Lisle Legal Issues Blog
Senior debt is a growing problem
As an elderly American suffering from debt, you are not alone. Nearly half of seniors are struggling with bills they may or may not be able to pay. The Financial Times reports that one in seven people that are filing for bankruptcy are now over 65 years of age, "an...
What are the dangers of a borrow-now-worry-later mentality?
A recent report found an increase in the number of people carrying credit card debt across generations.The number of Gen Xers with credit cards increased by 3%, Millennials increased by 5% and Gen Zers increased by a whopping 41%. Although this is a stunning percent...
Creditors can sue for credit card debt repayment for only so long
Most people use credit cards either for their perks or financial need. As a result, numerous Illinois residents have credit card debt that they are struggling to repay. When debts aren't paid, creditors can take legal action in an effort to recover the funds owed...
How is consumer debt treated during the probate process?
A recently published article discussed consumer debt in the United States and how it is treated after a person dies. The simple truth is, creditors have the right to still get paid, which means they can go after the money during the probate process. In Illinois, who...
Chapter 7 may help young parents who are struggling with debt
Being young and a recent college graduate with young children to provide for can be an extremely challenging time of life. Too many Illinois residents know the strain of trying to pay off student loans, pay for childcare and meet their other financial obligations....
Consumer protection bill signed into law
At the end of July, the Governor signed a bill into law that will protect Illinois residents who are dealing with debt collection agencies. The consumer protection bill does not stop debt collectors from doing their jobs, but it does offer those in debt a bit of...
Chapter 13 or Chapter 7, which is right for me?
If your debt situation is out of control, there are some things you can do about it. You can start by reviewing your finances and creating a budget. You can try to work with your creditors to lower how much you owe or adjust payment terms so that they are more...
Debt is being called modern-day slavery
Spending more than one brings in is something many people in Illinois and elsewhere are doing now and have been doing for a while. Consumer debt is at an all-time high -- sitting at roughly $13.5 trillion. It is to the point where most people feel that they will never...
The advantages and disadvantages of filing for bankruptcy
Choosing to file for bankruptcy can feel like an overwhelmingly large decision to make. On average, it tends to affect a person's finances and your credit score for seven to 10 years.But, there are plenty of lasting advantages that come with this choice. Here are the...
Chapter 7 bankruptcy: What people have to say about it
Illinois residents who are in debt know what it is like to constantly worry about their finances. It is no way to live, yet many people in this situation struggle to make the call that may end the stress and the financial worry. Filing for Chapter 7 bankruptcy is...
