Tag Archives: Chicago

Problem: Open trade jobs with no applicants

Problem: Open trade jobs with no applicants

All the kids graduating from high school are going straight to college and the pool of skilled trade talent is running dry. Like sheep following a shepherd high school seniors graduate and march off to college in the fall because that is what everyone else does. Meanwhile, there are housing booms around the country and not enough skilled trade workers to get the jobs done. There are open trade jobs with no applicants, a considerable problem and missed opportunity for many.

When people can learn skilled trades and vocations in less time than it takes to earn a liberal arts degree, it can be easier to retrain people for the new lines of work needed in a variety of industries, not only construction.

A shortage of plumbers and air conditioning repair technicians is a real problem when the need exceeds the available skilled workers to solve homeowners’ emergencies.

College tuition is expensive, and the loans can be gigantic

When it costs $15,000 and more per year to attend a state school in Illinois the student loans can multiply quickly. Especially when many students borrow more than the money for tuition, books and fees and maximize their loans to also include rent and living expenses, the total cost of a four year degree can easily reach $100,000.

With a $100,000 student loan an average interest rate of 5.7% a student will pay $1,095 a month on a 10-year repayment plan and make combined total payments in the amount of $131,424. The interest alone would be enough to buy a dependable vehicle or a down payment on a home.

The earlier you start working, the earlier you build net worth and gain assets

A couple years out of high school, an iron worker in Seattle is earning more than $50,000 a year with no college degree required. His name is Morgan and he makes $28.36 an hour working on a jobsite with Pacific Northwest Ironworkers shop. He is already earning great benefits and a pension. Meanwhile all his high school friends went off to college and someday they will make as much as he does at age 20.

Because Morgan doesn’t have large student debt burdens he is able to save for a house and his retirement much earlier than his peers who went to college and want to continue to graduate school. Surely many of them will do well, but it will take them many more years to get into the red where they are getting out of debt and accumulating assets.

Joseph Wrobel wants you to make smart financial decisions and get a head!

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. (312) 781-0996.

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

New IRS “verify call” scam

New IRS “verify call” scam

The IRS recently published a warning on their website about a new scam where criminals use technology to manipulate the phone number on your caller id. When calling, the “verify call” scammer will tell you they are with the IRS and calling from your local Taxpayer Assistance Center (TAC) office and are calling making a demand for a payment for taxes. If you were to question whether the call was legitimate, they would tell you to make a note of their phone number on your caller id and then look it up on IRS.gov to verify it was a legitimate call.

What you might not have known was that criminals can use technology to change the appearance of their phone number on your caller id. They used technology to make it look like they were really calling from the local TAC office.

The IRS does not usually call people, they send letters first.

If the IRS wants some information from you, they use written correspondence and send you several letters they call “notices” in the mail. The IRS will never call you on the telephone and demand payment by a credit or debit card, that is not how the IRS does business.

The IRS does not take any of these actions:

  • Demand a specific type of payment such as a credit card, prepaid debit card or wire;
  • Require you pay taxes without the opportunity to appeal or get more information about the amount you are said to owe;
  • Threaten you with law or immigration enforcement;
  • Threaten to take your drivers or business license.

When the IRS wants payment, they provide instructions for making and sending payments to the United States Treasury as you prefer.

What should you do if you are contacted in a similar scam?

First, the IRS warns to be aware and alert about tax scams not only during tax season and before the annual filing deadline, but year-round. Second, if you receive a phone scam or any IRS impersonation scam, contact the Treasury Inspector General for Tax Administration at the IRS Impression Scam Reporting website or email phishing@irs.gov with “IRS Phone Scam.” In the subject line. Third, share this blog article with others on social media to warn them about the phone scam.

New IRS “verify call” scam
Helping people get out of debt with dignity and respect for over 40 years.

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. (312) 781-0996.

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

Why people chose Chapter 13 bankruptcy

Why people chose Chapter 13 bankruptcy

Chicago bankruptcy attorney Joseph Wrobel is often asked why people chose Chapter 13 bankruptcy. His frequent answer is, “It depends.” After the initial meeting with your bankruptcy attorney you should be advised whether you qualify for a Chapter 7 or a Chapter 13 bankruptcy. Your bankruptcy attorney asks for certain documents and your financial statements, so they can analyze your financial status using the bankruptcy means test. The means test is a rather complicated mathematical process your bankruptcy attorney uses to determine whether your income and finances allow you to qualify for Chapter 7 or Chapter 13 bankruptcy.

What is the difference between Chapter 7 and 13?

When most people think about bankruptcy they are thinking about Chapter 7, the full discharge and wipeout of all the bills and debts allowed to be discharged in bankruptcy. You must qualify for Chapter 7 as set forth in the means test your attorney will calculate. If you make too much money, you might not qualify for Chapter 7 discharge and you can use the option of Chapter 13 instead. While a Chapter 7 bankruptcy is a relatively quick discharge of the qualified debts you can eliminate, a Chapter 13 bankruptcy is more like a repayment bankruptcy, where you pay back a portion of your debts by making a fixed payment to the bankruptcy trustee once a month for up to five years.

If you have too much equity in your home, have assets of special value like an inherited collector automobile, or simply make too much money to qualify for Chapter 7, you can file a Chapter 13 bankruptcy.

Getting immediate relief from creditors and bill collectors

As soon as either a Chapter 7 or 13 bankruptcy petition is filed, you are protected under the Automatic Stay provision of the U.S. Bankruptcy Code. The Automatic Stay is the law that prohibits any of your creditors or collection agencies from making any efforts to contact you during your bankruptcy. If you have a Chapter 13 bankruptcy, your creditors cannot call you for the entire term of the bankruptcy, even if it is the entire five-year period while you make monthly payments to the trustee who pays the creditors.

Garnishments are also stopped by the Automatic Stay when you file a Chapter 7 or 13 bankruptcy. The threat of garnishment alone is enough for many people to decide to file for bankruptcy.

For more about “Automatic Stay,” read our article, “Examples of the automatic stay and how it operates in bankruptcy law.”

Taking up to five years to repay your debts under a Chapter 13 plan

When people desire time to get caught up on their bills, a five-year Chapter 13 repayment plan can mean financial freedom and peace and quiet when the collectors stop calling. Depending on your finances and the results of your means test, your bankruptcy attorney may be able to get you on a plan where you only repay a portion of your debts.

Keep your home and your car with a Chapter 13 bankruptcy

Do you have a great interest rate or mortgage deal you don’t want to lose? Chapter 13 allows you to keep your home and your equity while you repay the debts and bills you were otherwise unable to pay. This also applies to your car. If you have car payments, they can be included in the monthly payments to the Chapter 13 bankruptcy trustee over your five-year plan. Of course, if you want a shorter plan, that may be an option for you.

When people find out about the benefits of a Chapter 13 bankruptcy plan, they often wish they had known so long ago. To find out more about Chapter 13, call Joseph Wrobel, Limited.  

Why people chose Chapter 13 bankruptcy
Helping people get out of debt with dignity and respect for over 40 years.

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. (312) 781-0996.

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

How well do you know reverse mortgages?

By now, anyone who watches TV has likely seen advertisements for reverse mortgages. Targeted towards senior citizens who own their homes free and clear. Ads highlight that the Federal Housing Authority (FHA) insures over 98 percent of all the reverse mortgages in United States. A reverse mortgage loan allows a home owner, at least 62 years of age, to convert the equity in their home into cash. Some people take monthly payments, lines of credit as well as lump sums of cash as needed. The loan against the equity in the home is secured by the home itself.

When the owner passes away the loan becomes due in full and is often taken from the proceeds of the sale of the home. In other cases, a life insurance policy may be used to repay the loan if home and other property is given to others in a will. The lenders offering reverse mortgages charge fees and surcharges along the way. These fees and the terms of the loan are a function of the life expectancy of the home owner, the value of the home and other factors.

Doing your research is important. The more you can learn about the pros and cons of reverse mortgages, the better decisions you and your family can make.

As the reverse mortgage ads suggest, the children of aging parents can be involved in the process of researching reverse mortgage loans and the lenders. Even if your parents are well-able to manage their financial affairs, it is always helpful to get another opinion, especially when there are so many new financial opportunities for seniors budgeting for and funding their retirement years. While researching, pay attention to credible alerts and warnings published online. Be careful because in the sea of information there is plenty of what looks like news but is really advertising telling you that reverse mortgages are risk free and there is never a need to look any further.

The loans are only as good as the lenders. Homeowners considering reverse mortgages should be notified by their lender that while the reverse mortgage is in place, the homeowner must still pay taxes and insurance on the property and that is not something covered by the lender. Lenders may also charge high fees on loans and get away with it when working with seniors who may have less bargaining power in negotiating the terms of the loan. It is important to know what financial terms are reasonable in the current time and market. Knowing what the competition is offering makes it easier to negotiate a fair reverse mortgage loan.

Beware of what you are risking with reverse mortgage loans and be vigilant. If you must, hire a professional to help you negotiate a better deal and avoid the awful stories told by several loan victims.

Read these stories at Center for American Progress: Treasury Secretary Nominee Steve Mnuchin’s Bet Against Seniors:

  • Only press coverage stopped the eviction of a 103-year-old grandmother on a technicality
  • 92-year-old widow evicted for 27-cent shortfall
  • Foreclosure actions that defy common sense

At Joseph Wrobel, Ltd., we help get our clients a fresh start at financial success. We feel strongly that everyone should be financially successful when they have the right tools and knowledge to make the best deals that protect their savings and help grow 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!