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Courts: Incarcerated Man Not Eligible For Chapter 13 Bankruptcy

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An incarcerated man wasn’t eligible for Chapter 13 bankruptcy according to an Illinois Court who dismissed the case in March. Tristan Durov was convicted of aggravated DUI from a July 2014 accident where he left a party drunk and crashed his vehicle killing two passengers. The passengers never sued him, but he was the defendant […]

Consumer Debt Rises To Nearly 2008 Levels

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Some concerns arise as consumer debt is projected to reach 2008 levels later this year. According to the New York Federal Reserve’s quarterly report, household debt in the United States reached $12.58 trillion, which is a level not seen since 2008. The amount represents a $226 billion increase in household debt for the fourth quarter […]

Major Changes May Help Boost Credit Scores

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Two major changes beginning July 1 may help boost millions of Americans’ credit scores overnight. Experian, Equifax and TransUnion, the three major credit agencies, are dropping specific negative information from credit reports. FICO estimates the change will affect 12 million Americans out of an estimated 200 million Americans with credit scores. Starting in July, tax […]

Student Loan Debt Continues To Rise

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Student loan debt has reached a new milestone. It is currently the second highest consumer debt, just behind mortgage and higher than both credit cards and auto loans. A new analysis revealed that many borrowers are severely behind on repaying federal student loans. The Consumer Federation of America analyzed new data released by the U.S […]

Bankruptcy Can Just Be A New Beginning

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Many people start out their adult life never imaging they will ever file for bankruptcy or even be in a position where they would have to consider it. Considering bankruptcy may bring about feelings of failure or loneliness, feeling like you are the only one struggling with money, but The Bankruptcy Clinic, PC can help […]