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July 2017 Archives

Credit card debt in the United States tops $1 trillion

Quite a few people in the United States depend on credit cards to survive. As of the latest report, credit card debt has reached over $1 trillion dollars, the highest it has been since the Great Recession. Illinois residents who find themselves in over their heads financially may qualify for some level of debt relief.

Don't let a default on a second mortgage result in foreclosure

The ability to obtain a second mortgage on one's home can be both a blessing and a curse. It can offer a person money when needed, but it can also put a big strain on one's financial situation. Illinois residents who fail to make their payments on their second mortgages could end up losing their homes to foreclosure, even if they are making their original mortgage payments.

Chapter 7 filing, not payday loans, may be the answer

If you do not have enough money to cover your bills between paychecks, payday loans may seem rather intriguing. Who would not want quick cash right when it is most needed? At the end of the day, however, Illinois residents who choose payday loans may find themselves worse off in the long run. For some, a Chapter 7 filing really may be the better way to go.

When the loan costs more than the collateral

Debt comes from all corners of life. Often, it's payment on the interest or a loan that is not related to your current situation. When your financial situation is on the brink, you sell off items or get rid of extra costs--maybe the car that you're still trying to pay off. Unfortunately, some loans still ask for money even after the collateral is gone.

Take a means test to determine Chapter 7 eligibility

The thought of having the majority of one's debts cleared is enough to make anyone smile, especially if he or she is in a really bad financial spot. A Chapter 7 bankruptcy filing has the ability to do this. However, this is not a debt relief option for which all Illinois residents will qualify. In order to determine eligibility one can take a means test.

A Chapter 13 filing may help when debt is just too much

Sometimes people do not want to step back and take a look at where they are really at financially. It is just easier to keep putting things on credit and pay things off if their budget allows. Unfortunately, living this way can take its toll over time. When it all becomes to much to handle, for some Illinois residents certain debt relief options may be the only way out -- such as a Chapter 13 filing for example.

Illinois residential real estate transactions: Leases

Numerous Illinois residents have been able to generate good cash flow by leasing out their residential properties. For those who are relatively new to the whole landlord position, though, they may find that it is not always easy to get the most out of a property lease. When making residential real estate transactions such as this, what is included in the lease agreement can mean all the difference between making a profit and taking a loss.

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Lynch Law Offices, P.C.
1011 Warrenville Road
Suite 150
Lisle, IL 60532

Toll Free: 800-491-7493
Fax: 888-691-8337
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