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January 2019 Archives

Bankruptcy filings may be down for multiple reasons

In September 2010, there were about 1.6 million bankruptcy petitions filed throughout the country. Eight years later, that number had gone down to over 770,000 cases. However, the number of bankruptcy cases was down in Illinois and across the U.S. for a variety of reasons that individuals may not have expected. One theory is that people have fewer assets to protect compared to several years ago. Therefore, they are less likely to file for protection from creditors.

Weighing both sides of Chapter 7 bankruptcy

Although we are only a few weeks into the new year, you may already be seeing the futility in keeping your resolution to get out of debt. Like many in Illinois and across the country, the pressure of overwhelming debt may be too much to bear. You may be experiencing many sleepless nights, and even your physical health may be suffering.

The pros and cons of LLCs

One of the most important decisions that business owners in Illinois and elsewhere have to consider is how to structure their companies. For some businesses, a limited liability company will be the most effective one. The LLC itself is a cross between a sole proprietorship and a corporation. It is considered its own entity separate from the owner of the business. However, it retains the benefits that can be derived from pass-through taxation.

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Rockford, IL 61108

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