Blog

Jul
20
I Have a Large Medical Bill but Good Credit, Should I File Bankruptcy?

Whether you should file bankruptcy over one large medical bill that you are having trouble paying depends on several factors, including whether you can handle the debt outside of bankruptcy, or not.

If you have good credit, the bankruptcy will definitely cause it to dip. However, if you can’t pay the hospital or medical bill, you’ll start to get late-payment notices and the medical provider may even sue you and get a judgment — neither of which is good for your credit. And you may eventually face wage garnishment or other collection actions.

If you cannot settle the debt and it looks as if the creditor may pursue you for payment, then your good credit is going to take a hit anyway because a collection action will show up on your credit report. And if the provider sues you and gets a judgment, it can garnish your wages or take other collection action.

Mar
11
What Is Going to Happen if I Owe Back Property Taxes?

Local governments charge property taxes against real estate that’s owned in their jurisdictions. The government uses property taxes to pay for services in your neighborhood, such as schools and emergency personnel. If you don’t pay your property taxes on time, the tax collector can use various collection tools to get the money owed, and you potentially could lose your property.


Feb
18
How to Rebuild Your Credit after Bankruptcy- Fast!

It’s about as popular as a root canal or a blown tire on the freeway. Yet like both of those dreaded occurrences, filing for bankruptcy is commonplace in modern America. In 2013 1,107,699 individuals and businesses in the U.S. had to file for bankruptcy according to government data. While it’s pretty safe to say that not many of the folks who filed for Chapter 7 or Chapter 13 bankruptcy were eager to do it, it’s worth remembering that bankruptcy is by no means a financial death sentence. After all, bankruptcy protection is designed to provide people and companies with a way to discharge at least some of their debts and start over. And one of the very first steps to reboot your financial life involves rebuilding your cre...


Feb
10
How Much is a Personal Injury Case Worth?

Most personal injury damages are classified as “compensatory,” meaning that they are intended to compensate the injured plaintiff for what was lost due to the accident or injury.

Jan
30
How Does a Foreclosure or a Short Sale Affect Your Credit Score?

There are several ways a foreclosure or short sale affects your credit score. If done correctly, a short sale can have less of an affect on your credit score than a foreclosure.

Here are several ways a foreclosure affects your credit score:

  • The late payments that precede a foreclosure have a big impact on your credit score.
  • FICO, the agency which calculates credit scores, guards their scoring system carefully, but it is estimated that a foreclosure can drop your score anywhere from 175 – 300 points.
  • The foreclosure will remain on your credit report for ten years.

If possible, consider alternatives to a foreclosure, such as a short sale or deed-in-lieu of foreclosure.

Read more…


Jan
16
7 Ways the New Congress is Seeking to Water Down Financial Rules

The House attempted to pass a bill Wednesday to roll back or ease nearly a dozen requirements from the 2010 Dodd-Frank financial law and the 2012 Jumpstart Our Business Startups law, that aimed to make it easier for smaller companies to raise cash. The measure failed by a vote of 276-145, six votes short of the two-thirds needed to pass under a special procedure known as “suspension” in which non-controversial legislation can advance with limited debate. House Republicans are almost certain to try again to pass some or all of the bill’s measures. Here’s what some of the key provisions would have changed. 1. Give banks until 2019 to comply with provisions of the so-called Volcker rule that they divest from their C...


Jan
06
Obtaining a Mortgage after Bankruptcy

A personal bankruptcy stands out as a conspicuous blemish on a consumer’s credit report for as long as 10 years. But the barrier it presents to obtaining a mortgage doesn’t have to last that long.

Many individuals who sought bankruptcy protection during the recent recession, which officially ended in 2009, may now be eligible to apply for a mortgage. The mandatory waiting periods to apply for a mortgage backed by Fannie Mae or the Federal Housing Administration last from two to four years.

“Right now, a lot of people are coming out of the hard times, after a bankruptcy or foreclosure, especially within this last year,” said Sean Young, a senior mortgage adviser with FirstCal Colorado, a direct lender in the Denver...


Dec
19
How to Beat a DUI Charge in Illinois

How to Beat a DUI Charge in Illinois

Being charged with a Illinois DUI (Driving Under the Influence) is an unfortunate but relatively common occurrence. There isn’t much of a worse feeling than seeing red and blue flashing lights in your rearview mirror on the way home from a bar or party, but there are ways and steps you can take to beat Illinois DUI arrest cases and prove your innocence. A DUI can result in the loss of your license, driving restrictions, large fines, and even jail time. So it’s important to know how to beat Illinois DUI charges and keep your record clean. There are several steps you can take to get the charges dropped and beat a DUI.


Nov
11
Automobile repossessed for driving with a suspended or revoked license?

The following information guide you through dealing with a car lost through repossession.

It is critical that you understand if your vehicle is repossessed the car will be sold at a dealer price at auction and you will be responsible for the difference you owed on the car plus repossession expenses minus the very low sales price.

People are hit with very large amounts due from the repossession deficiency. For many the amount due is so large that bankruptcy is often the most logical way to deal with the massive debt.

Suspended license…


Nov
07
5 states with the highest foreclosure rates

Although the housing market has been slowly recovering, foreclosures are still plaguing some markets. There were 115,830 foreclosure filings in April 2014 or 1 in every 1,137, down 20% from 144,790 for the same period last year, according to data released Thursday by RealtyTrac, a real-estate data firm. But they were still persistently high in some states, including Florida and Maryland. Bank repossessions in April increased from the previous month in 26 states and were up from a year ago in 16 states, including New York (up 142%), Oregon (up 91%), New Jersey (up 58%), Illinois (up 55%) and Indiana (up 52%).

The good news: This is sign that those markets are working through the final remnants of foreclosures left over from the recent hou...


Convenient Locations

In order to provide convenience for clients throughout Chicago and Northern Illinois, we have offices in the following locations: 

Chicago • Schaumburg  • Oakbrook • St. Charles • Naperville • And More

Locations

We have office locations throughout the Chicago Area:

Chicago (Downtown)

Schaumburg

Oak Brook

Naperville

All calls are routed through our Downtown office for your convenience.

Phone: 312-967-3159

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