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A Family Approach To The Law

August 2019 Archives

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. Many times, there seems to be too little money at the end of the month. Chapter 7 bankruptcy may help individuals in this position.

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 relief. Here is what Illinois residents need to know about it. 

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 affordable for you. You can also look into filing for bankruptcy with the assistance of an Illinois-based bankruptcy law attorney if you feel that would best suit your needs. If you choose to go this route, which type of bankruptcy -- Chapter 13 or chapter 7 -- is right for you?

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 be able to pay back what they owe.

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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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