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June 2017 Archives

Bank reportedly modified mortgages, despite repayment plan

During the years of the Great Recession, many homeowners in Illinois and across the nation negotiated with their lenders to modify their mortgage, in order to avoid foreclosure. However, some homeowners who filed for Chapter 13 bankruptcy during that time and whose mortgage lender was Wells Fargo reportedly found that the bank not only modified their mortgage without the homeowner's consent, but also significantly extended the homeowner's mortgage obligations.

Understanding one's legal rights important in Chapter 13

Not being able to pay one's bills can be very stressful. Not only is the person likely subject to late fees and other charges, but he or she also may have to contend with collections calls, letters, email, and texts. Further, whether legal or not, not being able to meet financial obligations can affect an Illinois resident's employment prospects. Sometimes, getting a job is harder, especially in certain fields that may consider large amounts of debt a temptation for theft or embezzlement.

Rise in credit scores may be good news for those in Illinois

As the country continues to heal from the "Great Recession," some residents of Illinois may have found that their credit scores have since gone up. In fact, as of spring credit scores have reached an all-time high since 2005, and at the same time, the number of "risky" borrowers has reached an all-time low since 2005. The higher a person's credit score is, the more appealing they are to lenders, and if they are approved for a loan or credit card, it may be at a lower interest rate.

Credit card debt may be dischargeable through Illinois Chapter 7

Credit cards are a basic fact of modern American life. Many families use them for unexpected expenses such as car or house repairs, or to cover medical bills that insurance won't pay. Whatever they are used for, there may come a time when the debt becomes impossible for the person acquiring it to pay. A loss of income or rising interest rates could create a situation where it is simply untenable for the debtor to ever pay off the accrued amount.

Negotiating medical debt may reduce what is owed

Whether it is due to a serious disease such as cancer, or even a welcomed condition such as pregnancy, it is the unfortunate fact that many people in Lisle will find themselves facing medical debt that they simply cannot pay back. And once that debt goes to collections, many debtors may fear further consequences, such as losing their home or having other property repossessed due to unpaid medical debt.

Debtors have rights and options when it comes to credit card debt

Many people in Lisle have had to depend on a credit card for one reason or another. Perhaps they had an unexpected car repair, a medical bill or maybe they've experienced a decline in income or even a job loss, meaning they had to pay for their everyday expenses with a credit card. Whatever the cause, what most can attest to, is that credit card debt can be burdensome or even overwhelming. However, people who are facing credit card debt still have rights and options under the law.

Children's mental health care can create Illinois medical debt

This space has previously discussed the fact that one of the biggest contributors to residents' financial difficulties is medical debt. While this burden has been eased some by recent changes in federal law, the problem has not gone away, and future changes may create an even bigger problem. Even with medical insurance, many Illinois families face high health care costs, especially when it comes to the cost of keeping children healthy.

U.S. Supreme Court issues ruling on expired debts and bankruptcy

Illinois residents may be interested to hear that the United States Supreme Court recently issued a ruling that gave debt collectors permission to seek repayment of debts from those going through the bankruptcy process, even if those debts had since expired. The Court found that creditors are under no duty to notify debtors that the debtors need not make payments on expired debts.

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Four Convenient Office Locations To Serve You

Toll Free: 800-491-7493 Fax: 888-691-8337

Five Convenient Office Locations To Serve You

Lisle Office - DuPage County
1011 Warrenville Road
Suite 150
Lisle, IL 60532

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Lockport Office - Will County
900 South State Street
Second Floor, Suite A
Lockport, IL 60441

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Aurora Office - Kane County
1444 North Farnsworth
Suite 100
Aurora, IL 60505

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Palatine Office - Cook County
800 East Northwest Highway
Suite 700
Palatine, IL 60074

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Chicago Office - Cook County
1 S Dearborn
Suite 2100
Chicago, IL 60603

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Toll Free: 800-491-7493 Fax: 630-960-4755