With the help of Lakelaw’s foreclosure defense attorneys, the answer could be yes.  Just a few days ago, our client was within days of eviction. Her foreclosure case had been pending for almost three years. When her husband became terminally ill, he couldn’t work and he fell behind on the mortgage. Our client’s husband died.  Our newly widowed client couldn’t focus a foreclosure – she was distraught. Eventually, the lender was granted a judgment and held a “sale” of the property.  There were no outside bidders so the property went “back” to the lender.  The lender then moved to evict our widow. Our client tried to get money to buy the home from the lender so she and her children wouldn’t have to move. But she never did anything to try to stop the eviction.  She finally came to Lakelaw on a Tuesday afternoon and said she was to be out of the house by Thursday. The Sheriff was coming to move the client and her family if they were not out by mid-morning. In a whirlwind of activity, we prepared an appearance in her eviction case, had a motion to stay the eviction presented to the court, and scheduled an emergency hearing for Wednesday afternoon. We explained to the court that the eviction should be stayed to allow the bank to review her loan application. The judge was reluctant, but gave us time to confer with the lender for the status of the application. We got the lender to agree to agree to halt the proceedings against our client. The Court ordered that the eviction be stayed. We later checked with the Sheriff who understood that our client was not be forcibly removed from the property. Happily, we helped our client get a positive outcome. She would not have been able to prevent the forced eviction without getting legal help. It is rare for such a positive outcome to in such a short period of time; having less than 40 hours to prevent an eviction is a less than ideal situation. One moral of this story should be that a potential client should seek legal assistance as early as possible when seeking a resolution to a problem. Another is to not give up hope even in a precarious situation. When all hope is lost, call us at Lakelaw.  We’re at 847 249 9100 and will take calls 24/7.  We frequently can help you when nobody else will even try.

Chicago Bankruptcy Lawyer Explains According to Chicago bankruptcy lawyer David Siegel, some property should be reaffirmed.  With secured property such as a vehicle, furniture, jewelry, electronics, those are secured items. Therefore, when you file a chapter 7 bankruptcy you have effectively eliminated the debt on those items if you want to give up the property. + Read MoreThe post Chicago Bankruptcy Lawyer David Siegel Explains Reaffirming A Debt In A Chapter 7 Bankruptcy Case appeared first on David M. Siegel.

America is still a magnet to people from all over the world. People come to America both legally and illegally. Chicagoland has one of the broadest immigrant and first-generation populations in America. Chicago is also a magnet for many corporations with international headquarters. Many corporations and individuals find their way to Chicago from Mexico, China, Puerto Rico, Ukraine, and Poland, just to mention a few. Unfortunately, some fall on hard financial times. The individual or company then confronts a few difficult questions. Does a bankruptcy case need to be filed? Where can the case be filed? What assets, if any, are protected from creditors? These questions lead to another important question, can a non-U.S. Citizen file bankruptcy in the United States? Bankruptcy, and the rights and protections provided for in the Bankruptcy Code, are a part of a citizen’s Constitutional rights. Article I, Section 8, Clause 4 of the Constitution of the United States provides “The Congress shall have Power To . . . establish . . . uniform Laws on the subject of Bankruptcies throughout the United States . . . .” Fortunately, unauthorized immigrants and legal non-U.S. Citizen residents can access this important Constitutional right. According to section 109 of the Bankruptcy Code, “only a person that resides or has a domicile, a place of business, or property in the United States, or a municipality, may be a debtor under this title.” A debtor is not defined by their immigration or citizenship status. Despite the clarity of this section of the Bankruptcy Code, this area of Bankruptcy law is difficult to fully comprehend. You will need to consult a bankruptcy attorney to fully understand the impact a bankruptcy filing will have on your assets and liabilities. If you live in Chicago, but do not have a green card or worker’s visa, you can still be eligible for bankruptcy protection in Chicago. Many non-U.S. Citizens can take advantage of Chapter 15 to the Bankruptcy Code. Chapter 15 assists debtors with assets and liabilities in multiple countries to file a main bankruptcy case in one country (e.g., the country of their residence) and then initiate ancillary proceedings in other countries where the debtor has assets. Chapter 15 of the Bankruptcy Code and the European Union’s Regulation on Insolvency are based in large part on the Model Law on Cross-Border Insolvency issued by United Nations Commission on International Trade Law (UNICTRAL). Many countries around the world have endorsed or entered laws or regulations identical to, or substantially similar to the Model Law. If you are a citizen of one of the countries that has adopted or endorsed the UNICTRAL’s Model Law, you will have an easier time identifying and forcing your creditors to recognize and accept your international bankruptcy filing.

Lawyers don’t like paperwork.  If we had a choice, we’d have a paper-free office.  But in our jobs, we need to be ready to show the right papers to the right people to be effective. The Bankruptcy code says we have to give the trustee – the person overseeing a bankruptcy case – documents.  We ask for these papers because we can’t give a proper financial story without proof.  Paystubs to show a pay cut.  Tax returns to show a change in income from year to year.  Bank statements to prove that there were no unusual transfers or purchases before bankruptcy.  They let us do our job to tell your story. We successfully represented our clients Jack and Janet in a Chapter 7 bankruptcy.  As part of the process, we had to ask for bank statements, mortgage documents, car titles, pay stubs, and tax returns.  The US Trustee, the government body that oversees bankruptcies, had a question about our client’s income situation.  They asked for more bank statements, pay stubs, and the most recent tax returns.  We gave them to the office and they determined we were right – our clients deserved a Chapter 7 discharge.  They got it. Finding and keeping track of paperwork can be annoying.  But it may mean the difference between a bankruptcy being successful and being a nightmare.  Lakelaw will help go over your paperwork with you and work to make your bankruptcy successful.   Call 847-249-9100 or 262-694-7300 in Wisconsin, or e-mail us to see what we can do to make sure you have all the financial documents you need for a successful bankruptcy filing.

City Violations City violations in Chicago, incurred after filing for bankruptcy in Chicago are not eliminated. One such example is where someone who surrenders a home in foreclosure yet owes city violations and then files chapter 7, the debt to the city is not wiped out. You would think that once you give up a+ Read MoreThe post What Happens To City Violations After Filing For Bankruptcy In Chicago? appeared first on David M. Siegel.

Before she came to talk to me about bankruptcy, Ana was scammed out of $200 by Recovery Services. “Recovery Services” called Ana from 855-633-3603 in January and told her she was in trouble for non-payment of a “check” in connection with a pay day loan.  The sheriff would bring her papers day after tomorrow unless […]The post Recovery Services at 855-633-3603 Scams Ana appeared first on Robert Weed.

Homeowners very often wind up filing for bankruptcy. Before filing, homeowners wonder whether or not they will be able to keep their house through the bankruptcy process. For most homeowners, there is not sufficient equity in the property which would cause them to lose the property. In other words, the property has no administrative value+ Read MoreThe post Filing Bankruptcy And Protecting Your Home appeared first on David M. Siegel.

The Bankruptcy Law Office of Robert Weed led all attorneys in Virginia Chapter 7 bankruptcy case filings in 2013. That fact was announced just recently by 722 Redemption Funding, a company that finances cars for people in or just out of chapter 7 bankruptcy.   You can see their full report here. For most people […]The post Virginia Chapter 7 Bankruptcy appeared first on Robert Weed.

There are several requirements that must be satisfied prior to filing a Chapter 7 bankruptcy petition.  The transcription and video below explain what is needed in great detail. Jesse Barrientes: What are the requirements for filing a Chapter 7, the pre-filing requirements? David Siegel: Yeah, before a case can be filed, the individual has to+ Read MoreThe post What Are The Requirements For Filing A Chapter 7? appeared first on David M. Siegel.

Most people want to pay their debts. Many people think that filing bankruptcy is wrong. Some think that filing a bankruptcy case is dishonorable. And quite a few people think that bankruptcy is immoral. For these people, the hope of debt consolidation sounds like a good alternative. Read here why we think that chapter 13 is the best debt consolidation deal ever.   We agree with Dave Ramsey says: Debt consolidation is nothing more than a “con” because you think you’ve done something about the debt problem. The debt is still there, as are the habits that caused it – you just moved it! You can’t borrow your way out of debt. You can’t get out of a hole by digging out the bottom. True debt help is not quick or easy. Read what Dave Ramsey says about Debt Consolidation here   We agree with Illinois Attorney General Lisa Madigan who says this about Debt Settlement Firms: These companies are unfairly luring financially strapped consumers with misleading claims that they can effectively eliminate consumers’ debt,” Madigan said. “The reality is that, after enrolling in a debt settlement program, consumers too often find themselves in even worse financial straits. It’s time to clean up this industry so that people struggling to pay off their debts aren’t being sold a false bill of goods. Read what Illinois Attorney General Lisa Madigan says about Debt Consolidation here Read what Wisconsin Attorney General J.B. Van Hollen is doing about Debt Settlement Firms in Chicago here   Here is what Lakelaw believes about Debt Consolidation: Most debt consolidation plans or debt consolidation schemes are frauds Most debt consolidation agencies and debt settlement companies will rip you off Credit card companies will accept lump sum cash settlements from you if they are convinced that you can’t collect your debt. If you have some cash or can get some from a friend or relative, the experienced Kenosha bankruptcy lawyers at Lakelaw will help you with this on an hourly basis If you are saving money to pay debts to credit card companies after you are in default under a “debt consolidation program”, interest will grow on your credit card debt at the default rate. In chapter 13 bankruptcy, you can pay your debts over a period up to 5 years without interest in almost every ccase. When credit card companies get judgments against you, they will freeze your bank accounts and take 15% of your wages in Illinois and 25% of your wages in Wisconsin. In chapter 13 bankruptcy, wage garnishment stops. Bank accounts are unfrozen. You make one affordable payment each month to your chapter 13 trustee and have no further worries. If you have some ready cash available, and just a few debts, our experienced Lake County bankruptcy attorneys can help you negotiate a settlement with your credit card companies. We’ve done this successfully in many cases. We do this on an hourly basis, not on a commission like debt settlement firms.   Frequently Asked Questions About Debt Consolidation Isn’t it better to consolidate my debts than to file bankruptcy? If you can afford to pay your debts off over time without filing bankruptcy, yes, it’s better. But if you think you can pay your debts off through a debt consolidation service, think again. You’ll be paying them a hefty fee. Creditors won’t necessarily stop calling you. You’ll actually be in default with creditors you are not paying. Your interest rates will go up a lot. Your credit limits will go down a lot. You’ll have a hard time paying your debts down. Isn’t it true that I can pay my credit card debts off for pennies on a dollar? You are liable for 100% of your credit card debt plus interest unless the credit card company forgives the debt or you get a bankruptcy discharge. If the credit card company forgives some of your debt, it can issue you a tax form called a Form 1099C. The debt which was cancelled is like found money to you – income – and you might have to pay income tax on it. You won’t have to do that in bankruptcy. Can I settle my credit card debts without bankruptcy? Credit card companies insist on knowing that they can’t do any better from you. When your back is to the wall, credit card companies may ask for a lump sum payment from you. However, the amount they will ask for is frequently more than you can pay. Should I pay my credit card debts with money from my IRA or 401k plan? We think this is a terrible idea. Not only are you losing money which you need for retirement, you may have to pay penalties on this for early withdrawal. Even worse, you will have to pay income tax on the money you take out. The banks could never touch your IRA or 401k – it’s exempt from creditors. Keep it that way! What if I get my mom or dad to help me pay the debts? That is very nice of mom or dad. And if there’s not that much involved, credit card companies might be willing to take less than 100% in order to settle. The banks won’t take less than 100% unless they know that there’s no way they will get paid more. What happens to my credit record if I settle my debts for less than I owe? There will be a notation on your credit report that the debts were legally satisfied for less than the full amount. This is considered somewhat derogatory and might make it harder for you to get credit in the future. However, this report is not as derogatory as bankruptcy or charge off? What is Charge Off? Charge off means that the credit card company has given up on collecting from you. It will probably sell your debt to another creditor who may try to collect the debt in the future. Just because the debt is charged off doesn’t mean you’re not still liable for it. The credit card debt is now 6 years old – am I still liable? You are still liable for a 6 year old credit card debt. It can still appear on your credit report. However, nobody can legally collect on it if you raise the defense that it is barred by the Statute of Limitations. After 7 years, the debt can no longer appear on your credit report.