Chapter 7 vs Chapter 13: What Are the Differences?

A common question asked by potential clients that come to our Chicago office is what the differences are between a Chapter 7 and a Chapter 13 bankruptcy. The contrasts are stark and can affect people in various ways. Below is a breakdown of the two: Chapter 7 – Chapter 7 is the most common bankruptcy code on the [...]

By | 2017-11-01T15:23:03+00:00 November 1st, 2017|Bankruptcy|Comments Off on Chapter 7 vs Chapter 13: What Are the Differences?

I am a consumer bankruptcy lawyer….practicing here in Chicago for over 28 years.

My how time flies. And it never ceases to amaze me how many of my clients get into trouble helping other people. Most times it is a mother helping her children or grandchildren…..letting them use the credit cards…..or cosigning for a car loan. Trouble is bad things can happen to even the most well intentioned. [...]

By | 2017-11-01T10:28:09+00:00 November 1st, 2017|Bankruptcy|Comments Off on I am a consumer bankruptcy lawyer….practicing here in Chicago for over 28 years.

Should you file for bankruptcy?

Well, only you can decide that question. Perhaps with the help of an attorney or other counselor, you can help make your decision. What factors should you think about? Here are some ideas to get you thinking………How much debt are you in? Can you realistically pay it off over a reasonable amount of time? What [...]

By | 2017-11-01T10:25:50+00:00 November 1st, 2017|Bankruptcy|Comments Off on Should you file for bankruptcy?

FUTURE CREDIT

One of the most frequent questions I receive is how will Bankruptcy affect my future credit? It is true that credit records are very important and getting more important every day. Many employers have started requesting credit reports, and certainly credit is necessary to purchase a house or in most cases a car. That is [...]

By | 2017-11-01T10:23:34+00:00 November 1st, 2017|Credit Score|Comments Off on FUTURE CREDIT

Increasing Your Credit Score After Bankruptcy: Understanding Utilization Rates

The goal is to get back in the game — the game of credit. But to do that, you must increase your credit score. The first rule to get a higher FICO score is to pay your debts on time. Without that, you will never get the score you deserve — and can get, even after a [...]

By | 2017-11-01T10:21:29+00:00 November 1st, 2017|Credit Score|Comments Off on Increasing Your Credit Score After Bankruptcy: Understanding Utilization Rates

What to expect when you go to “Court”?

I am amazed each and every time how nervous people are to come to their bankruptcy “court” date, or what we call the Section 341 hearing. (named after the section of the bankruptcy code) I tell my clients it is formal, even though it is not in a Courtroom, but that there is nothing to [...]

By | 2017-11-01T10:19:21+00:00 November 1st, 2017|Uncategorized|Comments Off on What to expect when you go to “Court”?

How To Stop Harassing Phone Calls

Calls from debt collectors can be extremely distressing and although Chapter 7 and 13 filings can put an end to collection attempts, there are also other types of unwanted calls that you may be receiving: unsolicited telemarketers. The Do Not Call Registry (DNC) from the Federal Trade Commission is a central database that limits the [...]

By | 2017-11-01T10:16:46+00:00 November 1st, 2017|Debt Collection|Comments Off on How To Stop Harassing Phone Calls

Bankruptcy Fraud

One of the main reasons Congress changed the bankruptcy laws so dramatically in 2005 was to curtail bankruptcy fraud. Congress was concerned that there were too many people filing too many bankruptcies who didn’t deserve to, i.e. they could afford to pay their debts, at least something. Congress also felt that there was too little [...]

By | 2017-11-01T10:14:44+00:00 November 1st, 2017|Bankruptcy|Comments Off on Bankruptcy Fraud

Nowadays

Nowadays, it seems that everyone I meet is “upside down” on their home. What does that mean? It means that they owe way more than their home is worth. And the really sad thing is that it may take years for values to catch up. For example, when Japan went through its financial crisis in [...]

By | 2017-11-01T10:13:13+00:00 November 1st, 2017|Uncategorized|Comments Off on Nowadays

Student Loans and Bankruptcy

IMPOSSIBLE, to wipe out, or just about….you might if you are permanently disabled…..Recently a court refused to allow the discharge of $300,000 plus in student loans for a young lawyer earning under $50,000 stating that it was NOT an undue hardship on this young lawyer to pay back these loans…and that he was intentionally not [...]

By | 2017-11-01T10:11:23+00:00 November 1st, 2017|Bankruptcy|Comments Off on Student Loans and Bankruptcy