2014

Blog Posts in 2014

  • Debtors may not be harassed by collection agencies

    Illinois residents may know that debt collectors are restricted by federal law from harassing the debtor. The Fair Debt Collection Practices Act outlines boundaries debt collectors are obliged to honor. If the debtor's rights are ignored, a ...
  • Unsecured debt and property seizures

    Some residents of Chicago may be interested in learning more about unsecured debt collection. Although many people know that secured creditors can seize assets, it can also be possible in some circumstances for unsecured creditors to do the same. ...
  • Ways to avoid foreclosure

    As Illinois homeowners may know, the rate of foreclosures has been high since the economic downturn of 2008. This is a complex situation but often involves a homeowner's loss of employment causing default on mortgage payments. The mortgage lender ...
  • Debt relief and bankruptcy

    Consumers in Illinois may benefit from learning more about the distinguishing factors that differentiate filing bankruptcy from obtaining debt relief. Many people consider bankruptcy the option of last resort, since it may have adverse effects on the ...
  • New York State Unveils New Debt Collection Regulations

    New York governor Andrew Quomo recently announced New York's new debt collection regulations. The regulations, issued under a provision of the New York Financial Services law, seek to provide consumers with additional protections that they did ...
  • Personal bankruptcy and credit card debt

    Many people throughout Illinois are struggling with credit card debt. It is all too easy to swipe a credit card for a few purchases and eventually accumulate a balance that is too big to repay. When credit card balances are not paid off right away, ...
  • Alternatives to foreclosure in Illinois

    The mortgage payment is often an Illinois resident's largest monthly expense, and an unexpected illness or layoff may make meeting this obligation a challenge. While lenders may initiate foreclosure proceedings when a mortgage becomes seriously ...
  • Two years ago, I wrote a blog post about debt collectors using prosecutors' letterhead to collect a debt. This is generally done because the prosecutor takes a cut of any funds recovered. On November 12, the American Bar Association's ...
  • Understanding corporate bankruptcy

    Investors in Illinois may benefit from learning more about the principles of corporate bankruptcy as described by the Security and Exchange Commission. A company may go out of business entirely if it files for Chapter 7 bankruptcy, and investors may ...
  • Peer To Peer Lending -- Great Idea or Major Pitfall?

    We're back from a long hiatus. We've seen the usual in the past few months: sources conflicting on whether foreclosures are up or down; the return of zombie proerties just in time for Halloween; and more reports that show our federal ...
  • Fighting vehicle repossession in Illinois

    Many Illinois residents have run into difficulty making their monthly car or truck payments in an economy that has yet to fully recover from the recession, and losing a vehicle to repossession often makes getting to and from work a challenge for ...
  • During bankruptcy, a trustee is assigned to assist with the process. In Chapter 11, the U.S. trustee's role is important in monitoring the case as it progresses and in supervising how the case is administrated. Additionally, the trustee is ...
  • While a corporation or partnership that files for bankruptcy must do so through an attorney, individual debtors who are filing for bankruptcy in Illinois are not required to do so. However, there are many benefits to filing for bankruptcy with the ...
  • An Illinois individual, partnership, corporation or other business entity can file for Chapter 7 bankruptcy, though the only people who qualify for discharge of debts under Chapter 7 are individual debtors. This does not, however, mean that the ...
  • When it comes to debt collectors in Chicago and around the nation, the law does allow for certain consumer rights. The law extends beyond collection agencies to include lawyers who collect on debts and companies that purchase bad debts with the ...