Category Archives: Bankruptcy And Your Home

Tips for First-Time Home Buyers After Bankruptcy and Credit Repair

Qualifying for a Mortgage After Bankruptcy

Lenders understand that after your Chapter 7 or Chapter 13 bankruptcy, you have less debt to pay and more money to pay a mortgage. In most cases, you will have to wait for two years from the date of a Chapter 7 bankruptcy discharge date. Meanwhile, a Chapter 13 bankruptcy, which is a three to a five-year repayment plan, after 12 months of on-time bankruptcy plan payments, you can get an FHA loan.

Most people don’t take advantage of bankruptcy options because they think it still takes so much more time to qualify for a mortgage after a bankruptcy case. You too can be one of the many home buyers after bankruptcy.

Learn About Your Credit After Bankruptcy

Chicago Bankruptcy Attorney Joseph Wrobel Will Help You a Fresh Start Today! Call Joseph Wrobel, Ltd. at (312) 781-0996

Saving For a Mortgage Downpayment After Bankruptcy

While many people still put down 20 percent, there are many lenders who will approve mortgages with a 3 percent downpayment on a home. There are first-time homebuyer programs that allow new mortgages for 3 percent down.  When you take advantage of a low or no money down mortgage, you might need to pay for mortgage insurance, and will affect your monthly payments.

Some of the loans that work for people who want a new home but do not have a 20 percent downpayment include conventional mortgages, FHA loans, and VA loans. These are great for home buyers after bankruptcy.

A conventional mortgage is a good option for homeowners because the costs can be lower than other options when you have a high enough credit score, of at least 620 and a debt-to-income ratio of 50 percent or less. Note that these are general criteria and results may vary.

An FHA loan is insured by the Federal Housing Administration, a part of the U.S. Department of Housing Development. An FHA loan may be available for buyers with a credit score of 580. A mortgage insurance premium (MPI) is commonly required and can be paid upfront or it could be part of your monthly mortgage payments.

A VA loan is backed by the U.S. Department of Veterans Affairs and can be secured without a down payment. VA requirements for loans can include a higher credit score and an updated home appraisal.

Mortgage Application Tips to Get the Best Deals After Bankruptcy

Find a mortgage broker who can run your credit and tell you where you are now, and where you need to be financially to be approved for a mortgage. Being approved for a mortgage requires your application to satisfy several criteria. Your mortgage application might be graded differently by a variety of lenders and your broker should know which company may offer the best deals to home buyers after bankruptcy.

Once you have a copy of your credit score you have a baseline for improvement. You can take advantage of one of many credit repair programs to increase your score before applying for a mortgage. It is important to not assume any new credit obligations within a few months of your credit application because new account activity can reduce your credit score.

One of the things you will learn about credit scores is that the percentage of credit used is very important to a good score. If you have a credit card with a limit of $1,000, your credit score reports highest when you only use 20 percent of your limit at the end of your monthly billing cycle. A best practice is paying your credit card down right before the end of the monthly cycle so you owe the least amount at that time of the month that is reported to the credit bureaus.

How Much Can You Afford Without Drowning in Mortgage Debt

People who recover from money problems can rebuild their finances and credit by controlling their spending. When considering applying for a new mortgage, it is important to figure out how much you can afford every month without falling behind. For example, an unexpected car repair or medical bills can make an expensive mortgage payment difficult.

DaveRamsey.com: Don’t Be House Poor, Dave Recommends that your monthly mortgage payment be 25 percent or less than your take-home pay.

Consider what you really need in a new home and how much space is necessary for you and your family. A home in an established neighborhood with good construction can cost less than a new construction home. Affordability is important and you are more likely to feel financially stable when you have an affordable monthly mortgage payment, like many home buyers after bankruptcy.

Research Communities and Neighborhoods that Fit Your Needs

What are your top priorities in a new home and community? You and your family have several needs that include a good commute, good schools, and a safe place to live with plenty of amenities. Every family has a list of needs and a list of wants when looking at buying a new home. Once you narrow down the best communities and find a few neighborhoods that fit your family, it is time to start going to open houses.

Niche: 2019 Best Neighborhoods in Chicago

Niche: 2019 Best Chicago Area Suburbs

Attending open houses can help you get ideas about what people have done to update houses and add features such as a patio, hot tub, or a pool. Especially if you are considering homes built several decades ago, you might notice how some owners removed walls and remodeled older homes to make them more open and attractive to buyers. The cost of some minor home remodeling and construction can make buying an older home in a settled neighborhood more attractive to home buyers after bankruptcy.

Be Prepared for Closing Costs and Expenses After Moving Into A New Home

Closing costs could be 2 to 5 percent of the loan amount for your new home. Your realtor can help you with opportunities to negotiate with the seller to cover some of the closing costs if there are reasons to reduce the selling price and a closing costs compromise is an option.

People buying new homes should be prepared for the cost of adding necessary furnishings, appliances, and updated fixtures. For example, if you buy a new home and want window treatments and other fixtures, the costs can add up quickly. This is another reason that an older home that already has all you need might be an attractive option.

Chicago Bankruptcy Attorney Joseph Wrobel Can Get You a Fresh Start So You Can Rebuild Credit and Save Money to Be Among Many Home Buyers After Bankruptcy.

How to Stop Wage Garnishment with Chicago Bankruptcy Attorney Joseph Wrobel

What is a Wage Garnishment and How Does it Work?

A wage garnishment is a court-ordered process requiring your employer to withhold money from your paycheck and direct that money to pay a court-ordered money judgment. When you owe someone money or do not pay bills, the creditor can sue you and get a money judgment. Then they ask the court to enter a wage garnishment order, usually accompanying a withholding order that is sent directly to the payroll or human resources department where you work.

Nobody wants their wage garnished and their paycheck reduced. People worry they won’t be able to pay the bills on less money. People worry their boss will find out and hold the garnishment against them. People worry about being passed up for promotions, or they worry about being fired.

People ask Chicago bankruptcy lawyer Joseph Wrobel what they can do to stop wage garnishment. Bankruptcy will stop wage garnishment proceedings because the automatic stay prohibits creditors from taking any collection activity against you during the bankruptcy.

Joe Wrobel is the Chicago bankruptcy lawyer who can stop your wage garnishment. Call Joseph Wrobel, Ltd., today at (312) 781-0996. Stop wage garnishment before or after it happens.

Check out these testimonials from people who loved their bankruptcy with Joseph Wrobel, Ltd.

How to Stop Wage Garnishment of 15 Percent of Your Gross Wages

Chicago bankruptcy lawyer Joseph Wrobel knows you are concerned about your monthly budget. A wage garnishment is going to make it even harder to pay the bills. In Illinois, creditors can take up to 15 percent of your gross wages.

Stop wage garnishment of 15 percent of your grow wages by filing bankruptcy before the wage garnishment is initiated by your creditors. In Illinois, creditors have to sue you and obtain a money judgment before they can petition the court for a wage garnishment. This means that you have time before the wage garnishment takes effect.

As soon as your Chicago bankruptcy lawyer files your bankruptcy petition, your rights take effect, including the automatic stay. An important right under bankruptcy law, the automatic stay stops wage garnishment immediately because that would be collection activity while the person is in bankruptcy, which is prohibited and a violation of federal law.

How Long Can the Automatic Stay Provision Stop a Garnishment

When you meet with Chicago bankruptcy lawyer Joseph Wrobel he will explain how the automatic stay works and how long it will protect you from any collection activity. At your initial meeting with Joe Wrobel, you will be given a roadmap of what will happen from the beginning until the end of your bankruptcy. You will learn that the great thing about filing a bankruptcy petition is that you get immediate relief from bill collectors, lawsuits and wage garnishments.

Automatic stay protection in a Chapter 7 bankruptcy lasts until your Chapter 7 discharge and the final court date when your bankruptcy case ends and is closed. Likely the creditor will not have anything to garnish your wages for because the underlying debt was probably discharged in the bankruptcy case.

Automatic stay protection in a Chapter 13 bankruptcy will also help you live free of collector harassment while you get caught on your bills and finances over three to five years. Most people who file for Chapter 13 bankruptcy are saving their homes from foreclosure, but they are also saving themselves from wage garnishments. Another example would be a person who wants to stop wage garnishment and discharge the underlying debt, but that person does not qualify for Chapter 7 bankruptcy because they make too much money.

Joseph Wrobel can meet with you and let you know whether you can qualify for Chapter 7 bankruptcy or Chapter 13 bankruptcy depending on your finances and situation. Read our How Do I Start page on our website. Call today (312) 781-0996.

Check out our many locations, there is one near you!

Discharging the Source of the Garnishment in Bankruptcy

Chicago bankruptcy lawyer Joseph Wrobel can advise you about your rights and options under the bankruptcy laws for Chapter 7 and for Chapter 13 bankruptcy. For example, you may have questions about what debts are dischargeable and which are not.

While in a Chapter 7 bankruptcy, the standard full wipeout of dischargeable debt, you can get rid of credit card debt, money judgments, hospital bills and other debt. Meanwhile, child support, DUI personal injury suits, student loans, income tax and debts not listed in your bankruptcy are not dischargeable.

A creditor can also challenge your request to discharge certain debts when they challenge your request to discharge them. For example, if you max out a credit card and incur debts just before a bankruptcy, with the intention of never paying them, it can be considered fraud on the court if you ask to discharge those debts in bankruptcy.

Call Chicago Bankruptcy Lawyer Joseph Wrobel to Stop Wage Garnishment and Learn Your Bankrutpcy Rights Today (312) 781-0996

Joseph Wrobel has been helping Chicago and suburban residents get a fresh start and get out of debt for decades. Mr. Wrobel has seen just about everything and he knows how to handle even the most complex financial situations. When you hire Joseph Wrobel, Ltd., you can put yourself in the best financial position after your bankruptcy. Whether you qualify for a Chapter 7 or a Chapter 13, you and your future credit, buying and borrowing power are in good hands when you hire Joe Wrobel.

You can learn all kinds of things about bankruptcy cases and the common questions people have when you start reviewing our blog articles and podcast interview discussions where we answer real questions.

Joseph Wrobel Chicago Bankruptcy Podcast: August 2019

Podcast: Listen to the August 2019 Bankruptcy Q&A With Chicago Bankruptcy Attorney Joseph Wrobel

For educational and entertainment purposes Chicago Bankruptcy Attorney Joseph Wrobel answers real people’s questions in this question and answer podcast about bankruptcy and consumer finance issues and problems. Joseph Wrobel wants everyone to be financially successful. At times a Chapter 7 Bankruptcy (full discharge) or a Chapter 13 Bankruptcy (3-5 year repayment) is the solution to your financial woes. There are other times you may not need to file for bankruptcy. Joseph Wrobel is here to help you figure out the best way out of your financial problems.

When you have a fresh financial start and don’t owe so much of your paychecks to creditors you are in a good position to save money and rebuild your credit. People are amazed by how easy it can be to have great credit again after they have financial troubles. We help you with everything.

Chicago Bankruptcy Lawyer Joseph Wrobel Can Help You Today at (312) 781-0996

Too often people are scared to use the bankruptcy laws to help them. There are all kinds of myths about bankruptcy and you should know the truth.

Read our blog article on our Chicago Bankruptcy Blogger page, Myths About Bankruptcy in Illinois: Debunked by Joseph Wrobel.

Myths About Bankruptcy in Illinois
Helping people get out of debt with dignity and respect for over 40 years.

Listen to this podcast as Chicago Bankruptcy Attorney Joseph Wrobel answers real questions about bankruptcy from real people all over the country. Below are summaries of the questions and answers. Note that this is not legal advice, these are general answers based on the information provided. Actual legal advice must take place in the office of an attorney you hire for legal advice. If you need legal advice, please call Joseph Wrobel, Ltd. in Chicago at (312) 781-0996. We have offices all over the Chicagoland area and suburbs so it is easy to come to see us and get answers to your questions.

Vehicle Title Issues

Question: How can I get the title to a vehicle from the bank a year and a half after I filed for bankruptcy? The bank did not want the vehicle back.

Joseph Wrobel: If the car has value and you want to sell it you will not be able to sell it without the title. You could also keep the car and junk it when you are done driving it when you no longer want it or it no longer runs. In the podcast, Mr. Wrobel explains in more detail what documentation might be required by a salvage yard.

Question: Can the lender tack the debt owed on one vehicle to the other we have on the same account with the bank? We declared bankruptcy more than a year ago. With our credit union, we had payments and loans for both vehicles. We were thinking of relinquishing one of the vehicles to the credit union. If we do that can the credit union add that balance to the other loan for the vehicle we want to keep?

Joseph Wrobel: The credit union may have special provisions that say that the collateral for one loan also applies as collateral to the other loan.

Property Lien Issues

Question: Can the bank put a lien on my current property if they foreclose on my rental property? I bought my home in 2007. Then I bought another house and rented out my first house. My renters damaged and abandoned my rent house. Should I just let the bank foreclose on it and get out of the mortgage for the rent house? If they do foreclose on the rent house can they put a lien on my newer house where I am living? If I have to do anything, I have $30,000 in savings.

Joseph Wrobel: There is a Chapter 7 exemption that may apply if you qualify. If you file for Chapter 13, you might surrender other property and get into a plan to repay your debts. This would help you avoid a deficiency judgment and tax on the loss of the lender. Listen to the podcast for more detail from Chicago Bankruptcy Attorney Joseph Wrobel.

Out of State Collection Activity Issues

Question: Can an out of state collector sue me in a state in which they do not operate? I live in NJ and am being harassed by a debt collector from OH.

Joseph Wrobel: Yes, but they cannot sue you out of state in OH unless that is where you were when you signed for the debt. Meanwhile, nothing prevents them from suing you where you live in NJ. They will likely hire contracted attorneys in your state to sue you and attempt to collect a money judgment.

Financial issues cause stress. Read this article: 5 Strategies to Deal With Financial Stress.

Concerned Wife and Spouse Issues

Question: Can my wife stop a foreclosure? My wife is not on the deed for the house even though we have been married for 10 years and file joint tax returns together. I have a mortgage foreclosure sale coming up in three weeks. Can my wife file a Chapter 13 Bankruptcy or a Chapter 7 Bankruptcy to stop the foreclosure sale? I have filed for bankruptcy twice already in the past.

Joseph Wrobel: If your wife is not named on the mortgage, any bankruptcy case she files will not affect anyone else’s property, including yours, even though you are married to her and file joint taxes. While she does not need to be on the title (on the deed) to affect the mortgage, she does need to be named on the mortgage loan agreement.

Insurance Coverage Issues

Question: Is the pending cancellation of my car insurance policy stopped by my filing bankruptcy to get the advantage of the automatic stay provision?

Joseph Wrobel: No, the automatic stay stops collection procedures but does not prevent an insurance company from canceling your insurance.

New Loan and Lender Issues

Question: Can I get a new loan if I am making payments to my lawyer to file my Chapter 7 Bankruptcy?

Joseph Wrobel: If you are making payments on attorneys fees to your lawyer and your bankruptcy will not be filed until you pay your attorney in full, then there is nothing to stop you from getting a new loan. However, if you incur new debt just before you file the bankruptcy, it is a bad idea. The trustee may not allow you to discharge the new debt, especially since you knew you were going to file for bankruptcy and had been making pre-payments to your attorney.

Read our article on our Chicago Bankruptcy Blogger page, Bankruptcy Court: Go Ahead and Make Their Day (The last thing you want to do is lie to the bankruptcy court.)

Chapter 13 Bankruptcy Repayment Issues

Question: I understand I can file for Chapter 13 Bankruptcy and get a five-year repayment plan. But what happens if I lose my job and cannot make the payments?

Joseph Wrobel: You may want to convert a Chapter 13 Bankruptcy to a Chapter 7 Bankruptcy and discharge their remaining debt. Whether this is your best option depends upon why you filed a Chapter 13 and not a Chapter 7. Did you have a prior Chapter 7 filing? Did you have too much equity in an asset?

Call Joseph Wrobel in Chicago to learn more about how and when to file a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy. Our main number in Chicago is (312) 781-0996.

Foreclosure Summons Detail Issues

Question: What happens if the name listed in the foreclosure summons is not my name because it is misspelled? My last name is spelled wrong. Are these grounds for dismissing their foreclosure case? What can I do?

Joseph Wrobel: This is what is known as a “di minimis error” and is easily correctable if you were to challenge the validity of the summons.

Avoiding Foreclosure Sale Issues

Question: Can I stop a foreclosure auction by filing a Chapter 13 Bankruptcy only three days before the sale?

Joseph Wrobel: Yes, absolutely you can stop the foreclosure auction and save your house by filing for Chapter 13. You MUST have the petition filed with the Court before the auction sale. If you were to wait until after the foreclosure auction sale, you will not be able to save your home if that is your goal for filing a Chapter 13 Bankruptcy petition.

Bankruptcy and Credit Report Issues

Question: If I filed a Chapter 13 Bankruptcy and it was immediately dismissed, can I get that removed from my credit report? I filed Chapter 13 to protect my home from being foreclosed when I was behind on my mortgage. Luckily I was able to work out a payment plan with the lender mortgage company and no longer needed the Chapter 13. I cannot increase my credit score at the moment because of the bankruptcy filing showing up on my report.

Joseph Wrobel: Your credit report is a history of your credit. You cannot change it and you cannot remove the bankruptcy filing information, that will be present for 7 years.

Bankruptcy Case Time Issues

Question: How long does the Chapter 7 Bankruptcy process take from start to finish?

Joseph Wrobel: About 4 months.

Do I Need Bankruptcy Issues

Question:  My son is 27 and has about $25,000 in medical and credit card debt. How can we figure out whether a Chapter 7 Bankruptcy is a good option for him? My son lives with us and he owns no property.

Joseph Wrobel:  Maybe a Chapter 7 Bankruptcy is a good idea. Assuming your son has no other assets, and he can pass the income test for Chapter 7, this might help him out depending on his financial situation. Other options might be repaying enough of the loans in enough time to avoid bankruptcy. When creditors are facing getting zero dollars because the debt was discharged, they might be more likely to make a deal for less than the amount owed or a payment plan over time that makes the debt payments more manageable while your son works to earn more money and get ahead financially.

You might also like this article: Why You Should Never Cosign for Your Kids

What Are the Financial Questions that Keep You Up at Night?

Don’t Waste More Time in Anxiety: Call Joseph Wrobel, Ltd. (312) 781-0996

Joseph Wrobel and his staff at Joseph Wrobel, Ltd. are ready to help answer your questions about financial problems and solutions. If bankruptcy is a good option for you, they will help you figure that out. Don’t waste another day being harassed by creditors. Use your right to the automatic stay: it stops bill collectors in their tracks.

We hope you find this information helpful. We host and share these podcast interviews and summaries about questions and answers about bankruptcy every month. You can also find more information by searching our website. Thank you for reading and sharing our podcast interview summary!

Want to listen to more of our Chicago Bankruptcy Question and Answer Podcasts? Find this episode, August 2019 Chicago Bankruptcy Question and Answer Podcast with Joseph Wrobel, and all our episodes on the Chicago Bankruptcy Update channel on the Blog Talk Radio network.

Myths About Bankruptcy in Illinois: Debunked by Joseph Wrobel

Chicago Bankruptcy Lawyer Joseph Wrobel Debunks Myths About Bankruptcy in Illinois

There are all kinds of myths about bankruptcy and the truth about bankruptcy gets more appealing when people learn how a bankruptcy case actually works. You can ask for a Chapter 7 full discharge or a Chapter 13 partial discharge and repayment plan. If you need to keep your home and car, we have options for you. When searching online for information about how bankruptcy in Illinois works, it is important to get your information from an experienced Chicago bankruptcy lawyer who can dispel myths about bankruptcy in Illinois.

Myths About Bankruptcy in Illinois
Helping people get out of debt with dignity and respect for over 40 years – (312) 781-0996

Myths About Chapter 7 Bankruptcy in Illinois

People worry about losing their property in bankruptcy in Illinois. Do not worry, because most of your important property asset exemptions. The Illinois Homestead Exemption allows you to keep up to $15,000 in equity in your home. The Illinois Motor Vehicle Exemption up to $2,400 in one motor vehicle is also allowed. You can also keep personal property up to $4,000. There are also exemptions for a list of additional categories.

Chicago Bankruptcy Lawyer Joseph Wrobel Can Help You Today at (312) 781-0996

Read our blog article, Bankruptcy Exemptions in Illinois to learn more about keeping your property in bankruptcies.

Myths About Chapter 13 Bankruptcy in Illinois

Despite myths, you can keep your house and save your mortgage with Chapter 13 bankruptcy. In a Chapter 13 you will repay a portion of your debts over a three to a five-year repayment plan. People might also think they do not qualify for a Chapter 13 bankruptcy because they make too much money. When people are looking for a Chapter 7 bankruptcy but they make too much money, they can file a Chapter 13 and enjoy its many benefits.

You can dismiss your bankruptcy at any time if your financial situations change, even if you are still in your Chapter 13 plan. You can also sell your home while in Chapter 13.

We answer all the myths about bankruptcy in Illinois in our article, What Everybody Should Know About Chapter 13 Bankruptcy.

Credit Rebuilding Myths Debunked

Bankruptcy will affect your credit score but it is not forever. Actually, Chapter 7 is on your credit report for 10 years and seven years for a Chapter 13. Meanwhile, despite what some think, your credit score can be repaired. After your bankruptcy discharge, you can get a secured credit card and start rebuilding your credit. The more you use credit responsibly, the quicker your score will rise.

People worry traditional credit card companies will never give you credit. Actually, as you rebuild your credit and you have fewer creditors after you, you are a better credit risk. A credit union knowing you had a bankruptcy, can make car loans based on your credit score and your current financial position.

Many people who had a bankruptcy get approved for mortgages within a few years of their bankruptcy. The Non-Prime Lenders website offers information about mortgage after bankruptcy.

Read our article, Good Credit After Bankruptcy

Housing and Apartment Rent Myths

People are worried about renting or buying an apartment or house after bankruptcy in Illinois. Do not worry about being out on the street. You can certainly rent a home or apartment after a bankruptcy, even if your credit score is not where you want it. Many larger rental companies frequently work with people in a bankruptcy or who recently completed a Chapter 7 or a Chapter 13 case. Sure, some smaller rental companies and individual owners with properties could deny you. But most will charge you a larger security deposit or ask for a co-signer. It is very rare to hear a case of someone not being able to rent a place to live during or after bankruptcy.

Some say you will never qualify for a mortgage after bankruptcy, and they are wrong. When you have more money to pay your bills, it can be easier to rebuild a good credit score for a mortgage in a few years. When you no longer have debts you are unable to pay, you are a better credit risk. If you are renting, you can improve your chances to get a better mortgage and lenders have options for buyers who had a bankruptcy.

The Myths About Employment and Bankruptcy

No, your employer cannot fire you because you filed for bankruptcy. Nor can an employer change anything about your employment because of a bankruptcy.

Public, government agencies may not use bankruptcy in the hiring process. Private employers are not likely to make hiring decisions based on whether someone had a bankruptcy. Private companies may ask to check your credit. While there may be certain special employment positions where bankruptcy could be a problem, for most people this is not a problem.

One of the common reasons people do file for Chapter 7 or Chapter 13 bankruptcy is to avoid pending wage garnishment. Through the process of taking advantage of the bankruptcy laws to stop a wage garnishment, the employer receives a notice of the bankruptcy.

Check out this ForRent.com article, Can You Rent an Apartment after Filing Bankruptcy?

Call Joseph Wrobel, Ltd. at (312) 781-0996 to Learn Answers to Myths About Bankruptcy in Illinois

Whatever your questions or concerns are about bankruptcy, call Joseph Wrobel. Ltd., the Chicago Bankruptcy Law Firm. Joseph Wrobel has been practicing consumer bankruptcy law for many years and has seen and heard just about everything. How do I start?

Every question you have is a good question. Call us to learn answers to myths about bankruptcy in Illinois by dialing (312) 781-0996.

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.

Chicago Bankruptcy Lawyer Joseph Wrobel Can Help You Today at (312) 781-0996

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.

Chicago Bankruptcy Lawyer Joseph Wrobel Can Help You Today at (312) 781-0996

 

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.