Even though bankruptcy is much more common than it was in the past, and people are more educated about their financial options, people still are concerned about who will know. Most people don’t want their friends and neighbors to know their financial business. Bankruptcy is
Read More
What happens when you sign a reaffirmation of debt of a car loan?
Here is a question that was asked on AVVO.com: I signed a reaffirmation of debt for a car loan in front of the court trustee. The terms were changed from the original purchase, in my favor. The loan company has absolutely tried every angle not
Read More
With BankruptcyLawChicago, You are in the Driver’s Seat.
What does that mean: “You are in the driver’s seat”? For most people I meet with, going to see a bankruptcy lawyer is either the first, or one of the few times they have ever met with an attorney. And, many people might rather see
Read More
Credit Scores – It’s How You Use Your Credit!
Over the years, I’ve had many clients who told me they had great credit. But, for many of them, the amount of credit they had available wasn’t the problem, it was how much of it they used. This is called “credit utilization”. By the time
Read More
In Illinois- When does the property Title Actually Pass to the Lender- and When Will the Lender be Responsible for Association Dues?
Here is a question asked on AVVO.com: In Illinois foreclosure, when does my name get removed from the property deed? And therefore, my obligation to pay the HoA (Homeowners’ Association) fee’s is done? I have heard 2 things. 1) Not until the bank that foreclosed
Read More
Can missed mortgage payments be put into a Chapter 7 as a way to catch up with a mortgage?
This is a question that was asked on AVVO.com: Can missed mortgage payments be put into a chapter 7 as a way to catch up with the mortgage? I am underwater due to medical bills and was unable to pay 6 months of mortgage payments.
Read More
Bankruptcy Lawyer Reviews- Why are they Important?
I’ve been an attorney for over 20 years, and over the years, I realize that when people pick an attorney, they have no idea whether one attorney is more qualified than another to help them. Many of my clients have come from personal recommendations of
Read More
Student Loan Interest Rates – a Ticking Time Bomb
On July 1st, subsidized student loan interest rates are set to double, from 3.4 percent to 6.8 percent. So far the House has passed a bill which would address the issue, and tie the rates to the Treasury’s borrowing rates. The Senate so far has
Read More
Credit Repair? Is it for Real? No!.
Almost all “Credit Repair” schemes you see are frauds. The article: What do you mean there is No Credit Repair Fairy?” is dead on. We’ve all seen the ads- fix your credit, repair your credit now! Don’t buy it! The author sums it up nicely:
Read More
Looking for a Job— Bad Credit Can Haunt You
The country is trying to recover from recession, and it just seems more difficult for casualties of the economy. If you lose your job and try to find a new one, many employers will check your credit. It becomes a vicious cycle. Because someone loses
Read More
