Tag Archives: chicago bankruptcy attorneys

Elizabeth Warren (D) won the Massachusetts Senator election race over Republican incumbent Scott Brown in November, and many believe she would be a natural fit for the powerful Senate banking committee. Warren is an American bankruptcy law expert and a Harvard Law School professor. Warren certainly has outstanding credentials—she was named the 2009 Boston Globe’s Bostonian of the Year, and she was listed in Time Magazine’s 100 Most Influential People in the World in 2009 and 2010. Warren has a reputation for being a consumer advocate, standing up to banks and credit card companies. Warren is the first female senator in Massachusetts’ history. Many big banks are not fans of Warren and her policies. Warren is certainly qualified, and most believe that if she wants to serve on the committee she will be named to it. “The leadership and committee chairmen usually work together to try to accommodate incoming senators’…
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Personal bankruptcy is a difficult process for someone to go through, but many people are scared because they simply do not know what the process is like and how it will affect their lives. Gathering information about bankruptcy and what it would mean for you and your family helps to aleviate some of the uneasiness. The two types of personal consumer bankruptcies are Chapter 7 bankruptcy and Chapter 13 bankruptcy. In a Chapter 7, the debtors are able to discharge all or part of their debt. In a Chapter 13, debtors agree to a payment plan to repay part of all of their debt. During a Chapter 7 bankruptcy, you will likely be required to liquidate assets and then turn them over to your creditors first. This includes money in your checking and savings accounts. Some of your assets may be exempt in the bankruptcy process for a Chapter 7—laws…
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With the recent federal healthcare mandate, many people think that medical bankruptcy will become a thing of the past. Hopefully this will be true in the future, but that provides little comfort to individuals and families already buried with medical-related debt. In 2007, more than 90 percent of people who filed for bankruptcy because of medical costs owed more than $5,000 to healthcare creditors. The other medical bankruptcies were due to loss of income as a result of an injury or a health condition. Insurance companies typically cover anywhere from 60 to 80 percent of major medical costs. For someone who is diagnosed with cancer or another serious illness, this may not be enough to prevent a medical bankruptcy. A survey from 2007 reported that approximately 70 percent of US citizens either have difficulty paying for medical treatment or have medical debt. In 2009, 50 million Americans still had no…
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