Barack Obama laid out his plan of attack to help solve or lessen the impact of the mortgage/real estate crisis that has haunted millions of homeowners. It is a $75 billion multi-pronged attack. It will help make it easier to afford their monthly mortgage payments, allowing refinancing while the interest rates are more favorable, or by easing the process to have mortgage loans modified. Obama is widening the scope of government involvement, bringing into the mix those homeowners who have...
Obama to lay out mortgage relief plan thru Chapter 13 bankruptcy
President Obama is expected to lay out his strategy this Wednesday to help curb home foreclosures through Chapter 13 loan modifications. He is slated to address this and other factors of the housing crisis that sparked the financial sector meltdown.
Rent – past due and future amounts due
Subject: chicago bankruptcy attorney, law suit, future rentQuestion: Hi Terry, Thank you for this service. I'll try to make my questions short. I owned a business, went out of business, and could not pay my rent on commercial lease. I signed lease as sole proprietor and was sued by landlord. I have been found guilty of breaching lease and ordered to pay past 9 months rent plus lawyer fees. The lease is for five...
cosigner and vehicle payments in bankruptcy
There is often some confusion with cosigned vehicles and a bankruptcy filing.One questioner asked me : "my ex if filing for bankruptcy and he is the co signer on my car and he wants to add that in to the bankruptcy. will they repo my car or how can i protect myself from getting my car taken if he adds it?????" Answer: If you are current and maintain the payments and insurance, you should be fine and can keep the vehicle when a cosigner surrenders their interest in the vehicle.In other...
debt relief agencies
The first federal appeals court has struck down a provision of BAPCPA that limits what lawyers may say to their clients who are contemplating bankruptcy.In the case of Milavetz v. U.S., the 8th U.S. Circuit Court of Appeals at St. Louis invalidated a section of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) which prohibited “debt relief agencies”from advising their clients to incur more debt in anticipation of filing...
Homestead exemption caselaw
7th Circuit Case In re: Belcher, No. 07-2174 (12/31/08). Appeal, S.D. Ill. Rev'd.Dist. Ct. erred in finding that bankrupt debtor was eligible for homestead exemption under 735 ILCS 5/12-901 even though said debtor was not named on title of marital home shared by spouse, who was titleholder to said home and who had also filed for bankruptcy. Under Ill. caselaw, debtor must have formalized property interest to claim homestead exemption. In Illinois, the...
Better Business Bureau Tips
As a member of the Better Business Bureau, I occasionally get tips from them.Today, I received a list of the top ten scams from 2008.Among them, #3 was Mortgage foreclosure scams, and right behind at #4 was Illegitimate credit repair & debt negotiation services. These both have an impact on my clients, before and after they meet with me.Here is a link to the full article by the BBB.The better business bureau advises: 3. Mortgage foreclosure rescue scams...
7th Circuit bankruptcy law case
This is good news for debtors. Debtors are allowed to take the standard ownership deduction on the means test calculation for vehicles that are paid in full.7th Circuit Cases Civil - BankruptcyRoss-Tousey v. Neary, No. 07-2503 (12/17/08). Appeal, E.D. Wisc. Rev'd and rem'd.Dist. Ct. erred in finding in Chapter 7 bankruptcy proceedings that debtors who owned cars outright could not take Local Standard transportation ownership deduction for purposes of...
Bankruptcy Attorney offices around Chicago, Illinois
With the coming new year, we anticipate a surge in business. After all, holiday bills will be coming due, people will make New Year's resolutions to get their finances in order, not to mention tax refund time as well.I wanted to announce the opening of our new Joliet office location.16 W. Van Buren, Suite 303, Joliet, IL 6043, which is just down from the Joliet Bankruptcy courtroom. We offer free consultations, so don't hesitate to contact us for a free legal...
reaffirmations & rescissions in Chapter 7 bankruptcy
Question: During my BK, I reaffirmed an auto loan. However, I was told by my lawyer that I could change my mind and surrender the vehicle as long as it was done before the discharge took place. My question is, I filed the paperwork to surrender the vehicle with the court and my Lawyer before the discharge took place. The vehicle was picked up by the bank over two months ago. Is it legal for them (USAA) to continue to report my loan as 30/60/90 days late on payment when I have surrendered...