Michael J. Logan, Ltd.

Springfield Bankruptcy Blog

Alternatives to bankruptcy in Illinois

In the years following the Great Recession, many people needed to file for bankruptcy. Some estimates report that over 1.5 million people filed for bankruptcy in 2010. By 2011, Illinois had one of the highest bankruptcy rates in the country. 

Bankruptcy is a great option for many people, but it is not for everyone. If you like knowing what all your options are before diving head-first into something, then you should look into alternatives to bankruptcy

3 steps to rebuilding your credit after bankruptcy

You know bankruptcy is the right thing to do in your situation, but perhaps you still fear the long-term effects it will have. Will it ruin your credit forever? How long will it take to regain financial stability?

The good news is you have more control over your credit than you think. The consequences of filing for bankruptcy are temporary, and this route prevents you from experiencing the worse effects. Taking these three steps to rebuild your credit will get you back on track even sooner and keep you there.

Embarrassed about filing for bankruptcy? You are not alone

Is your bankruptcy the number one life event you are most embarrassed about? You may think having such feelings is ridiculous. After all, there are more humiliating things you can go through in life, right? Regardless, the truth is you are not alone in your feelings.

A National Foundation for Credit Counseling poll from 2014 revealed that 37 percent of Americans are more ashamed of their debt than they are of other traits, such as weight, age and account balance, with their credit score ranking a close second. With so many consumers embarrassed about matters of debt, it is easy to understand why you may be upset over bankruptcy.

Tips for debt solutions after a job loss

After you lose your job, one of your most pressing concerns may be how to make ends meet. After all, you likely have rent or mortgage payments, car payments, credit card bills and...the list goes on.

It can be overwhelming to think about all the debt you must continue to pay down while reeling from your job loss, so here are a few tips to help.

What debts can you eliminate with Chapter 7 bankruptcy?

Is your debt building up and getting unmanageable? If so, you might be considering all your options, including chapter 7 bankruptcy. Filing for bankruptcy is an important life decision that impacts your finances significantly. Due to the weight of this issue, you should understand exactly what chapter 7 bankruptcy can do for you.

If you meet eligibility requirements, you can eliminate most unsecured debts. In certain cases, you can eliminate secured debts. Keep reading for more information about dischargeable debts.

3 benefits of filing for bankruptcy

Every year, millions of American consumers get in over their heads when it comes to debt. While many often associate bankruptcy with spending more money than you have, the reality is that there are many reasons that overwhelming debt may be an issue.

If you have lost a job, been diagnosed with an illness or been through a divorce that set you back financially, bankruptcy may be a viable option for obtaining a fresh start for your financial future. For those who are considering filing for bankruptcy, there are several benefits to consider.

Understanding credit counseling

If you have ever heard of credit counseling, the name might give you some indication what is involved, but you might not fully understand what credit counseling means. Though definitions can vary between providers, it is generally a service that coaches debtors in methods of managing and reducing their debt. By partnering with a counselor, you may be able to tackle some of the financial challenges you are facing. Here are four benefits that can help you better understand what credit counseling is all about.

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