Recent Blog Posts

With tax day fast approaching, many folks are understandably concerned about their finances. In fact, one of the most common questions we get asked around this time of year is whether income taxes can be wiped out with bankruptcy. The short answer is that it depends. Federal and state income tax debt can indeed be…

You know your ability to buy and keep a home is influenced by financial factors like income, equity and credit history. But a recent study suggests that there’s another element at work. According to a new study by Zillow and the National Urban League, ethnicity may play a significant role in one’s success – or…

Most New Year’s resolutions revolve around self-improvement, whether it’s bettering our bodies, our minds or our finances. But if forced to choose a priority, would you pick wealth or health? If you’re anything like most Americans, it’s all about the money. At least, that’s what a recent poll by American Consumer Credit Counseling indicates. Nearly…

Worried that bankruptcy will ruin your credit score forever? It’s a widespread myth that bankruptcy does permanent damage. In reality, the most damaging decision you make may be to not file bankruptcy. While it’s true that bankruptcy will leave a mark on your credit report, rebuilding credit after a bankruptcy case is definitely possible. In…

Debt is big business. Companies and individuals use your debt as way for them to make money, but tend to leave you in further debt. Debt consolidation loans in Illinois, which compile all of your debt into one monthly payment, are often used in this manner. These loans lure homeowners into using their houses as…

Having wages garnished can be devastating. In this tough economy, many people are struggling to meet their basic living expenses and simply don’t have enough income left over to pay off their debts. Creditors typically use wage garnishment in Illinois as a final attempt to collect outstanding debts. During this process, you can no longer…

What started as a tidal wave of foreclosures is slowing to a steady stream. But that doesn’t mean the foreclosure crisis is over. Just because fewer homes are being foreclosed upon doesn’t mean more people are paying the mortgage. It simply means that more people have already lost their homes to foreclosure – and now…

What do you think of when you hear that a debt has been charged off? If you’re like most folks, you may think it means the debt is gone for good. And it is gone – just not from you. Charged-off debt is really just a tricky accounting term. When debts or assets are “charged…

For most people, having a car is a necessity, not a luxury. We use our cars for work, to transport our children to school and to run other important errands. Without a car our already complicated lives become even less manageable. If you fall behind on your car payments, your lender can repossesses its collateral,…

The Federal Housing Administration (FHA)’s new “Back to Work” lending plan shortens the waiting time required to secure a mortgage after bankruptcy or foreclosure to 12 months. FHA mortgages have always been a great option for first-time or lower-income borrowers because they require only a 3.5 percent down payment. In the past, borrowers had to…