June 1st fee increase at the Bankruptcy Courts

New Bankruptcy Fees to Take Effect June 1
New Bankruptcy Fees to Take Effect June 1

Periodically the filing fees in U.S. federal and state courts increase. The Bankruptcy Court will be increasing its fees for filing and general services. The new rates take effect June 1, 2014. If you are on the fence regarding filing a petition for bankruptcy relief, now may be a good time to get the ball rolling if you want to avoid the fee increase, which is not very much money, but at the end of the day we all like to save a little jingle for our pockets.

If you want to learn about what we do with clients in our free initial consultation you can listen to our upcoming podcast specifically about those final decisions to file and what happens when you come meet us at one of our offices.

Click/Tap Here to listen live at 1 pm on Tuesday the 27th of May or anytime afterwards on demand.

Topics and types of FAQ covered in this 30 minute show:

  • How to prepare to come in and meet with an attorney for an initial consultation;
  • What to expect to discuss with the attorney and what you will need to do next;
  • The attorney’s role in the process of meeting for a bankruptcy consultation;
  • What next steps a person can take to prepare to file for bankruptcy protection.

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“New Bankruptcy Fees to Take Effect June 1”

Several bankruptcy fees will increase on June 1, under amendments to the Bankruptcy Court Miscellaneous Fee Schedule that were approved in March by the Judicial Conference of the United States. The scheduled changes include:

    • A $57 increase to the adversary filing fee in bankruptcy proceedings, from $293 to $350. The new fee will be equivalent to civil filing fees in federal district courts.
    • A new, differentiated administrative fee structure will be assessed at filing in every bankruptcy case. Currently $46 in all cases, the administrative fee will be $75 for cases filed under Chapters 7, 12 and 13, and $550 for cases filed under Chapters 9, 11 and 15.

The Judicial Conference also approved separate administrative fees when married couples divide a bankruptcy filing into two cases, often because a divorce or separation occurs while a case is being adjudicated.

The schedule for the new rate structure, effective June 1, is available here. The existing schedule, valid through May 31, is available here.

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Joseph Wrobel, Ltd. helps people get control of their finances and a fresh start at financial freedom. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’s Facebook page and Follow Joseph Wrobel. Ltd. on Twitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by calling (312) 781-0996 to talk to an attorney.

Bankruptcy Basics: What Happens at the Free Initial Consultation

What may seem to be the simplest of cases turns out to be more complicated than a client can imagine. Filing a bankruptcy on your own is pennywise and pound foolish. The peace of mind of knowing the case is done properly from the outset is worth far more than the cost of the attorney fees. Our consultations are always free.

Chicago bankruptcy and consumer credit attorney Joseph Wrobel shares news and updates in bankruptcy law as well as business and consumer financial matters. It has been documented that financial troubles can cause all sorts of ailments, the most common of which is sleeplessness. Joseph Wrobel helps clients alleviate their anxiety created by the inability to pay bills and the embarrassment of financial distress.

CLICK/TAP HERE TO LISTEN NOW

Topics and types of FAQ covered in this 30 minute show:

  • How to prepare to come in and meet with an attorney for an initial consultation;
  • What to expect to discuss with the attorney and what you will need to do next;
  • The attorney’s role in the process of meeting for a bankruptcy consultation;
  • What next steps a person can take to prepare to file for bankruptcy protection.

Joseph Wrobel has been a practicing attorney since 1973 and has experience in a wide variety of law relating to legal matters for individuals and families. Wrobel helps clients get out of debt and get a fresh start. He is an active member in several bar associations and the Bankruptcy Panel of Pro Bono Program of the Chicago Volunteer Legal Services. After serving the U.S. Army Reserve 363rd Civil Affairs Unit, Wrobel earned a B.A. in Psychology from Northwestern University and in 1973 he earned a JD from DePaul University Law School.

Common misconceptions about bankruptcy

Common misconceptions about bankruptcy
Common misconceptions about bankruptcy

Too often, people make their financial decisions based on drug store logic or what a relative told them about their personal experience. There are many different misconceptions flying around out there when it comes to what is and what is not allowed when you file a petition for bankruptcy protection. The Bankruptcy Code and cases that interpret it and policy involved are very complex and every situation is different. Just because something was true for one does not mean it will be true for another. It is always a good idea to hire an experienced bankruptcy lawyer who has likely seen your personal situation before, or at least something close to it.

Here are some common misconceptions about bankruptcy that we have seen over the years in our offices. Note the links to our blogs and podcasts with more information.

●     Everyone in the neighborhood will find out about you filed for bankruptcy protection. Unless you go around telling all your neighbors that you filed for bankruptcy, most of them will never know. Larger cities often do not have enough room or work force to publish all of the bankruptcies filed because there are so many in a larger city.

●     You will never be able to get credit ever again. This is far from the truth. In fact, many people start establishing good credit right after their bankruptcy or even during it by using a secured credit card, for example. In many cases, your credit score will rise when you no longer have so much outstanding debt, but know that the bankruptcy will be on your credit report.

●     All your debts will go away when you file for bankruptcy. The easy lawyer’s answer is, “Not necessarily.” There are certain debts like student loans and child support obligations and generally, you cannot discharge these in bankruptcy. There are also debts that are reorganized when you file a Chapter 13 bankruptcy.

●     You will lose your home and your car when you file for bankruptcy. Do you want to lose your home? You can if you would like but in most cases, involving bankruptcy people have already spent the equity in their home. There are certain amounts of equity in a home that you get to keep as an exemption. You may also keep assets for which you make payments, such as a car, by reaffirming the debt. If that car is not worth a certain amount, you may be able to keep it under an exemption.

●     The boss is going to fire you Monday morning when he finds out you filed for bankruptcy. No way! If she or he does, you may find yourself in quite an actionable position because there are federal laws protecting employees for being fired for filing for bankruptcy and their economic status generally.

●     You cannot file for bankruptcy unless you are broke. Also not true. You will have to pay filing fees and attorney fees so you must be able to at least pay those. You are allowed to keep a certain amount of cash allowed by law. If you do not pass the means test for Chapter 7 bankruptcy, the total discharge, you can file for Chapter 13, which is helpful for higher income earners.

●     You will never be able to buy another new home if you file for bankruptcy. Actually, many say you can finance a new home and sign a mortgage within 4 years of a bankruptcy, which again varies by location and individual circumstance. With less debt, it makes sense to save money for a larger down payment. In the meantime, renting a home is a common option and is rather painless if you do have to move.

Joseph Wrobel, Ltd. helps people get control of their finances and a fresh start at financial freedom. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’s Facebook page and Follow Joseph Wrobel. Ltd. on Twitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by calling (312) 781-0996 to talk to an attorney.

Steps to a new home after bankruptcy

Yes, you can get a new mortgage loan or refinance after bankruptcy but it will take some patience and planning. Most lenders suggest you wait at least two to three or sometimes four years after your bankruptcy discharge to get into a new home loan. There are several options for post-bankruptcy home buyers such as FHA and VA loans, USDA loans and conventional loans.

FHA and VA loans are available two years after the date of a Chapter 7 discharge or after 12 months of timely payments on a Chapter 13 bankruptcy. Bankruptcy court approval is necessary to get the loan and you must explain the bankruptcy in the process. USDA loans require a three-year wait from a Chapter 7 and the same 12 months of timely Chapter 13 payments, with court approval. The conventional loans are four and two year waiting periods after Chapter 7 and 13 respectively.

Use the waiting time to get your new financial habits and savings in order.

Right after bankruptcy you may feel like the pressure is off and there may be disposable income for the first time in a while. Of course, there is a tendency to want to spend that extra money on the things you could not buy or do when under financial pressure before bankruptcy. Go ahead and splurge for a little while then pull in the purse strings and prepare to get credit worthy.

Take steps to establish your good credit habits. Start with a budget of all fixed monthly expenses and make a plan for how income will be spent every month. The most important thing you can do after a bankruptcy is not to get into any new unnecessary debt. It can take time to get used to living without things you do not really need and you may learn to really appreciate not feeling the stress of needing so many extras. Even buying more groceries and cooking from home instead of eating out is a habit that can save lots of money for future uses.

Money saving habits are contagious and good habits tend to spread.

Saving money is a habit, and it can be tough to learn. An easy way to save is to tuck money way automatically without being able to spend it. Open a savings account at your bank or credit union and set up an automatic online transfer of some amount of money to pull from your checking account right on or after payday deposits. You can also go to your human resources department to find out how easy an automatic withholding can be taken from your paycheck and directed to your savings.

Saving money and watching it grow is rewarding. When you start seeing lower interest rates, frequently paid bills and savings growing you may just keep trimming expenses and taking steps to increase income and savings. The fruits of our efforts help keep us motivated to be financially successful. In addition to saving money and avoiding further debt, credit management is necessary because you will need to qualify for a new mortgage like anyone else.

Joseph Wrobel, Ltd. helps people get control of their finances and a fresh start at financial freedom. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’sFacebook page and Follow Joseph Wrobel. Ltd. onTwitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by dialing (312) 781-0996 to talk to an attorney.

Bankruptcy Basics – Pt 2 Frequently Asked Questions About Bankruptcy

Get the answers you need to make an educated financial decision!
Get the answers you need to make an educated financial decision!

Click here to listen now!

Chicago bankruptcy and consumer credit attorney Joseph Wrobel shares news and updates in bankruptcy law as well as business and consumer financial matters. It has been documented that financial troubles can cause all sorts of ailments, the most common of which is sleeplessness. Joseph Wrobel helps clients alleviate their anxiety created by the inability to pay bills and the embarrassment of financial distress.

Topics and types of FAQ covered in this 30 minute show:

  • Identifying the signs that you are a good candidate for bankruptcy;

  • Keeping your vehicle owned outright or when you are paying on a car loan;

  • How much time may be required between Chapter 7 and 13 bankruptcy filings;

  • Debts on their way to collections or money judgments and when to file or wait.

Joseph Wrobel has been a practicing attorney since 1973 and has experience in a wide variety of law relating to legal matters for individuals and families. Wrobel helps clients get out of debt and get a fresh start. He is an active member in several bar associations and the Bankruptcy Panel of Pro Bono Program of the Chicago Volunteer Legal Services. After serving the U.S. Army Reserve 363rd Civil Affairs Unit, Wrobel earned a B.A. in Psychology from Northwestern University and in 1973 he earned a JD from DePaul University Law School.

To learn more or, contact an attorney at Joseph Wrobel, Ltd. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’s Facebook page and Follow Joseph Wrobel. Ltd. on Twitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by calling (312) 781-0996 to talk to an attorney.

Seven things to think about when starting a side business

The SBA helps Americans start, build and grow businesses.
The SBA helps Americans start, build and grow businesses.

Fixed wage and salary employees can control how much they spend and save. What they cannot control is their take home pay. Instead of finding new ways to stretch dollars, try new ways to make additional income. What do you have to lose? Consider whether you signed any agreements with your employer regarding doing work or conducting business outside the scope of your primary employment. If there is nothing holding you back and you have what you think is enough time to devote to secondary income, get a pen and paper or your text to speech tablet and take notes while considering a few questions a budding entrepreneur should ask when considering small business start ups.

  1. What do you love to do, so that when doing it you wouldn’t feel like you’re working? Why not make money doing something you enjoy? Think about all the things you like doing and let your imagination run. There must be someone, somewhere, who will pay for what you want to make or do.

  2. Is there something in demand that you know how to do/make that others don’t? Think of a prevalent industry where you live or work. Say you live in a college town and the delivery of food and services to students without vehicles is a big business. How can your skills and abilities improve the way people deliver, what they deliver or how students can find out about it? It may take some time for the right idea which may come to you in a dream or “Eureka!” moment.

  3. Do you have space and transportation available to manage inventory? Consider the existing resources to which you have access. Do you live on a large enough property you could raise chickens? Have you considered renting additional space to people looking for a space to park their boat? Aside from land, you might have a truck that can help local people move or pick up and deliver their furniture donations. Maybe you pick up and inventory of items on which you got a great (maybe free) deal. If you have room to store the items you can take your time selling it for income.

  4. Are your skills and abilities particularly in demand in performing a certain service? How many degreed professionals who cannot find jobs learned how to play an instrument? Could they teach other people how to play that instrument on the side? Start a social media page to sell guitar lessons and start telling your neighbors. Before long you may be the muse behind a new local garage band that could become the next big thing.

  5. How much liability are you willing to assume and what assets do you have to protect? There are several options for small business formations. If you have assets you want to protect, a corporation setup can shield you from personal liability for the business. On the other hand, if you are less concerned about asset protection in lawsuits and more concerned with saving money, you can operate a business as a sole proprietor and simply file the correct income schedule form when doing your taxes.

  6. Do you have management and human resource skills needed if you have employees? Sudden and swift business growth can create headaches for small business owners. If you cannot provide enough goods and services as requested by customers, they will go spend their money somewhere else. This might require hiring and managing employees, which includes its own challenges.

  7. How much of your work can you comfortably outsource where practical? Employee labor and liability concerns cause many small business operators to consider outsource solutions for some of the work duties. Consider a tree trimming business that can be very busy in the spring. Many small business owner operators hire contractors to manage the marketing and accounting to free up more time for serving tree trimming clients.

Even if you never start your own small business, considering responses to these survey questions puts you in a class of “thought about it” people, which is a step closer to having more money and being self sufficient. There are so many options available to people who want to earn more money as well as manage, organize and eliminate debt.

The U.S. Small Business Association also offers resources on their website. “The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, SBA delivers its services to people throughout the United States, Puerto Rico, the U. S. Virgin Islands and Guam.”

To learn more or, contact an attorney at Joseph Wrobel, Ltd. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’s Facebook page and Follow Joseph Wrobel. Ltd. on Twitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by calling (312) 781-0996 to talk to an attorney.

Chicago Bankruptcy Update: New Frequently Asked Question Podcast Series

Get the answers you need to make an educated financial decision!
Get the answers you need to make an educated financial decision!

Chicago bankruptcy and consumer credit attorney Joseph Wrobel shares news and updates in bankruptcy law as well as business and consumer financial matters. It has been documented that financial troubles can cause all sorts of ailments, the most common of which is sleeplessness. Joseph Wrobel helps clients alleviate their anxiety created by the inability to pay bills and the embarrassment of financial distress.

The Chicago Bankruptcy Update is a monthly podcast featuring compelling information and stories about bankruptcy and how people get a fresh start after Chapter 7 and 13 cases.

Click to listen to our latest episode: Frequently Asked Questions in Bankruptcy – Part 1

Topics and types of questions we ask and answer in our FAQ series:

  • When you may file for bankruptcy protection and what kind of relief is available;
  • Reopening a bankruptcy when you need to add a creditor or make a correction;
  • Marriage, the birth of a child and life events as they can be affected by bankruptcy;
  • What happens to your debts when you die and how your children may be affected.

There are many people who still think that filing for bankruptcy means giving up and throwing in the towel – hardly! Just like big companies that take advantage of bankruptcy to restructure their debts and assets to increase profits, individual consumers can use the law to their financial advantage. You, me, them, everybody can discharge debt and reorganize the repayment of other debts.

Listen to our monthly podcasts on the Chicago Bankruptcy Update and learn answers to many of the questions people ask. The FAQ series, in several parts, periodically addresses real questions asked by potential bankruptcy clients. As Nick asks Joe to answer the individual inquiries it becomes quickly apparent how many different complex financial situations can arise.

If you listen to our shows and decide you want to ask us more about bankruptcy, great! If you decide you would rather re-adjust your spending habits, that is also great! If neither option applies to you, “Share” our entertaining educational bankruptcy podcasts with others. You just never know who is looking for answers to the questions we ask on the Chicago Bankruptcy Update, and sharing is great!

To learn more or, contact an attorney at Joseph Wrobel, Ltd. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’s Facebook page and Follow Joseph Wrobel. Ltd. on Twitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by dialing (312) 781-0996 to talk to an attorney.

Credit Unions: Offering members opportunities to easily and affordably earn positive credit scores

Many are turning to credit unions to take advantage of their credit rebuilding programs and features. Americans are working hard to rebuild their credit scores after enduring financial challenges like the great recession. Many are turning to credit unions to take advantage of their credit rebuilding programs and features. Credit unions are different from banks in several ways. While banks are largely publically owned and designed to generate profit for owners and shareholders, credit unions are not-for-profit and their purpose is to serve their member-owners, as opposed to maximizing profits. Members of credit unions all have a vote in how the credit union will operate to best serve its member’s needs. A currently compelling need is the ability to rebuild credit.

A recent Fox Business article highlights four ways credit unions help raise credit scores[i].

1.  Credit Builder Loans. Members who want to rebuild their credit over time with little cash outlay can take advantage of credit builder loans. These loan amounts can range from a few hundred to a few thousand dollars. When a credit union member applies for a credit builder loan, they agree to make payments on the loan against the full loan amount that is held by the credit union in a secured savings account the member cannot touch. As the member makes monthly loan payments, which are reported to the credit bureaus, the member’s credit score can improve.  Once the loan payments are all made on time and in full,[ii] the loan amount is transferred to the member. Credit builder loans are new types of credit repair options and are growing in popularity as more credit unions adopt the model.

2.  Free Credit Counseling. Unlike most banks, credit unions make credit counseling services available to their members without additional charge. The better educated credit union member should be able to borrow and repay more small loans to increase their credit score and purchasing power. The more successful loans the credit union has, the more it can lend to members who need new homes, vehicles and cash to cover out of budget expenses or investments. Managing member finances may not be widely advertised so it is smart to ask your local credit union relationship manager about their counseling services to help manage cash flow, pay debts and build savings.

3.  Online Tools. Enhancing credit counseling, the credit building tools and features of a credit union’s website can assist a member who doesn’t have time to visit the credit union in person, or who wants to crunch numbers at home. Online financial management and educational programs help members increase their financial health with the education and strategy tools it takes to create and work at the right financial plan that produces the best results. As members benefit from these tools, they can often see their finances improving and are encouraged to maintain better money management habits.

4.  Secured Credit Cards. When credit union members deposit a few hundred dollars into a secured savings account they cannot access, they can get a real credit card, guaranteed by the amount on deposit. If a member’s secured deposit is $300, that will be the credit limit on the card. As the bills come due and are paid, the reporting bureaus are notified and credit scores can be improved. Since there is no real risk of loss, credit unions can more liberally issue secured credit cards, despite a member’s challenged credit history.

To join a credit union, an interested customer must become a member. Unlike many other groups, credit unions allow new members to join at nominal rates. It is relatively inexpensive to become a credit union member. Some people keep their main account at a traditional bank with whom they have a relationship but also hold member accounts at the local credit union to take advantage of member benefits and opportunities to keep building credit and buying power.

Joseph Wrobel, Ltd. helps people get control of their finances and a fresh start at financial freedom. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’s Facebook page and Follow Joseph Wrobel. Ltd. on Twitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by dialing (312) 781-0996 to talk to an attorney.


[i] Fox Business: 4 Ways Credit Unions Help Raise Credit Scores. By Constance Gustke, Mar. 4, 2014.

[ii] Terms of credit union loans vary by institution and are determined by individual credit union policies.

How do I know if I am a good candidate for bankruptcy protection?

When to take advantage of Chapter 7 and 13 is circumstantial. Here are a few things we hear from clients who tell us how and when they decided to move forward towards a fresh financial start.
When to take advantage of Chapter 7 and 13 is circumstantial. Here are a few things we hear from clients who tell us how and when they decided to move forward towards a fresh financial start.

Many people attach value judgments to bankruptcy. Meanwhile, others understand that Chapter 7 and 13 bankruptcy protections are financial planning tools when things do not go as planned. Starting a small business is risky. Working as an employee at will is risky. Life is risky. Because there are no guarantees, our federal laws allow us to discharge debts we will never be able to pay. At some point, people who are under extreme financial pressure decide that enough is enough. When they start talking to others who have taken advantage of bankruptcy laws, they learn that the process is not as scary and dire as some would suggest.

When to take advantage of Chapter 7 and 13 is circumstantial. Here are a few things we hear from clients who tell us how and when they decided to move forward towards a fresh financial start.

1. I do not have enough savings to make it through a financial emergency. At some point people stopped saving while they increased spending and opening up new lines of credit. When the Joneses lost their million-dollar home in foreclosure after corporate downsizing, we all hit the brakes! Knowing the bottom can fall out and accepting reality means that more people are trying to put money away in savings. We all know that the stock market is not a sure bet, but for many people, the crash came without enough time to prepare. Once your burden is lessened you may be able to save again, knowing it is the better way to get ahead.

2. I am living on credit cards because the costs of daily life exceed monthly income. It is easy to run into unexpected car repairs and buy the plane tickets to Cousin Jill’s wedding in Florida in early March. The minimum payments tend to increase and most people keep up with the minimums. What happens is the fees and charges keep building and eventually the cards are maxed out and the minimums are still due. Have you done the math to figure out you will be long gone before you can ever pay off these credit cards? Many people who get a fresh start will also get new credit cards after a bankruptcy.

3. Bill collectors call me more frequently than do my friends and family. The creditors seem to know when you come home from work, when you sit down for dinner with the family, and when you have something good to say, only to be knocked down a peg by the late payment calls. Have you had the call from the nasally sounding collector, “Sir, can I ask you why the payment was late?” The harassment is more than most people can take with a grain of salt. Some of the creditors get nasty and threatening too. The automatic stay provision in bankruptcy makes them stop – as a matter of federal law.

4. My income is fixed or was recently terminated or reduced. Self-employed people can lose clients. Employed professionals can also find themselves out of a job or working less hours or with reduced pay. Are you going to turn down reduced pay/hours if job loss is the alternative? People with fixed incomes know quite well how to divide and pay bills. When that fixed income is reduced and the debts are still there a tough decision must be made. While some people are lucky enough to borrow from rich Aunt Edna, others have less choices. A fresh start in Chapter 7 or 13 can help cash-strapped families with temporary and longer term income issues.

5. A serious accident threatens my ability to keep up with the bills. What happens if the driver without insurance injures you in an accident and your own policy payouts are limited? Incidents of financial emergency are not always fault based. The mortgage and rent are still due, even when we cannot work on a temporary basis. If a lawsuit is involved there are pre-settlement funding companies who advance money on “sure bet” settlements but the interest rates are often sky high and not worth the initial price of admission.

If you want the collectors to stop calling and want to eliminate debts and fees you cannot afford to pay, and if you want to keep your house and car and some property, we can help you with the right Chapter 7 or 13 bankruptcy option.

To learn more or to move forward, contact an attorney at Joseph Wrobel, Ltd. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’s Facebook page and Follow Joseph Wrobel. Ltd. on Twitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by dialing (312) 781-0996 to talk to an attorney.

PODCAST – Bankruptcy Basics: Taking the Mystery Out of The Median Income/Means Test

What may seem to be the simplest of cases turns out to be more complicated than a client can imagine. Filing a bankruptcy on your own is pennywise and pound foolish. The peace of mind of knowing the case is done properly from the outset is worth far more than the cost of the attorney fees. Our consultations are always free.

On today’s episode of the Chicago Bankruptcy Update show, we take the mystery out of the median income/means test to qualify for bankruptcy.

Click here to listen to the podcast recorded 02/18/2014.

Bankruptcy issues covered on this show:

1) How does the Chapter 7 means test limit bankruptcy protection to only the individuals who need it?

2) What happens if your income is more than the median income but you still cannot pay your debts?

3) If I repay or agree to repay some of my debts, can I then pass the income means test for Chapter 7?

4) If I do pass the income means test, under what circumstances is a bankruptcy most beneficial?

Chicago bankruptcy and consumer credit attorney Joseph Wrobel shares news and updates in bankruptcy law as well as business and consumer financial matters. It has been documented that financial troubles can cause all sorts of ailments, the most common of which is sleeplessness. Joseph Wrobel helps clients alleviate their anxiety created by the inability to pay bills and the embarrassment of financial distress.

Joseph Wrobel has been a practicing attorney since 1973 and has experience in a wide variety of law relating to legal matters for individuals and families. Wrobel helps clients get out of debt and get a fresh start. He is an active member in several bar associations and the Bankruptcy Panel of Pro Bono Program of the Chicago Volunteer Legal Services. After serving the U.S. Army Reserve 363rd Civil Affairs Unit, Wrobel earned a B.A. in Psychology from Northwestern University and in 1973 he earned a JD from DePaul University Law School.

Visit our Chicago Bankruptcy Site online for more about the firm.