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…
Continue Reading The Risks of Delaying Bankruptcy: What Can You Lose?

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…
Continue Reading Deadline Extended: Consolidate Federal Student Loans by June 30th

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…
Continue Reading How to Take Control of Your Federal Student Loans and Get Them Forgiven!

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”…
Continue Reading If I file for Bankruptcy Protection, Do I have to Include all of my Debts? Yes!

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…
Continue Reading The IDR Waiver: A Game-Changer for Student Loan Forgiveness

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…
Continue Reading Federal Student Loan Pause is Ending-What Happens Next?

In order to Discharge a student loan in bankruptcy, the US Bankruptcy Code, Section 523 (a) (8) requires the Debtor to prove that repaying the loan(s) “would impose an undue hardship on the debtor and the debtor’s dependents”. Courts around the country have been left to interpret this statute. The recent history of student loan litigation in bankruptcy has relied on Bankruptcy Courts around the country using either the Bruner standard or the “totality of the circumstances” test. In order to discharge student loans, a Debtor has to file an Adversary Proceeding, which is a lawsuit within a Bankruptcy case.
Continue Reading Student Loans and Bankruptcy- New Guidance – Breakthrough or More of the Same?

  I have been practicing law for over 30 years, almost all of them in Bankruptcy Court. Over this time, I have advised clients in a wide range of issues.  I have represented Debtors, Creditors, and Trustees. All parts of the system.   Over these years, I have worked with, for, and against attorneys in the bankruptcy system.  And, in many situations, I have encountered attorneys with little to no bankruptcy experience. And, I have been a resource for other attorneys, to help them and their clients. Bankruptcy is a very complicated area of practice, and, being a Federal proceeding,…
Continue Reading Attorneys – I am Your Bankruptcy Resource!

Lately, many of my clients have been completing their Chapter 13 Bankruptcy Plans and getting Discharge Orders.  This is a HUGE accomplishment!  Chapter 13 is a 3 to 5 year Court-supervised plan where individuals pay their debt back in whole or in part. Creditors are paid through a Chapter 13 Trustee in a certain order based on the US Bankruptcy Code requirements. Why is the completion of a Chapter 13 case such a big deal?  An American Bankruptcy Study in 2019 of Chapter 13 Bankruptcy filings showed that only 40% of Bankruptcy cases were discharged (completed successfully).  And, when people…
Continue Reading Successfully Completed Chapter 13 Bankruptcy Cases!