Tag Archives: Chapter 13 bankruptcy

May 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:

  • Can the Chapter 7 Bankruptcy Trustee take my IRS refund?
  • Will a prior credit counseling certificate work for my new bankruptcy?
  • How long can a creditor in Illinois file a lawsuit against you?
  • Am I responsible for my wife’s credit card debt?
  • Is it possible to vacate a dismissed 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.

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.

March 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:

  • How can I keep my car when I file for Chapter 7 bankruptcy?
  • How can my bankruptcy come off my credit reports but still shows up in public record searches?
  • What happens to my house if I file bankruptcy and my name is on the deed but not the loan?
  • I surrendered my car in my bankruptcy but the finance company hasn’t picked it up, now what?
  • What does it mean if a creditor has written off debt that’s included in my Chapter 13 plan?

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.

Are short sales worth the risks and is bankruptcy a better option?

 

When bad things happen to good people homes may fall into foreclosure. In too many cases, houses are not worth what the owner owes on the mortgage. This is common with people who bought their homes before the recession when prices were high. If the lender forecloses on the house it will be sold to the highest auction bidder. If the house sells for less than is owed, there may be an opportunity for the lender to sue and collect the deficiency judgment, or balance due after foreclosure. If the market is flooded with foreclosure homes, they could be sold off for significantly less than they would be worth in a healthier economy and real estate market. As foreclosure sales created more financial damage to many, the alternative method of short sales became more popular, giving homeowners an easier way out of their mortgages.

While short sales allow is a sale of your home to a new homebuyer for less money than you owe on your mortgage. If the lender bank agrees to a short sale deal, you may sell the house and be released from the mortgage lien and may go on your way to rent or purchase a more affordable home. While this sounds like a dream come true, there may be a few catches.

Here is a short list of considerations when you have the option to short sell your home:

  1. The lender bank and decision maker on your mortgage has no duty to accept a short sale deal. When you owe the money, you owe the money, plain and simple. The bank may be motivated to do a short sale if the market is flooded with upside down deals and the home is likely to sell under value at auction. Instead of fighting to then also collect the deficiency judgment against you, a lender may be more likely to work with you on a short sale deal, to get the house sold for fair market value.
  2. Even if the bank allows the short sale deal, they may not operate at the speed of business and it may be easier to lose buyers who cannot wait for a slow-moving lender bank. If the lender has a large volume of short sale deals, it may be even more difficult to get things done in a timely manner. Losing buyers and increased aggravation are possible in many short sale deals.
  3. Deficiencies are also possible with short sale deals. Even if you get more money for your house in a short sale, the amount you owe may still leave you short. It is a good idea to have a financial advisor assist you with your options to see what makes the most sense. If the short sale is still going to leave you high and dry, it may be better to proceed with a simpler foreclosure.

Short sales are long and complicated. There are more people involved in the transaction, more tax implications, more chances for something to go wrong. The more complicated the process, the easier it is for people to get frustrated and walk away from a deal.

Why would bankruptcy be a better option?

Depending on a review of your financial situation, a Chapter 7 or Chapter 13 bankruptcy may help you keep your home and avoid foreclosure. If you know you are badly upside down on your home and want to get out of your mortgage regardless, a bankruptcy can help you wipe out the amount of the deficiency judgment and give you a fresh start.

Depending on what you owe, how much you own and your income, a Chapter 7 full discharge will stop your bill collectors and wipe out all your dischargeable debts. If you do not qualify for a Chapter 7, a Chapter 13 reorganization bankruptcy will allow you to pay back a fraction of your debts over a three to five-year period, which may help you stay in your home and avoid making the foreclosure versus short sale decision.

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!

 

January 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:

  • What happens when my cosigner files for bankruptcy and I am still making loan payments?
  • Is filing bankruptcy the best option when there is a significant lawsuit filed against you?
  • Do I still have to pay when a credit card company writes off a debt as a charge off?
  • Can my tollway fines, and other tickets be included in a Chapter 7 bankruptcy?
  • Can I file bankruptcy to reduce or remove past child support obligations?

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.

November 2016 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 I file Chapter 13, will the judge go over the credit card statements?
  • Can you file Chapter 7 bankruptcy in another state from where the debt came from?
  • If I declare bankruptcy for my medical bills, will my wife be accountable for my bills?
  • What can I anticipate as the amount of Chapter 13 payments on a certain amount of debt?
  • Can I file for bankruptcy before an inheritance check comes in?

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: September 2016 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:

  • Can I stop a debt consolidation and file bankruptcy instead of continuing to make payments?
  • As a foreign resident in the U.S., can I also file for bankruptcy protection without being citizen?
  • Can I file for bankruptcy to discharge personal tax liability to the state in which I live?
  • I am facing an eviction and worried about the money I may owe, should I file for bankruptcy?
  • Can I file for bankruptcy if a creditor threatens to revive a money judgement against me?

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.

July 2016 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 NOW!

Sample questions answered in this 30-minute show:

  • Must all my debts be included in my bankruptcy filing?
  • What are some of the dangers of filing bankruptcy without an attorney?
  • Ex-husband filed for bankruptcy, am I stuck with the debt?
  • How can I keep my house if I file for bankruptcy protection?
  • I am newly married, can I file for bankruptcy and not include my wife?

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.

March 2016 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.

Listen to the March 2016 Bankruptcy FAQ Podcast

Sample questions answered in this 30-minute show:

  • Should I file for Chapter 7 bankruptcy or pay off charged-off debts?
  • Can I file for bankruptcy if I am involved in an automobile accident with no insurance?
  • How can I remove a creditor still reporting on my credit rating after my bankruptcy?
  • How long after a Chapter 7 bankruptcy discharge must I wait to file a 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.

The Wrobel Q&A: A mixture of real bankruptcy questions and answers

The bankruptcy laws have changed over recent years. Notably, the 2005 amendments to the bankruptcy code made it significantly more complicated for people interested in filing bankruptcy. Where it used to be easier to qualify for a Chapter 7 (discharge) bankruptcy, the means testing required under the changes to the bankruptcy code now limit some people to Chapter 13 (reorganization) if they do not meet the new requirements for the traditional Chapter 7 bankruptcy case. Since the laws have changed, people we know who had a bankruptcy more than 10 years ago likely had a different experience than people today. Additionally, since there is a variety of legal and financial details in most of our lives, the answers to many bankruptcy questions are complex and those answers depend on how an individual’s situation lines up with the complex system of laws known as the Bankruptcy Code.

Attorney Joseph Wrobel answers real peoples’ anonymous questions about bankruptcy.

Because the Bankruptcy Code is complex and every individual and family may have a complex amount of legal and financial questions, Attorney Joseph Wrobel spends some of his time answering real questions and giving real answers, to the best of his ability. His response often suggests there are more questions he would first need to ask a potential client to give them fair and honest answers to their questions. Even though the details in these questions and answers might be different from your potential questions, there may be some recurring types of questions and answers that can help you or a friend understand some of the basics about how Chapter 7, Chapter 13 and the automatic stay provisions of bankruptcy work to help people keep their car, home and get a fresh financial start.

It is important to note that these questions and answers are anonymous and we never know the identity of the person who submits these bankruptcy questions that come from a variety of sources. Attorney Wrobel answers the frequently asked bankruptcy questions in a few formats including the Wrobel Q&A on the ChicagoBankrtupcy.com website. On the Wrobel Q&A page the real questions are printed along with the best “lawyer answers” Attorney Wrobel can offer, given the information provided.

The Internet radio podcast show about bankruptcy and FAQs is never dull.

Another online tool Attorney Wrobel uses to respond to real bankruptcy questions is the Internet podcast channel, also hosted on the Joseph Wrobel, Ltd. website on the page titled, Joseph Wrobel on Blog Talk Radio. Here at the firm we sometimes say, “Listen to the FAQ podcast while you clean your desk at work or at home preparing dinner or folding laundry.” The situations that come up in the questions and the longer explanations on our monthly podcast program are very interesting. We are never surprised by some of the complex situations some folks have. There are always going to be others who have it better and worse of compared to our own financial or legal situations.

If you have an anonymous question to ask about bankruptcy laws and how they can help you stop some annoying creditors and get your finances back on track, you have a few options:

(1) You could always do nothing and hope you win the lottery, and for that we wish you luck;

(2) Go ahead and submit your anonymous question for Attorney Wrobel to answer on an upcoming Internet radio podcast or on the Wrobel Q&A page by using the Locations & Contact page on the website; or

(3) Call Joseph Wrobel, Ltd., directly at 312-962-4941 and ask to speak to an attorney, or send your question in an email to j.wrobel.ltd@chicagobankruptcy.com and we will respond quickly to help you out.

Bankruptcy consultations are free of charge and if we can help you at Joseph Wrobel, Ltd., we will let you know how and what you can expect if you decide to take advantage of the bankruptcy laws to stop the creditors and get back on track to financial success.  

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

 

 

 

Bankruptcy can save your car or truck from being repossessed or seized by creditors

It is undisputed our nation has a love for our cars, trucks, motorcycles and recreational vehicles. While they are not always assets appreciating in value, they are significant assets to many of us who rely on our cars to get to work, school, the grocery store, vacations and anywhere we want to go. As we spend money repairing and improving our cars and trucks, they become worth more to us than their fair market value. To keep our assets protected in the event of a financial emergency, the bankruptcy laws can help us keep our cars and trucks from being repossessed or lost to creditors.

Bankruptcy can stop repossession of your car or truck if you default on your auto loan.

If someone is behind on their auto loan payments, the loan servicer can take swift action to repossess vehicles. Most auto loan contracts contain provisions allowing someone to “cure” their payment default and get their car, truck or RV returned to them, even if it was already repossessed. In many cases the person on the auto loan will receive a notice from the lender that the loan is in default and the vehicle may be repossessed. Bankruptcy can stop repossession. In the event the repo-man is on his way or just recently repossessed a vehicle, the automatic stay provision of the bankruptcy code legally prevents lenders from engaging in collection activities while someone is in bankruptcy, including repossessing vehicles.

If in a bankruptcy, a car loan can be reaffirmed or the car could be exempt and kept if paid off.

In the event someone is in a bankruptcy and the car payment is current, there is an option to sign a reaffirmation agreement with the lender. This simply states that despite being in a Chapter 7 or Chapter 13 bankruptcy, the individual pledges to keep making payments on the vehicle so that the automatic stay provision is not a problem and the lender is assured the bankruptcy will have no adverse affect on the auto loan. If however, the vehicle is paid in full there are bankruptcy code provisions that may allow an individual to keep their vehicle, as opposed to it being sold by the bankruptcy trustee to pay off creditors. The exemption rules allow bankruptcy petitioners to keep a certain amount of value and assets without threat of seizure and sale by the trustee.

Chapter 13 bankruptcy offers additional protections for auto loans and vehicles.

While a Chapter 7 bankruptcy eliminates all dischargeable debts, there are income and financial requirements to meet and not everyone qualifies for Chapter 7. The alternative, Chapter 13 bankruptcy reorganizes debts and allows creditors to get caught up with their obligations over a long period of time, three to five years in many cases. If the car loan is a high interest loan the Chapter 13 bankruptcy process can cause a modification of the loan and reduce the payment or length of the loan. During the Chapter 13 bankruptcy, the individual makes set monthly payments to the bankruptcy trustee who then makes payments to creditors including the holders of the car or truck loan.

The bankruptcy code can be complicated but there are many of its features a bankruptcy attorney can use to help someone keep their car, truck or recreational vehicle.

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