What do baby boomers, Gen Xers and millennials all have in common? Debt. Credit card debt, mortgages, auto loans and student debt -- most people have some sort of debt and many of them are struggling to pay it back. What can Illinois residents who are struggling with debt do?
How bankruptcy affects your credit score
Bankruptcy can occur to anyone, even large entities. Illinois has faced issues in recent weeks concerning the town of Harvey, which may need to file for bankruptcy due to having an annual operating revenue that is three times less the city's pension debt.
Chapter 13 or 7 may help the 13 percent forever in debt
Debt plagues many people in Illinois and across the country. In fact, a good number of Americans feel that they will be forever in debt. They feel they have no way out. Truth is, Chapter 13, Chapter 7 and other debt relief options may be able to help them improve their financial situations.
Chapter 13 and other ideas for dealing with creditors
Illinois residents who have money coming in but owe more than they can pay their creditors, likely have a lot of questions about what options they have for dealing with their creditors. Chapter 13 bankruptcy is certainly an option worth considering, as it can put creditor harassment to an end and offer much-needed financial relief. Here are three tips for dealing with creditor harassment if one is still considering all available debt relief options.
A loan modification might save your home – if you are cautious
After years of home ownership, you have lately been experiencing financial difficulties, and the worst has happened – you are now facing foreclosure. Like any Illinois resident in the same circumstances, you are feeling uncertain and don’t know where to turn. You’ve considered bankruptcy, but you’re also looking into other options to save your home and assets before resorting a Chapter 7 or Chapter 13.
