The “Wildcard” Bankruptcy Exemption

I’m just wild about the “wildcard” bankruptcy exemption!  In case you don’t know, when you file for bankruptcy, you are allowed to protect a certain amount of property that you need to work and maintain a basic standard of living — such...

CFPB Orders Equifax and TransUnion To Pay Fines

On January 3, 2017, the Consumer Financial Protection Bureau (“CFPB”) issued a press release stating that they had taken action against Equifax and TransUnion, two leading credit rating agencies, for deceiving consumers about the usefulness and cost of...

How Payday Loans Are Treated In Bankruptcy

A recent bankruptcy court decision from the Central District of Illinois has highlighted once again that payday loans are generally dischargeable in bankruptcy, defeating a lender’s argument.  Under section 523(a)(2) of the Bankruptcy Code, in order for a debt...

Should a Failing Small Business File Chapter 7?

If your small business is failing and you have decided you do not want to run it anymore, what do you do?  Well first you have to decide how to close the business — should you file Chapter 7 bankruptcy or just wind it down under state dissolution laws? Both have...

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