Here at StudentLoanLawChicago.com, we have been helping people get into the best possible Income Driven Repayment Plan for their Federal Student Loans, and on the path to getting their loans forgiven. Contact us HERE for more information on YOUR loans. The Saving on a Valuable Education (SAVE) Plan, a federal student loan repayment program, has been making headlines recently due to pending lawsuits by certain states. This article aims to shed light on the current status of the SAVE Plan and the implications of these legal challenges. What is the SAVE Plan? The SAVE Plan is an income-driven repayment (IDR)
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The Risks of Delaying Bankruptcy: What Can You Lose?
Financial difficulties can be overwhelming, and the decision to file for bankruptcy is never an easy one. However, delaying this decision can often lead to more problems. This post aims to shed light on the potential issues that debtors may face if they postpone filing for bankruptcy protection. As an attorney who has been helping people with mounting debt and legal troubles for over 30 years, I have seen the problems first hand when people delay taking action! It is easy to feel so stressed out that you don’t want to deal with the situation at all! If you don’t
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Deadline Extended: Consolidate Federal Student Loans by June 30th
Don’t Miss Out on Loan Forgiveness Opportunities At BankruptcyLawChicago, we keep you up to date on all of the latest ways for you to save money on your Student Loans, and get them forgiven sooner! The Biden-Harris Administration has just announced an extension to the deadline for consolidating certain Federal Student Loans. If you’re a borrower, this is great news! You now have until June 30, 2024, to take advantage of the one-time account adjustment and ensure proper credit for progress toward loan forgiveness programs. What’s the Payment Count Adjustment? The payment count adjustment aims to address issues where borrowers
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How to Take Control of Your Federal Student Loans and Get Them Forgiven!
What is next for Federal Student Loan Borrowers? Repayment is in full swing, and borrowers can get their loans under control and closer to forgiveness than ever before. These plans apply to Federal loans for the student and parents. I am here to help with very affordable advice and help applying for income-based payment plans and forgiveness applications! I have helped many borrowers get hundreds of thousands of dollars in student loans totally forgiven! Borrowers who don’t take control of their loans will see their credit score decrease, threats of collection lawsuits, and will not be able to move forward
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Should the Small Business or the Owner File for Bankruptcy?
This is a question that comes up frequently in my practice. A person owns a closely-held business, with one or two owners, usually a Husband and Wife. They call, explaining that the business cannot pay its suppliers, lenders, landlords, lines of credit. They ask “Can I just file Bankruptcy for the Business? I don’t want to file for personal bankruptcy.” The thought is that the debts are just for the business anyway, and I shouldn’t have to file bankruptcy myself. That’s why I set up this fancy corporation or LLC! Almost always, a bankruptcy for the Owner(s) is the best
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If I file for Bankruptcy Protection, Do I have to Include all of my Debts? Yes!
One of the most common questions that people have when they are considering filing for bankruptcy is whether they have to include all of their debts in their bankruptcy case. The answer is yes, you do. I do not know why almost every client that I see thinks that they can keep some debts out of the Bankruptcy. It might be because people don’t know what “include in Bankruptcy” means. When you file Bankruptcy, you have to provide the Court, on your Bankruptcy Petition, a list of every company or person you owe. However, just because a debt is “included”
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The IDR Waiver: A Game-Changer for Student Loan Forgiveness
Lately, there have been very important developments in the world of Federal Student Loan Repayment Plans. This program was set to expire at the end of 2023, but it has been extended. The IDR Waiver, also known as the IDR Account Adjustment, is a significant development for federal student loan borrowers. Announced by the Biden administration, this one-time account adjustment aims to provide relief and streamline the forgiveness process. Go to StudentLoanLawChicago.com if you or someone you know has Federal Student Loan. Let’s dive into the details of what it means for borrowers and how you can take advantage of
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Eviction Mistakes to Avoid in Illinois
Navigating the eviction process can be challenging for Illinois landlords. There are nuances in the law and thorough procedures that must be followed. Making mistakes can delay evictions, lead to lawsuits, and cause significant financial harm. You should be aware of the biggest eviction mistakes. An Illinois lawyer can help you with the process so you do not make the wrong move.
Not Following Proper Notice Procedures
Illinois law requires landlords to formally notify tenants before filing for eviction. This includes serving the appropriate written notice form and waiting for the minimum notice period. For nonpayment of rent, a
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Empowering Borrowers: The First Month After the Student Loan Payments Resumed
The resumption of student loan payments has been a hot topic in recent months, as many borrowers felt the pressure of the impending restart of their financial obligations. For many, the COVID-19 pandemic brought financial uncertainty and relief in the form of temporary payment pauses. However, with the pause ending, borrowers have had to confront their student loan debt once again. This transitional period has been marked by both anxiety and hope, thanks to programs like those offered by Daniel J. Winter and StudentLoanLawChicago, and we have already helped many borrowers get back on track with their payment plans and
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Sidestepping Probate Pitfalls in Illinois
Going through a probate can be filled with pitfalls for grieving executors and beneficiaries. But an Illinois attorney can guide you through the complex process smoothly. Common mistakes can be avoided by understanding probate procedures, promptly securing assets, and maintaining meticulous records.
With legal representation, you can minimize disputes, delays, and disruptions when settling your loved one’s estate. You should be aware of key steps to sidestep probate problems and honor their legacy responsibly.
Understanding the Probate Process
Settling an estate through probate can be emotionally and legally challenging. Without guidance, even well-meaning executors and beneficiaries can stumble. A misstep
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The Automobile Financing Crisis
The average cost of owning a vehicle in 2022 was $10,728, about 17.5 percent of the median income for a household of one in the state of Illinois.
Macroeconomic Environment
Inflation
The macro-economic global environment is still experiencing fallout from many governments’ economic policies in response to the coronavirus pandemic which included, stimulus packages supporting individuals and businesses with direct payments, increase unemployment benefits, and grants to businesses. Additionally, the government mandated that many businesses shut down to stop the spread of the coronavirus through social interaction. These policies caused demand to increase and supply to decrease, causing a significant
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Can I Evict a Tenant in Illinois for Late Rent Payments?
As a landlord in Illinois, having tenants consistently pay late can be extremely frustrating. You may wonder what options you have to evict a tenant for chronically late rent with the help of an Illinois attorney. Here is what Illinois landlords need to know about evicting tenants for late rent payments.
Notice Requirements for Late Rent
Before a tenant in Illinois can be evicted for late rent, you must provide proper written notice. The notice must specify the amount owed and provide at least five days for the tenant to pay before you can file for eviction.
If the
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Debunking Common Misconceptions Regarding Chapter 7 Bankruptcy
Chapter 7 bankruptcy offers individuals overwhelmed by debt a fresh start. However, misconceptions often surround this legal process, leading to confusion and misinformation. Today, we will be debunking some of the most common misconceptions regarding Chapter 7 bankruptcy, empowering individuals with accurate knowledge and dispelling myths associated with this debt relief option. If you are considering filing for Chapter 7 bankruptcy, contact an experienced bankruptcy attorney to ensure you receive the critical legal guidance you need during this trying time.
Losing Everything
One significant misconception is that filing for Chapter 7 bankruptcy means losing all assets. In reality, exceptions exist
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How Can Radon Complicate the Sale of a Home?
Radon is a harmful substance that is found in the ground. Sometimes, radon can leach out of the ground and appear in the basement of residential homes. When a homeowner wants to sell, tests will usually be performed during the sale process to determine the home’s radon levels. If they come back showing high levels of radon, it can throw a wrench into the residential real estate transaction process. Deals can still go through, even with a high radon level, but they usually require some adjustment.
Radon Is a Dangerous Gas
Radon is a gas that is created when
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Federal Student Loan Pause is Ending-What Happens Next?
For millions of Student Loan Borrowers, it’s been 3 years since they have been required to make payments on their Federal Student Loans. Also, interest and collections were suspended. The U.S. Supreme Court decision on the Biden Student Loan cancellation program is expected by the end of June. For students who graduated in 2020 or later, they have not had to pay these loans at all! In preparation for the end of the pause, the administration has promised some flexibilities when they get re-started paying their loans. There will be more flexible ways to report a borrower’s income and
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Can I Buy a Car After Bankruptcy?
Many people who file for bankruptcy believe that they will never be able to get any kind of credit in the future. They believe that things like a new car are out of reach. It is possible to get car loans after bankruptcy, but you will need to pay more for it. A Geneva bankruptcy lawyer can advise you of the potential effects of declaring bankruptcy and what could happen in the following years.
You Can Get Some Types of Credit
In general, bankruptcy will remain on your record for seven years after the process concludes. The bankruptcy will continue
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