Entries by Isaiah Oconnor

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The relationship between student loans and bankruptcy

Student loan debt is a widespread issue. In regard to students who earned a degree from either a nonprofit or public college in 2014, approximately seven in 10 had debt. According to the Institute for College Access and Success, the average amount of student loan debt has increased by more than double the rate of inflation. In […]

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Chicago workers may have to seek wages in bankruptcy court

There are many reasons that a business owner in Illinois may have to seek bankruptcy protection. Slow sales and rising costs, for example, can lead to someone filing for bankruptcy. Some owners, however, engage in illegal activity and wind up owing creditors and even their own employees, as one recent incident illustrates. In May 2013, the […]

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What is credit discrimination?

Discrimination can happen any time and for just about any reason. In Illinois and across the country, it is not uncommon for people to be denied credit based on their race, age, sex or other factors. This is known as credit discrimination. It is harmful not only because it is blatantly offensive and perpetuates illegal […]

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Credit discrimination: The obstacles women in Illinois may face

Historically, women have had a harder time than men obtaining credit. In fact, until the federal government passed laws in the 1960s, women in Illinois and across the country were largely denied the opportunity to obtain a loan or other line of credit. Even though times have changed, there are many ways in which women […]

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Study: Counseling can help those with mortgage issues in Illinois

The U.S. Department of Housing and Urban Development sought to explore what, if any, benefits counseling has for people who are struggling to pay their mortgages in Illinois and across the country. In 2012, researchers followed 824 people who were in that position and sought professional guidance. They also followed up with some participants 18 […]

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What happens during a debtor education class?

If you have recently explored filing for personal bankruptcy, you may have discovered that you will have to take a credit counseling and debtor education course. There is a good reason for doing so, as it can give you the skills you need to ensure that you can maintain your finances following the bankruptcy. As […]

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Why seeking mortgage assistance right away is a good idea

It can be frightening to fall short on just one mortgage payment, let alone fear missing more. At Ledford, Wu & Borges, LLC, we understand the concern you may have as you eye your budget and realize that you may not have enough to pay your house bill this month. If you find yourself in […]

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What is the role of a bankruptcy trustee?

When you are filing for personal bankruptcy, you will most likely be assigned a trustee. This person will have certain responsibilities based on whether you file for Chapter 7 or Chapter 13 bankruptcy in Illinois. These tasks will all revolve around what is known as the bankruptcy estate, or the property that you own at […]

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Bankruptcy concealment lands Illinois woman in hot water

Whether people in Illinois are filing for Chapter 7 bankruptcy or Chapter 13, they are legally required to put together a complete list of their assets and debts, according to the Illinois Attorney General. Assets include any bank account balances, family heirlooms, real estate, retirement plans, vehicles, and expensive furnishings. Debts include bank loans, credit […]

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What is an automatic stay in a bankruptcy case?

If you feel overwhelmed by debt and are struggling to make ends meet, you may have considered filing for bankruptcy in Illinois. Not only can bankruptcy give you the opportunity to start fresh with your finances, it can also stop creditors from calling you and using other harassing tactics in an attempt to get their […]