If you've looked into bankruptcy, you know there are two options can choose from. Chapter 7 helps you discharge debt within 90 days of filing, but may result in you losing property. Chapter 13 arranges a 3-year or 5-year repayment schedule for your debt and helps you keep most, if not all, of your property. Read More
The 341 meeting of creditors is one step in the bankruptcy process. It occurs in both Chapter 7 bankruptcy and Chapter 13 bankruptcies. However, since these bankruptcies manage debt differently the bankruptcy trustee may ask different kinds of questions. In this article, we’ll discuss the bankruptcy process and what to expect during the meeting of Read More
If you need to stop foreclosure on your home, one way to do so is to file for bankruptcy. If you're at the point of not being able to keep up with your mortgage payments, then bankruptcy may be advisable anyway. The question you have to ask yourself is what kind of bankruptcy to file in order Read More
If you're feeling overwhelmed by debt, bankruptcy may be the answer to your financial woes. But what about after bankruptcy? People often feel like their credit will be ruined beyond repair. However, in reality, bankruptcy can give you a fresh start, and it is possible to rebuild credit after bankruptcy. At Lorraine M. Greenberg & Associates, we Read More
A common question asked by potential clients that come to our Chicago office is what the differences are between a Chapter 7 and Chapter 13 bankruptcy. The contrasts are stark and can affect people in various ways. Below is a breakdown of the two: Chapter 7 – Chapter 7 is the most common bankruptcy code on the books Read More
My how time flies. And it never ceases to amaze me how many of my clients get into trouble helping other people. Most times it is a mother helping her children or grandchildren…..letting them use the credit cards…..or cosigning for a car loan. Trouble is bad things can happen to even the most well intentioned. Read More
Well, only you can decide that question. Perhaps with the help of an attorney or other counselor, you can help make your decision. What factors should you think about? Here are some ideas to get you thinking………How much debt are you in? Can you realistically pay it off over a reasonable amount of time? What Read More
Chicago Bankruptcy Attorney discusses "How will Bankruptcy Affect my Future Credit?" One of the most frequent questions I receive is how will Bankruptcy affect my future credit? It is true that credit records are very important and getting more important every day. Many employers have started requesting credit reports, and certainly credit is necessary to Read More
Chicago Bankruptcy lawyer help you understand about Increasing Your Credit Score After Bankruptcy The goal is to get back in the game — the game of credit. But to do that, you must increase your credit score. The first rule to get a higher FICO score is to pay your debts on time. Without that, you will Read More
I am amazed each and every time how nervous people are to come to their bankruptcy “court” date, or what we call the Section 341 hearing. (named after the section of the bankruptcy code) I tell my clients it is formal, even though it is not in a Courtroom, but that there is nothing to Read More
Chicago Bankruptcy Attorney discusses - How To Stop Harassing Phone Calls? Calls from debt collectors can be extremely distressing and although Chapter 7 and 13 filings can put an end to collection attempts, there are also other types of unwanted calls that you may be receiving: unsolicited telemarketers. The Do Not Call Registry (DNC) from Read More
One of the main reasons Congress changed the bankruptcy laws so dramatically in 2005 was to curtail bankruptcy fraud. Congress was concerned that there were too many people filing too many bankruptcies who didn’t deserve to, i.e. they could afford to pay their debts, at least something. Congress also felt that there was too little Read More
Chicago Bankruptcy Attorney Discusses Debts, Credit, foreclose and Mortgage. Nowadays, it seems that everyone I meet is “upside down” on their home. What does that mean? It means that they owe way more than their home is worth. And the really sad thing is that it may take years for values to catch up. For example, when Read More
IMPOSSIBLE, to wipe out, or just about….you might if you are permanently disabled…..Recently a court refused to allow the discharge of $300,000 plus in student loans for a young lawyer earning under $50,000 stating that it was NOT an undue hardship on this young lawyer to pay back these loans…and that he was intentionally not Read More
As you may already know, I am a Chicago Bankruptcy Attorney, practicing for over 35 years in City of Chicago and its suburbs. One of the most common questions I hear is about employers requesting credit reports from prospective employees. Illinois residents have some degree of protection. Illinois law prevents employers from inquiring about a Read More
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Chicago, Illinois 60601
Main Office: 77 W Wacker Drive, Suite 4500,
Chicago, Illinois 60601
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