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...


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...


Feb
07
Too Good to Be True? The Downside of Settlement Offers in Chicago

Debt collection calls and letters are all too familiar to those experiencing financial problems. While some collectors attempt to intimidate debtors with the specter of a lawsuit, others try a sympathetic approach, playing the role of the debtors’ friends to try and coax them into making payments. The worst part is that the calls don’t stop. Creditors do not have to stop calling when trying to recover a debt that is legitimately owed.

For many people exhausted with the endless barrage of collection notices, the idea of settling with their creditors seems like the quickest way to debt relief. Moving hastily into a debt settlement is not always in the debtors best interest. What people don’t know can hurt them.

Beware of ...


Feb
07
Too Good to Be True? The Downside of Settlement Offers in Chicago

Debt collection calls and letters are all too familiar to those experiencing financial problems. While some collectors attempt to intimidate debtors with the specter of a lawsuit, others try a sympathetic approach, playing the role of the debtors’ friends to try and coax them into making payments. The worst part is that the calls don’t stop. Creditors do not have to stop calling when trying to recover a debt that is legitimately owed.

For many people exhausted with the endless barrage of collection notices, the idea of settling with their creditors seems like the quickest way to debt relief. Moving hastily into a debt settlement is not always in the debtors best interest. What people don’t know can hurt them.

Beware of ...


Feb
07
Consumer Protection Group to Oversee Operations of Large Debt Collectors

Consumer Protection Group to Oversee Operations of Large Debt Collectors

The Federal Consumer Financial Protection Bureau will oversee the daily operations of the nation’s largest debt collection agencies starting in January 2013. It will be the first time that the burgeoning debt collection industry will be regulated by the federal government. The bureau hopes that overseeing the operations of debt collection agencies will protect consumers from harassment and predatory collection tactics.

Consumer protection group will target the nation’s largest collectors

Only debt collection agencies that handle more than $10 million in annual receipts will be subject to CFPB oversight. This amounts to 175 of the roughly 4,500 companies that operate in the United States and nearly two-thirds, or $7.7 billion...


Jan
10
Lawsuit Over Debt Collection Practices Heads to Court

Lawsuit Over Debt Collection Practices Heads to Court

On behalf of Law Offices of Chad M. Hayward, P.C. posted in Credit Card Debt on Friday, January 10, 2014.

If you’ve struggled with debt, illegal practices threatening you aren’t going to make your situation easier. If you’re being threatened or harassed, a Chicago credit card debt attorney may be able to help you get your debt under control and your creditors off your back. In a recent news story from Jan. 8, Chase Bank, which has branches around the U.S., has been accused of using illegal practices to try to collect outstanding debts. According to the news, the bank now faces a lawsuit in the courts in California.

According to the documents, the bank sought to have the lawsuit dropped, but the California Superior Cour...


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

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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