Sometimes, when I see people, they are already in “survival mode”. They have cut all of the unnecessary expenses, such as landline phone, cable TV, newspaper subscriptions, etc. But, when your hours are cut, or you have extreme medical bills, or are laid off, you
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Archives for Consumer and Financial News
Can a Second Mortgage Holder Foreclose on Your House in Illinois?
Here is the Question from Avvo.com: I am current on my first mortgage with Chase, my taxes are current. My 2nd mortgage with OCWEN is in default can they foreclose? My 1st mortgage 406,000 My 2nd mortgage 60,000 Our current home value 362,000. My Answer:
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Are Second Mortgages Discharged in Chapter 7 Bankruptcy?
Here is another important question: Are second mortgages usually discharged in chapter 7 bks? Our bk was discharged in 2011. I was checking our credit report that shows that our two second mortages were discharged at that time. We have been paying both mortgages since
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Legal Guide to Bankruptcy Attorneys’ Fees in Illinois
In times where people are in financial trouble, and looking for a lawyer, they, understandably, are concerned about how much a bankruptcy case will cost. This guide will explain generally, what to expect when you see an attorney for bankruptcy . This applies to Bankruptcy
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New Bankruptcy Means Test Figures as of November 15, 2013- What does it Mean?
As part of the Bankruptcy Reform act of 2005, every person filing bankruptcy has to complete a “Means Test”. The means test uses figures from the IRS as to median incomes throughout the US. The figures are updated so that, as of November 15, 2013,
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Refiling a Chapter 13- Choosing the Right Attorney is Important!
Here is another very important question from AVVO.com. The client wants to file a new Chapter 13, but the attorney won’t call back or respond. And, to top it off, the client’s car is about to get repossessed. It is very important that you choose
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Do I have to pay Income Taxes on Debts Discharged in Bankruptcy?
Here’s a question posed on Avvo.com: I was granted a chapter 7 bankruptcy in April what tax ramifications can I expect in IL? I want to know if I will have to pay taxes on the discharged amount? Also I just got a deed in
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Should I Refinance a Cross-collateralized Vehicle Before Filing Bankruptcy to get a Better Deal?
Here’s the actual question from AVVO.com: Can I refinance my car loan RIGHT BEFORE i file for a Chapter 7 BK to get a better % and shorter loan terms? Would refinancing my vehicle RIGHT BEFORE i file for bankruptcy (Cht 7) cause any issues
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What Happens to My Cosigner’s Credit if I File Bankruptcy?
Many times, when people try to get credit for a car, house, or something else, they can’t get credit on their own. So, they get a family member or friend to cosign on the loan. But, if they cosign a loan for you, they are
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Have Financial or Legal Questions? We’ll answer them!
There are so many websites which claim to help answer your legal questions. We have a firm that concentrates our practice on personal and small business finances, bankruptcy, and foreclosure defense. With over 20 years of legal experience, we can answer many of the questions
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