Blog

Mar
20
Mar
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Mar
07
Bankruptcy and Retirement Accounts: What You Need to Know

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In a chapter 7 bankruptcy, there are both dischargeable and non-dischargeable debts. Likewise, there are assets that can and cannot be seized to satisfy creditors. An asset that frequently causes consternation among chapter 7 filers is the traditional retirement account. Whether it is a 401(k) or an IRA, people are not sure where their retirement accounts stand should they need to file bankruptcy.

In this post, we will clear up the confusion related to chapter 7 bankruptcy and retirement accounts. As always, if you are facing financial problems that could lead to bankruptcy, we encourage you to contact us. We can discuss your case with you and advise you as to the best course of action.

Retirement Accounts Owned by the Filer

In April to 20...


Feb
29
3 Financial Lessons We Can All Learn from Oil Prices

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It has been a long time since drivers in the U.S. have seen the price of gas as low as it was at the start of 2016. Thanks to the bottom falling out on the crude oil market, everything from gasoline to home heating oil is as cheap now as it was back in the late 90s. This is good for the average consumer looking to get by in the midst of sluggish economic growth. It is not so good for dozens of oil companies. It turns out we could all learn a few lessons from these companies and what they are now going through.

Lower oil prices mean you and I pay less to heat our homes and drive our cars. It also means that the companies employing us do better by way of lower energy costs. But low oil prices are also affecting those that produce the energ...


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 ...


Nov
21
Debt Reaches Highest Point in Recent Years

Debt Reaches Highest Points In Recent Years
On behalf of Law Offices of Chad M. Hayward, P.C. posted in Credit Card Debt on Friday, November 22, 2013.

U.S. consumer debt has always been high, but in the more recent years, it has seemed to skyrocket. If you find yourself struggling with credit card debt and are threatened with losing your possessions, home or even find yourself nearing bankruptcy, you might want to find a Chicago credit card debt attorney and discuss your options. You’re not the only one facing these issues, of course; the report from Nov. 14 shows just how much debt has been rising for consumers since 2008 alone.

According to the article, the U.S. household’s average debt has risen by the most it ever has in the...


Nov
14
Chicago Facing Crisis Over Foreclosures

Chicago Facing Crisis Over Foreclosures
On behalf of Law Offices of Chad M. Hayward, P.C. posted in Home Foreclosure Defense on Friday, November 15, 2013.

Your home is where you live, work and play. If you’re at risk of losing it, a Chicago mortgage services lawyer might be able to help you stave off debt collectors or help you reduce your payments, so you can get back on your feet. Everyone is aware that the U.S. went through a recession, and Chicago has felt that harder than most. According to a report from Nov. 11, approximately 33,902 vacant homes were in the city in the middle of the year, which is up 22 percent from 2010.

If you’ve lived close to Englewood or Black of the Yards, you have probably noticed a lot more homes b...


Nov
05
Debt Collectors Allegedly Claimed to Be Police Officers

Debt Collectors Allegedly Claimed to Be Police Officers
On behalf of Law Offices of Chad M. Hayward, P.C. posted in Credit Card Debt on Wednesday, November 6, 2013.

When you get in over your head in credit card debt due to taking on too much debt or simply interest rates that are causing your balances to rise and rise, a Chicago credit card debt attorney might be the answer. In Illinois, the rules surrounding debt collection are strict, and any agency that doesn’t abide by them can get in trouble. If you’re being harassed or receiving letters about legal action if you don’t pay your bills, consider the options you can take to get out of debt once and for all.

If you’re struggling with debt like so many Americans toda...


Aug
20
Considering Filing for Chapter 7 Bankruptcy for the Second Time?

Considering Filing for Chapter 7 Bankruptcy for the Second Time?
On behalf of Law Offices of Chad M. Hayward, P.C. posted in Chapter 7 on Wednesday, August 21, 2013.

People try to avoid making the same mistake twice. Still, about one in ten bankruptcy filers have gone through a prior bankruptcy. Every stressful financial situation is different, with many coming from unforeseeable events like a job loss or hospitalization, so having to file for bankruptcy more than once doesn’t necessarily mean the person is financially irresponsible.

Unfortunately, people who have filed for bankruptcy in the past may not have the option of filing for Chapter 7 again – not immediately, anyway.

Chapter 7 bankruptcies – which discharge your de...


Aug
07
Child Support Among Debts Prompting Rapper DMX into Bankruptcy

Child Support Among Debts Prompting Rapper DMX into Bankruptcy
On behalf of Law Offices of Chad M. Hayward, P.C. posted in Chapter 13 on Wednesday, August 7, 2013.

Rapper DMX is famous for his songs “Party Up (Up in Here)” and “Ruff Ryders Anthem” but his artistic career has been grounded, literally, because of his debts. Earl Simmons, better known as DMX, owes $1.24 million in child support, an amount that prevents the U.S. government from issuing the rapper a passport.

DMX’s confinement to the U.S. hinders his career, as most musical artists make the brunt of their profits by touring. DMX’s fame transcends the nation’s borders so this restriction is hurting his already-troubled financial situation...


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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