Category Archives: Bankruptcy And Your Home

We Wish Everyone a Happy Father’s Day in Chicago

Joseph Wrobel, Ltd., the Chicago Bankruptcy Law Firm Wishes Everyone a Happy Father’s Day in Chicago

While some say every day should be Father’s Day in Chicago, local dads take the opportunity to relax and enjoy their children and families. With all the rain and growth this spring and early summer in Chicago, dads all over the city and suburbs have logged more than average hours mowing and doing yard work to keep up.

Whether you are in good financial shape or considering financial relief from a Chapter 7 or Chapter 13 bankruptcy, you can have a great Father’s Day Weekend in Chicago with your kids and family! Wondering how to get started with bankruptcy and stop the collectors? Learn how to get started with bankruptcy.

Father’s Day in Chicago Activities

Chicago dads who love watching the Cubs or White Sox with their kids have games lined up all weekend. In Chicago, dads watch baseball with their sons and daughters, and many of them have their favorite ballplayers and baseball traditions. The forecast may call for rain so watching the game indoors or under a covered patio.

Here are some more ideas for making memories this Father’s Day in Chicago:

  1. Go to a horse race at the Arlington International Racecourse. They have more than horse racing and betting, with kid-friendly activities appropriate for all ages, including a petting zoo and carnival activities.
  2. Play catch with Dad on the Chicago Dogs’ Impact Field! Get there early because you have from 11 a.m. to 11:45 a.m. to get out there and play catch on the field before the Chicago Dogs game that starts at 1:05 p.m.
  3. Head to Ravinia in Highland Park for the folk trio, Peter, Paul, and Mary. They perform at 7 p.m. at the Martin Theater indoor stage.
  4. In South Elgin, the Fox River Trolley Museum is a must-visit attraction. Taking a trolley ride is great for family pictures and memories.
  5. Get your hands on Hamilton tickets at the CIBC Theatre in Chicago. The biomusical about Alexander Hamilton is a must-see and provides for all kinds of follow-up discussion topics.

The Role Father’s Play in our Lives

Fathers teach their kids how to be good people. Fathers teach their children how to be team players and leaders. They show their sons and daughters how to love and respect themselves and others. Fathers are superheroes to their children.

As a father, you have to be like a superhero to always make your children feel safe, no matter what. Good parents keep their kids reasonably sheltered from adult problems. Financial troubles and strain can negatively affect kids who may have never otherwise thought or worried about money. So to all the dads who make it through tough times while wearing a strong face, you all deserve a great Father’s Day weekend with your families.

Fathers Handle Financial Stress and Pressure, Sometimes Bankruptcy

Financial emergencies happen to good people. Good Dads can lose their job. Great dads never let the kids see them sweat financial difficulties. Parents who discuss money in front of the children may be creating an unnecessary level of anxiety in children who don’t need to worry about adult matters. For example, children who do not understand what bankruptcy is could be upset about worries in their minds that they don’t share. Kids may not understand that bankruptcy does not mean ruin and it does not mean they will have to give up all their possessions. Who knows what kids might think if they overhear mom and dad talking about money problems and bankruptcy.

Read about Chapter 7 Bankruptcy Debt Discharge on Our Website

Understand how Chapter 13 Bankruptcy Repayment Plans Can Be a Great Option  

If you are facing a financial situation that includes a bankruptcy filing, or something is changing at home because of money, keep an eye on your kids. You know how to hint around at things and fish for their questions. You might also make a light mention of making some changes that are better for the family.

In any event, talk to others and look up advice from experts about dealing with parenting and financial issues and questions. At the very least, an effort to hide finances from children might make everyone happier.

Learning Financial Tips and Information from Fathers

Dads should teach their kids what they have learned and what their fathers taught them. For example, saving some of your paychecks for emergencies and future needs is something that starts early. When grandmother gives you money for your birthday, take some of it and put it in the piggy bank or savings account. Piggy banks are great because they get heavier and louder the more you fill them up.

Teaching children to earn their own money is important. Parents who gave their kids everything without them learning to work and earn may not be helping their children learn about earning money. The young kids who mow lawns and walk dogs for extra money can save up for things they want. You may be surprised how many kids get ideas on how to make money and start small businesses. Supporting your son or daughter’s lemonade stand today can give them the confidence they need to do whatever they want in the future.

Financial realities can change. Fathers can help their kids prepare for the reality of financial uncertainty. Explain with a game of Monopoly this Father’s Day Weekend in Chicago and let your kids understand money comes and money goes. What you do with the money in between sets up you up for security or peril. These are all good life lessons to teach children.

Happy Father’s Day Weekend to all Dads from Joseph Wrobel, Ltd., the Chicago Bankruptcy Firm

When Chicago area fathers need to take advantage of the bankruptcy laws to protect their families, they can call Joseph Wrobel, Ltd., with convenient offices located in the Chicago-Loop, Chicago-Rosemont, and in the suburbs of Burr Ridge, Deerfield, Gurnee, Naperville, Orland Park, Schaumburg, Skokie, St. Charles and Westchester. They can represent Illinois clients in Cook County, Will County, DuPage County, Kane County, LaSalle County, Kendall County, and Lake County.

For a free consultation for bankruptcy information after Father’s Day Weekend in Chicago, call Joseph Wrobel, Ltd., at (312) 781-0996.

Fathers Day in Chicago
Fathers Day in Chicago

Chicago Bankruptcy Question and Answer Podcast with Joseph Wrobel for May 2019

Real Chicago Bankruptcy Questions and Answers!

Learn what you may not know about Chapter 7 and Chapter 13 Bankruptcy in this podcast. Listen to real questions from people trying to get out of financial trouble. People don’t always need bankruptcy to free them from financial troubles.

Please be kind and share this blog post and podcast with your social media friends, letting them know to check this blog post and podcast out if any of them want to learn about the protection against financial problems with the bankruptcy laws.

Listen and learn. Call Joseph Wrobel directly in Chicago at (312) 781-0996

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.

Have you checked out NerdWallet? Here is their article suggesting when bankruptcy is the best option.  Also, check out some of their tips on credit repair!

Questions and financial problems covered in this 30-minute Chicago bankruptcy podcast:

  • A bank is suing me for an unpaid loan and I was just served with papers. What can I expect and what will happen if I do nothing?
  • I am preparing for bankruptcy and want to return my vehicle to the bank instead of keeping it with a Chapter 13 bankruptcy repayment. It has some dents, does it matter whether I fix them?
  • Am I going to be responsible for paying bill collectors who bought my charged off accounts from 8 years ago? What can they do to me?
  • Can I get a temporary stop on my wage garnishments because I just had surgery and am not working and have no income?
  • My wife and I jointly own our home. Can I file bankruptcy, just on my own without my wife, and keep my home and my car if my payments are up to date? Do I need Chapter 7 or Chapter 13?
  • I want to file for Chapter 7 Bankruptcy. My parents give me money for my car payment every month. Does that affect my bankruptcy case and is this money considered income?
  • What happens to my student loans if I file for bankruptcy?
  • Can I finance a motorcycle before filing for Chapter 13 Bankruptcy?

You can listen to this podcast and many others like it directly on the Chicago Bankruptcy Law Firm’s Podcast Channel on the Blog Talk Radio Network!

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Chicago bankruptcy lawyer, 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.

Don’t forget to keep up with us on Facebook, Twitter, LinkedIn and Avvo, where you can read client and peer reviews from people who hired Chicago bankruptcy lawyer Joseph Wrobel to get rid of bad debt and get a fresh financial start.

Visit our Chicago Bankruptcy website online for more about the firm or call for more information at (312) 781-0996 or e-mail at JosephWrobel@ChicagoBankruptcy.com.

 

Bankruptcy for Unpaid Workers

Bankruptcy for Unpaid Workers in Chicago Who Run Out of Money

The current government shutdown causes people to ask themselves what would happen if they did not receive their paycheck for several weeks or longer. For families living on budgets, not receiving pay means the bills are not going to be paid. Unpaid workers without savings to temporary replace regular income can lose their homes, cars and credit cards if payments are delinquent.

Even though currently unpaid government workers are promised to receive their back pay after the shutdown, they may not be paying their mortgage, rent, car payment, student loans, utilities and other financial obligations. How long would you be able to continue without pay and the immediate need to get another source of income.

In many cases the unpaid workers with specialized work skills and experience cannot find another job very easily, and not at the same pay grade.

Read an article by CNBC focused on 800,000 workers without pay and the impact of the shutdown: “Workers going unpaid during the shutdown owe $438 million in rent and mortgage payments this month.”

Examples of Situations Causing Unpaid Workers Who Consider Bankruptcy

Workers are unpaid for a variety of reasons. Layoffs happen in manufacturing due to slow business or problems. Companies with a cash flow problem may not be able to pay their workers on time. Sometimes a struggling company does not have enough money in the bank for all the payroll checks to clear. In other cases, the employers accounts could be seized or frozen. For people working as contractors for others, one party may refuse to pay because they have an issue with the work not being performed correctly. In each of these scenarios, the unpaid employee still needs to pay their bills.

Unless workers have several months of bill paying money set aside for cash flow emergencies, they may be considering their bankruptcy options. Chapter 7 and Chapter 13 bankruptcies have features and options that will help people and their families.

The Automatic Stay Provision of the Bankruptcy Code Stops Creditors from Contacting You

Creditors and bill collectors are aggressive and persistent. Economic conditions like a government shutdown mean that many workers will not get their paychecks. After the bills come due and are not paid, collectors have options. Some waive late fees and extend due dates. Temporary relief runs out at some point. Aggressive bill collectors want you to pay them before you pay someone else. They will call you and send extra past due notices in the mail. When friends or relatives listed as references on loans getting phone calls about you not paying your bill it can be embarrassing and aggravating.

The “Automatic Stay” stops bill collectors in their tracks. When either a Chapter 7 or Chapter 13 bankruptcy case is filed, including a list of all the creditors the filer may owe, those creditors receive notice that they may not continue any collection activity so long as the bankruptcy case is ongoing.

Save your home from foreclosure and sale by filing for bankruptcy, taking advantage of the automatic stay. The bankruptcy postpones foreclosures and sales.

Our Bankruptcy Blogger article explains the automatic stay in further detail: The Automatic Stay: It Stops Bill Collectors in Their Tracks. Call Joseph Wrobel, Ltd. today to get more information (312) 781-0996.

Chapter 7 Bankruptcy for Unpaid Workers

For some unpaid workers a Chapter 7 bankruptcy case might have already been on their mind. When people have debt, they cannot afford to pay, when they are making less income than before, and when the outlook for paying off all the debt is bleak, a fresh start with a Chapter 7 bankruptcy can make a major difference for a family struggling with money and bills.

The point someone who already has financial troubles doesn’t receive their paycheck, a Chapter 7 bankruptcy will help. Eliminate the credit card debt, the payments for a car worth less than owed. Eliminate the mortgage on the house that is too big and expensive.

When people start over after a Chapter 7 bankruptcy, they can control their budgets and not get behind in debt. And when people no longer owe money to so many creditors, they become a better credit risk. Rebuilding credit after a bankruptcy takes some time but is easier than people think.

Learn more about rebuilding credit. Read our article, Good Credit After Bankruptcy on the Bankruptcy Blogger section of the Joseph Wrobel, Ltd website. See also results for searching our site for the word “credit.”

Chapter 13 Bankruptcy for Unpaid Workers

Chapter 13 bankruptcy may be attractive to unpaid workers who expect to receive their back pay but who need temporary protection from collections and foreclosures. When you file for a Chapter 13 bankruptcy you can “cure” your mortgage default by making up past payments over months.

A Chapter 13 “reorganization” bankruptcy can last three to five years, giving the unpaid employee time to catch up on debts when the paychecks stopped coming for whatever reason.

One misconception about Chapter 13 is that every dollar owed must be repaid. In fact, depending on a person’s financial calculations, they may only have to repay a percentage of the amount owed.

To save your home, car and other assets you don’t want liquidated, call Joseph Wrobel, Ltd. and learn where you stand and for which type of bankruptcy you qualify. Call day or night (312) 781-0996.

Read Homeowners Keep Their Home Using Chapter 7 or Chapter 13 Bankruptcy Laws.

Joseph Wrobel Can Help if Bankruptcy Makes Sense and Will Help Unpaid Workers Get a Fresh Start

When you call Chicago bankruptcy lawyer Joseph Wrobel and make an appointment at one of the conveniently located offices around the Chicago area you are taking the next step in finding out if bankruptcy is the right thing to save you from money problems.

At your meeting with Joseph Wrobel when your financial information is processed, he will tell you about your options under the bankruptcy law. If you or a friend is an unpaid employee because of a shutdown, lack of business, layoff or any reason, contact online or call Joseph Wrobel, Ltd. today and get the information about bankruptcy for unpaid workers, to turn off the bill collectors and turn on your fresh financial start. The main Chicago office telephone number is (312) 781-0996.

Chicago Bankruptcy Podcast with Joseph Wrobel: December 2018

Chicago Bankruptcy Podcast with Joseph Wrobel: December 2018

Chicago bankruptcy and consumer credit attorney Joseph Wrobel answers real people’s questions about their financial situations and what options they might have to fix their financial problems.

Click here to listen to the Bankruptcy Podcast on our Blog Talk Radio channel

Real questions answered in this 30-minute show:

If I took out a $4,000 loan today to help my son, can I file bankruptcy in three months?

Can I discharge my SSA over-payment with Chapter 7 bankruptcy? I have been told by an SSA representative that I can, but I was not sure.

Can a person withdraw from a bankruptcy, whether a Chapter 7 or Chapter 13?

My cell phone is disconnected, will a Chapter 7 or Chapter 13 bankruptcy help reinstate my account?

I am in a Chapter 13 bankruptcy; can I refinance my mortgage?

I live overseas and want to file Chapter 7 bankruptcy in Massachusetts.

I have already filed bankruptcy, it was discharged this June. Can I get a house on a land contract?

Can a person apply for a credit card now after 8-9 years after bankruptcy has passed?

If I sell my house will defaulted student loans take the money at closing?

If you are already working with a debt relief company are you able to decide to do bankruptcy instead?

Can I stop foreclosure on my mother’s home if it is in bankruptcy?

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.

About Joseph Wrobel, Ltd:

Keep up with us on Facebook, Twitter, LinkedIn and Avvo, where you can read client and peer reviews!  Visit our Chicago Bankruptcy website online for more about the firm or call for more information at (312) 781-0996 or e-mail at JosephWrobel@ChicagoBankruptcy.com.

Joseph Wrobel Limited is a small law firm of attorneys and staff experienced in consumer bankruptcy. They are not a bankruptcy law factory and you will not get lost in their office. You will be treated as a human being with courtesy, dignity, and respect.  The mission of Joseph Wrobel Limited is to have you take control over your finances through the proper use of the bankruptcy laws.

Joseph Wrobel, Ltd. has offices located in the Chicago-Loop, Chicago-Rosemont, and in the suburbs of Burr Ridge, Deerfield, Gurnee, Naperville, Orland Park, Schaumburg, Skokie, St. Charles and Westchester. They can represent Illinois clients in Cook County, Will County, DuPage County, Kane County, LaSalle County, Kendall County and Lake County.

Filing for Bankruptcy After Divorce?

Whether to File Bankruptcy After Divorce: Consider These Scenarios

Divorce is difficult enough without also worrying about finances after the divorce and whether filing for bankruptcy after divorce makes sense and will help you out. In some situations, the spouse ordered to pay the other doesn’t hold up their end of the bargain in the settlement or divorce decree. You can go back to court and try to order the deadbeat spouse to pay what they were ordered but that doesn’t stop the creditors who want their money. When you cannot pay them, you may wonder if a Chapter 7 or Chapter 13 bankruptcy will save you.

The creditor knows one thing, it wants to be paid. The creditor could care less whether you have a court order that says your spouse is ordered to pay the credit card, when you are liable for the debt and it remains unpaid you risk damage to your credit, collection efforts, lawsuits and wage garnishments.

Few people will criticize you for filing bankruptcy after a messy divorce where you and the former love of your life are left to fight over debt. In some cases, the former spouse just wants to punish you by not coughing up the money they owe you to pay off debts.

Read our blog article: 7 Bankruptcy Repercussions Are Myths Not to Worry About.

A Personal Bankruptcy Only Affects Your Credit, Not Your Spouse

Bankruptcy laws are there to protect you when you cannot afford to pay debts. Chapter 7 is the typical full discharge we think of and Chapter 13 is a reorganization bankruptcy where you repay a portion of your debts over a three to five-year period. While you and your spouse may be jointly liable on a debt, you both have independent personal credit ratings and those scores are totally separate.

When you are looking for bankruptcy answers and call Joseph Wrobel’s Chicago Bankruptcy Firm, he will find out whether you and your former spouse are both liable on certain debts. Mr. Wrobel can tell you what happens when one spouse files bankruptcy and the other has not and is still liable for the debt.

Is the debt discharged if two people are listed? Or, simply, is the obligation for one party to pay the debt discharged and the other is on the hook? What happens if the debtor comes after the other party to pay the debt when it was ordered to be paid by the other by the divorce court? Call Joseph Wrobel, Ltd. in Chicago if this is your problem. (312) 781-0996.

Read another article: Don’t Believe the Hype: Get the Real Truth About Bankruptcy, Ignore the Rumors.

You and Your Former Spouse Accumulated Debt During Marriage

When you were married, you and your spouse worked hard and spent money keeping up with your friends and neighbors. As you approached your divorce your divorce lawyer asked you to complete paperwork listing all your assets and debts. Shocked, you realize how much your debts outweighed assets. Yes, your marital home was beautiful, but everything was financed.

Most couples approaching divorce are dividing debt at the end of the marriage. Houses are mortgaged with second mortgages and lines of credit. Credit cards are carrying transferred balances from other high interest cards. Vehicles are financed or leased. In many divorces, the only assets available are vested funds in retirement accounts.

The High-Income Earner Paying for Two Residences and Child Support

Divorce is very expensive, especially for the spouse making more money. The higher income earner may be ordered to pay alimony. When there are minor children, there is also an obligation to pay child support. Even a professional earning significant income feels the immediate reduction in their income needed to pay bills and live from day to day.

Many people simply run out of monthly income when paying alimony, child support and other debts ordered to be paid by the court. Is it a surprise some people simply stop paying? No.

You Are the Higher Wage Earner and Want to File Bankruptcy After Divorce

With a few options on the table you owe lots of money and have some decisions to make. In most cases any child support obligation will be automatically withheld from your paycheck. With what is left you simply cannot make it. Maybe you want to file bankruptcy to eliminate the credit card debt you were ordered to pay. Maybe you realize you can no longer afford the mortgage on the expensive house or financed luxury vehicle. It is time to downsize.

Before you take advantage of the bankruptcy laws consider your obligations to your former spouse and children and ask Joseph Wrobel about your obligations in the family court. He can talk to your divorce lawyer and help you make the best financial decision that gives you a break without hurting your former spouse and your children.

You Are the Dependent Lower or No Wage Earner and Need to File Bankruptcy After Divorce

If your former spouse and co-parent identified in the paragraph above did not heed our advice not to hurt you or the children by leaving you high and dry, you can get the help you need with the bankruptcy laws. Depending on your settlement agreement and divorce decree you might need to consider whether to include certain debts to be discharged in your bankruptcy. Like your former spouse would, you too should ask Joseph Wrobel to help figure out what to do with post-decree divorce financial obligations.

When you do file for a Chapter 7 or Chapter 13 bankruptcy, your phone should stop ringing as debt collectors are prevented from collecting or contacting you during bankruptcy. The “Automatic Stay” provision also stops a Wage Garnishment. Helping you keep money in your pocket during the bankruptcy is what we do for you at Joseph Wrobel, Ltd.

Have you seen this one from a few years back? Credit Scores, Cards and Reports: What You Might Not Know.

Your Spouse Files Bankruptcy After Divorce, How Does Joint Debt Impact You?

Joint debt means joint responsibility. If you and your former spouse are both named on a financial account, then you both are jointly responsible, regardless of what it says in the divorce decree. If your ex-spouse is ordered to pay and they stop paying, the obligation becomes yours, 100 percent.

With so much uncertainty about Filing for Bankruptcy After Divorce, talking to both your divorce lawyer and a bankruptcy lawyer such as Joseph Wrobel is necessary, so you don’t worsen your financial position and future if things do not go as planned after the divorce.

Call Joseph Wrobel, Ltd. in Chicago today at (312) 781-0996 and learn your rights and options under the law if you are considering filing for bankruptcy after divorce.

 

 

 

 

Chicago Bankruptcy Q&A Podcast with Joseph Wrobel: November 2017

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.

Chicago bankruptcy
Helping people get out of debt with dignity and respect for over 40 years.

Sample questions answered in this 30-minute show: Use this link to listen anytime.

  • What happens when a corporation I sued filed for Chapter 7 bankruptcy?
  • Do I have to include my paid for automobile in my Chapter 7 bankruptcy?
  • What happens when my car loan co-signor files for bankruptcy?
  • What happens if a bankruptcy lawyer does not file my bankruptcy petition?
  • I missed my date to file a bankruptcy claim, what happens to my rights?
  • In bankruptcy can I pay for the value of my car instead of what I actually owe?
  • How will my ex-husband’s bankruptcy affect my home if he’s on the mortgage?
  • Can a family member loan me money for a down payment if I am in Chapter 13?

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.

Don’t forget to keep up with us on Facebook, Twitter, LinkedIn and Avvo, where you can read client and peer reviews!

Visit our Chicago Bankruptcy website online for more about the firm or call for more information at (312) 781-0996 or e-mail at JosephWrobel@ChicagoBankruptcy.com.

Podcast: October 2017 Chicago Bankruptcy Question and Answers with Joseph Wrobel

Joseph Wrobel is a Chicago Bankruptcy Attorney
Chicago Bankruptcy Attorney Joseph Wrobel

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 to this podcast interview anytime.

Sample questions answered in this 30-minute show:

  • How soon after filing bankruptcy can my divorce be finalized?
  • Can I file for bankruptcy to get rid of medical bills I cannot afford?
  • On Social Security Disability, can I have my bankruptcy fees and costs waived?
  • I am on the deed of my mother’s house and she is going to file bankruptcy, if she were to die, what would happen to the house?

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.

Don’t forget to keep up with us on Facebook, Twitter, LinkedIn and Avvo, where you can read client and peer reviews!

Visit our Chicago Bankruptcy website online for more about the firm or call for more information at (312) 781-0996 or e-mail at JosephWrobel@ChicagoBankruptcy.com.

To buy or rent in Chicago, a few things to consider

While some people are only interested in owning their home, others are quite satisfied renting for the foreseeable future. As real estate and financial markets change we often see news stories with industry leaders telling us it is a good time to be selling a home or whether it is a good time to buy. Not everyone is in the position to buy a home and many are content with renting forever. While financial experts tell you that building equity in a home is the best way to be prepared for the future and retirement, there are plenty of alternative ways to save for the future and continue renting.

What are some of the barriers to buying a home if the conditions are right?

The first thing most people think about when buying a home is saving up to make a 20% down payment, however a good credit score may be the most frequent concern, especially for people who have struggled with job loss or financial difficulties. The good news on credit is that when you follow a few steps and practice smart credit your score will improve, often quicker than you realize. Read our blog article about credit repair for more information.

When it comes to money down, you might qualify for one of the programs for buyers backed by the government. There are veteran’s loans, FHA loans and similar programs where there is no down payment required. You must meet income criteria, which many easily satisfy.

Why some homeowners are jealous of their friends who rent their homes.

Taxes on homes in the Chicago area are a significant concern for homeowners. Over time, taxes increase and homeowners must follow procedures to challenge their tax rate. Meanwhile, renters aren’t worried about tax rates, and if they have been renting their home for some time, they may be paying significantly less than the current market rental rates.

Homeowners may be jealous of their renting friends who do not have to spend their extra time and money repairing hail damaged roofs, windows, air conditioners and so forth, on a seemingly endless list. Renters are also the envy of homeowners who get new neighbors that frustrate their living situation. It is not so easy to pick up and move, especially if the housing market is not in favor of sellers.

Saving money for the future without having equity in a home can be easy.

While the traditional plan for many was to pay off their house before they retire so they only must pay tax and not a mortgage, many people today elect to rent. The overall cost of home ownership versus renting can be a close equation. If while the homeowner spends money on repairing a roof, the renter puts that same amount of money in an investment, they may be in a good position to start and continue saving for the future.

About us: Joseph Wrobel, Ltd., works with clients to find out if they qualify for Chapter 7 or 13 bankruptcy, and their options and rights under the law. The firm will also advise and assist clients with questions and concerns about the collectors and their rights to pursue you.

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.

Don’t forget to keep up with us on Facebook, Twitter, LinkedIn and Avvo, where you can read client and peer reviews!

 

August 2017 Chicago Bankruptcy Question and Answer Podcast with Joseph Wrobel

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 to this podcast interview anytime.

Sample questions answered in this 30-minute show:

  • When can a bankruptcy be removed from my credit report?
  • Will I lose my US citizenship or be deported if I file for bankruptcy?
  • If you file for bankruptcy, is every credit card you have included?
  • Can another party collect from me in small claims court if I am in bankruptcy?
  • If I file for bankruptcy, can I keep my home and my car if I was never late on those?

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.

Don’t forget to keep up with us on Facebook, Twitter, LinkedIn and Avvo, where you can read client and peer reviews!

Visit our Chicago Bankruptcy website online for more about the firm or call for more information at (312) 781-0996 or e-mail at JosephWrobel@ChicagoBankruptcy.com.

7 bankruptcy repercussions are myths not to worry about

While some people take advantage of bankruptcy laws to improve their lives and finances, others have a long list of excuses why they refuse to file for bankruptcy protection. While some of the concerns people have are reasonable, they are often blown way out of proportion by the people who do not want you to get a bankruptcy. Who are these naysayers? Largely the people who work in the business of debt consolidation will try to scare you with misconceptions about bankruptcy.

Here is a list of bankruptcy repercussions you were told about but will probably never experience:

  1. The bankruptcy trustee will take everything you own. Not true: There are state exemptions allowing you to keep your personal belongings, vehicle and equity in your home up to a certain dollar amount.
  1. Everyone in town will know about your bankruptcy. Not unless you tell them: Where in the past years bankruptcies were more difficult or less common they may have appeared in the newspaper. Nowadays and especially in a big city like Chicago, nobody will ever know unless you tell them.
  1. Your wife will leave you and take the kids. While it’s possible, it’s unlikely: The negative stigma that used to follow a bankruptcy many years ago is no longer an issue for so many people who likely know people who got a bankruptcy and are doing well and are financially successful after their bankruptcy.
  1. You won’t be able to keep your home or car. You have options: You may keep your car if its value falls within exemption limits or you can sign a reaffirmation agreement to keep the car and make payments on it despite the bankruptcy. Keeping your home may be equally feasible through a Chapter 7 discharge or Chapter 13 reorganization bankruptcy case.
  1. The boss will surely fire you when they find out. Your boss has no reason to know: Unless you tell your boss that you need a day off work to attend your initial bankruptcy hearing, they have no reason to know about it. In fact, many people file for bankruptcy to prevent their boss from knowing about a wage garnishment, something they can avoid if they file bankruptcy.
  1. You won’t be able to rent an apartment. Not true: Even people with the most concerning financial track records are able to rent an apartment, and the only difference may be an extra month’s worth of a security deposit required by the landlord.
  1. You will never be able to get credit again. Biggest misconception: The moment your former debts are wiped away in bankruptcy, you have more spending power and a better ability to pay your bills. Not long after a bankruptcy you can get a secured credit card and start rebuilding your credit, focusing on your current and future credit while forgetting about the past.

If you want to learn the real expectations you should have when considering a bankruptcy filing, contact Joseph Wrobel, Limited to learn bankruptcy is like in the present day.

About us: Joseph Wrobel, Ltd., works with clients to find out if they qualify for Chapter 7 or 13 bankruptcy, and their options and rights under the law. The firm will also advise and assist clients with questions and concerns about the collectors and their rights to pursue you.

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.

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