Blog

Apr
04
Important Facts About Car Repossession and Bankruptcy

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Filing a personal bankruptcy will affect nearly every area of your life – including the car you drive. Despite what you may have heard, however, bankruptcy does not automatically lead to the repossession of your car and the end of convenient mobility. Consumers do have rights under the law, rights that can help them hold onto their cars even while they work to sort out their financial problems.

If you are facing car repossession, bankruptcy or both, we urge you not to just let things go. Contact our experienced bankruptcy attorneys so we can advise you as to the best course of action. We may be able to utilize certain aspects of the law to help you hold on to your car and successfully complete a chapter 7 or chapter 13 bankruptcy.

R...


Mar
21
Florida Law Could Be a Nationwide Model to Reduce Bankruptcies

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In a previous blog post, we outlined the procedures for taking advantage of chapter 13 bankruptcy to regain a suspended driver’s license. We mentioned in that post that Illinois law allows for the suspension of a driver’s license for a long list of non-driving-related offenses. Illinois is not alone in this regard. States all across the country use driver’s licenses as a means of punishing lawbreakers who do not seem to respond any other way.

The problem with these kinds of laws is that they can lead to financial troubles – even bankruptcy – that are entirely unrelated to the offense for which the person is being punished. However, a piece of legislation currently working its way through the Florida legis...


Feb
22
The Foreclosure Process: What Actually Happens

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The threat of foreclosure can be the last straw that encourages someone to consider bankruptcy. A bankruptcy filing can help in some cases by forestalling the foreclosure and giving the homeowner more time to work things out. Yet bankruptcy is not the ‘silver bullet’ many people are hoping for. In order for bankruptcy to be of any help in preventing foreclosure, timing is everything.

So what actually happens in the foreclosure process? How does the homeowner go from property owner to someone looking for a place to rent? There are different rules depending on the state one lives in, but the process is fairly similar across-the-board. The first thing to know is the difference between the judicial and non-judicial foreclosure:

  • Judicial – The judicial foreclosure is one that can only be approved by a court. Lenders must file official Complaints, borrowers have time to respond, and the court eventually makes a decision regarding enforcement of the bank’s lien.
  • Non-Judicial – A non-judicial foreclosure requires no court intervention. It can be conducted based on deeds of trust that gave the power of sale to trustees in the event of mortgage default.

In ...


Feb
08
4 Things to Know about Bankruptcy and the IRS

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With January comes the start of the new tax year and the requirement to file your personal income taxes no later than April 15. This time of year we handle a larger volume of questions regarding the IRS and bankruptcy proceedings. For example, people wonder whether bankruptcies will eliminate their tax debts. Others want to know if they still have to file tax returns in the midst of a bankruptcy proceeding.

The simple and painful reality is that bankruptcy does not eliminate tax debt. It can make the process of paying back taxes easier, but the only thing that will eliminate what you owe is your death. And even that offers no guarantees. Your estate could still be responsible for paying back taxes.

Should you be considering bankruptcy...


Jan
25
Medical Expenses Driving Personal Bankruptcies

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Personal bankruptcies are often viewed as being the result of financial irresponsibility. While it may be true that some people spend recklessly and deliberately in a way that will ultimately lead to bankruptcy, there are plenty of other things beyond a consumer’s control that can devastate his or her finances. Health problems are just one example. It turns out that the uncontrolled rise of healthcare costs is driving personal bankruptcies in the U.S.

A 2014 report by FOX Business explained that healthcare costs have been rising at rates considerably higher than inflation for years. In the last seven or eight years, excessive medical expenses have gone from being one factor in personal bankruptcy to being the primary factor in a...


Dec
15
4 Reasons to Avoid a DIY Bankruptcy

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Did you know that it is entirely legal to file for Chapter 13 or Chapter 7 bankruptcy without an attorney? It is not advisable, but it is legal nonetheless. According to 2011 numbers from the Central District of California, approximately 28% of Chapter 7 proceedings filed that year were filed by pro se (legalese for filing without an attorney) litigants. That number was almost double of that which was recorded just a few years earlier.

People facing serious financial problems can be tempted to file pro se after seeing advertisements for cheap DIY bankruptcies that involve paying a small fee to obtain the necessary paperwork and an accompanying set of instructions. The ads make it seem as if filing for bankruptcy is simple. Guess what...


Oct
23
What You Need to Know about Chapter 7 and 13 Bankruptcies

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Declaring bankruptcy is never an easy decision to make. It is widely known that bankruptcy comes with certain negative consequences that can make managing one’s finances challenging for several years afterward. There is also the social stigma that comes with finding oneself in such severe financial straits. However, bankruptcy is not the end of the world. A properly managed bankruptcy and subsequent financial plan can successfully relieve a person of suffocating debt while also helping him/her get life back in order.

In the U.S., personal bankruptcies are filed under the guidelines of either Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. That code was codified by the Congress through the Bankruptcy Reform Act of 1978, an a...


Oct
23
I Am Facing Foreclosure – What Are My Options?

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Not being able to afford monthly mortgage payments is the stuff of nightmares. As the phone calls and letters threatening foreclosure continue to mount, the very thought of losing your home can be so stressful that it causes physical illness and strained relationships. If you are facing foreclosure, the first thing you need to know is that you do have options.

The one thing you should absolutely not do is ignore the problem in the hope that a solution will appear on your doorstep. It will not. However, if you are willing to put some effort into a resolution, there are ways to address the foreclosure issue so you can get on with your life. Below are your five primary options.

1. Contact Your Lender

The very first thing any homeowner sh...


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.


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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