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May 2019 Archives

More young adults are taking on credit card debt

For some time now, younger adults -- those labeled millennials -- have done a better job than their older counterparts when it comes to staying out of debt. According to a recent report, that is no longer the case. Numerous 18 to 29-year-olds in Illinois and across the country have begun taking on significant amounts of credit card debt. What is behind this new trend?

Who is Chapter 13 bankruptcy meant to help?

In a previous post, this column discussed Chapter 7 bankruptcy and who can benefit from that type of relief. This week, the focus will shift to Chapter 13 bankruptcy and who it is meant to help. Not all Illinois residents who want to file for bankruptcy will qualify for or wish to pursue Chapter 7 relief. Chapter 13 may better suit their needs.

Who can benefit from Chapter 7 bankruptcy?

When you think about bankruptcy, you probably think about all of the bad things you have heard about it. The truth is, bankruptcy is not necessarily a bad thing. It is a way for people to get out of debt and get their finances under control. This week, this column will focus specifically on Chapter 7 bankruptcy and who in Illinois can benefit from pursuing it.

Your estate plan is ready, are your beneficiaries?

While the vast majority of Illinois residents do not like the idea of planning for their own deaths, it is something that should not be overlooked. There is a lot of good that can come from creating an estate plan. Knowing one's family and assets are protected can bring peace of mind. Unfortunately, according to a recently published article, most estate plans fail to work as their owners originally intended.

Do not think of Chapter 13 bankruptcy as a sign of failure

Every year numerous Illinois residents find themselves needing financial help. There is no shame in asking for assistance when one's debt situation becomes too much to handle alone. However, many people refuse to file Chapter 13 bankruptcy or seek out other debt relief solutions because they view taking such steps as a personal failure. Do not think of bankruptcy as a sign of failure; rather, think of it as an opportunity to improve one's situation.

How bankruptcy can affect your mortgage

As more people begin to acknowledge bankruptcy as a means of regaining positive financial footing, more are starting to embrace the option. However, it is important that people understand the different aspects of this choice and how it will affect their specific situation.

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

Phone: 630-761-5274
Fax: 888-691-8337
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Available to meet throughout Will and DuPont Counties