds. According to a recent article, a creditor must file and win a lawsuit against the debtor before any accounts held by the debtor could be subject to ...
  • How to deal with past medical debt in Illinois

    Routinely checking one's credit report can be a good habit to get into. Sometimes, it will alert an individual to an unpaid medical debt that may have been turned over to a collection agency. Knowing that fact allows a person to take action ...
  • The idea that you could possibly use credit cards for your benefit when recovering from overwhelming debt seems counterintuitive. However, if you use credit cards in responsible, intentioned ways, they may actually be able to help you rebuild some of ...
  • Why individuals get bogged down in credit card debt

    We have previously discussed the fact that the American public generally views debt differently in the wake of the 2008 economic downturn. After the economy crashed, many financially responsible Americans found themselves on the verge of foreclosure ...
  • Beware of payday lenders for numerous reasons

    When you have fallen a few hundred dollars short of what you need to pay your bills, eat and put gas in your car, visiting a payday lender may seem like an appealing option. And of course, it is ultimately your choice to either sign a payday lending ...
  • When a student loan co-signer dies

    Many young adults opt to attend college within the first few years following their graduation from high school. At such a young age, rarely do any of these individuals have a strong enough credit score to be approved for private student loans ...
  • Earlier this month, the Federal Reserve Bank of New York released data about the amount of debt that Americans are currently juggling and struggling to overcome. That new data suggests that consumers have run up more personal debt than they have ...
  • A great deal of controversy surrounded the creation of the Affordable Care Act. This piece of legislation, also known as “Obamacare” remains a subject of controversy for various reasons even though it has been passed successfully, has ...
  • Holiday spending, leftover holiday debt and you

    It is the end of January. As a result, you are probably receiving bills associated with holiday spending in your mailbox. Perhaps you steadfastly stuck to a budget but are still feeling the strain of credit card bills and various purchases on your ...