Mortgage Relief During Coronavirus Offers Several Options
Many Chicago area and suburban residents are wondering how they are going to pay their rent and mortgage payments after losing their income sources and suffering financial losses because of the Conoavirus outbreak. Many businesses remain shut down with no clear indication of when they can and will be able to reopen. But in the meantime, the rent and mortgage still have to be paid or many are going to face evictions and foreclosures.
Just as the Coronavirus spread quickly, the financial aid packages and options are being put together and offered to people quickly. What also comes along quickly are utility, food, gas, and grocery bills. Some people are trying to stretch limited resources and are trying to figure out whether to keep the lights on and food on the table, or make their mortgage or rent payment on time.
Homeowners with equity in their homes can use that equity to do a cash-out refinance and use the money to pay bills. This may also be a good time to refinance your mortgage and lower your monthly payments.
CBS News Offers Information on the Government Stimulus. Watch -> Stimulus Checks: Who Gets One? Who Doesn’t?
Bank of America Offers Mortgage Relief During Coronavirus Crisis
The payments will be added to the end of the loan term, but small business and consumer clients can defer their mortgage payments using a Bank of America program designed to help their customers who need mortgage relief during Coronavirus financial crises such as business shutdowns and interruptions to income for businesses forced to close their doors and send employees home.
Each request for mortgage loan deferments will be made on a case-by-case basis. Bank of America customers can also defer payments on things like small business loans, automobile loans, and credit card payments, for those customers who qualify for Coronavirus financial relief.
What are Governments Doing to Help with Rent and Mortgage Relief?
The city of Chicago will give residence who have suffered to pay rent and mortgage payments, $1,000 grants, on a one-time basis. Chicago Mayor Lori Lightfoot announced the COVID-19 Housing Assistance Grant on Friday, March 27th, for Chicagoans who lost their jobs or have been financially impacted by the Coronavirus pandemic. The city of Chicago Affordable Housing Opportunity Fund is the source of $2 million in payments to residents in need to keep them safe and secure.
Fannie Mae, Freddie Mac, and the Federal Home Loan Banks are working on relief for people impacted by the Coronavirus. If you cannot pay your mortgage, loans owned by Fannie Mae or Freddie Mac may be eligible for deferments on mortgage payments. Qualifying applicants for relief will not incur late fees, have reported delinquencies or foreclosures or legal proceedings while in payment deferment.
For more FHA Coronavirus assistance information click here or contact our mortgage servicer as soon as possible.
Options for Mortgage Relief Through Private Companies and Banks
In this article, we offer an overview of different financial relief options for Coronavirus mortgage relief, but this is not a complete list of all the options. Most major banks and commercial mortgage lenders have some sort of program available to help people defer their mortgage payments until they can afford to make on-time payments after the Coronavirus outbreak is over and people are back to work.
It makes sense for lenders to offer these options because the people who suddenly cannot make their payments are a good credit risk. If they had good jobs before they will have good jobs again. While financial recovery might take longer for some, there is light at the end of the tunnel and most of the mortgage lenders will get financial assistance of some sort for themselves.
Landlords Want to Be Paid, May Owe Their Mortgages, and May Be Lenient
While some landlords own their buildings in full, many have mortgages to pay. Talk to your landlord about financial concerns and see what they have to say. For all you know, they have a little room with making their mortgage payments because of the Coronavirus and they might be able to wait longer than usual for you to make your rent payment. Many landlords of Chicago area rental buildings want to keep good tenants who regularly pay their rents when things are normal, and right now things are not normal.
Bankruptcy May Also Give You Mortgage Relief During Coronavirus
Bankruptcy can also be an option to keep your home. If you already had mounting debts and credit cards you couldn’t pay, a Chapter 13 reorganization bankruptcy might be a good option for you, and it will allow you to keep your house and take three to five years to get caught up on your mortgage and financial obligations.
Chapter 7 and Chapter 13 Relief for COVID-19 Coronavirus Bankruptcy Business Closures
COVID-19 Coronavirus Bankruptcy filings are expected to increase. You should know your rights and options in the Bankruptcy Code if you need financial relief from debts you cannot pay. This is NOT YOUR FAULT. Many of your friends and neighbors know someone who is affected by the government-forced business restrictions and shutdowns. So many of our residents live paycheck to paycheck and they rely on consumer spending to pay for their bills and feed their families.
What to Expect in the Next Several Months Following COVID-19 Coronavirus Business Shutdowns
There will be an increase in bankruptcy filings in the coming months due to COVID-19 Coronavirus-related company layoffs, closures, payroll reductions, dramatic drops in the stock market, and self-quarantines.
We do not know how long the COVID-19 Coronavirus business closures will last. We also don’t know how long many people will be able to hold on or get new work to cover their needs.
If you have questions about bankruptcy you should get the information you need. Learn the difference between a Chapter 7 and a Chapter 13 bankruptcy by reading our article on point, How Is a Chapter 7 Different from a Chapter 13 Bankruptcy?
Are the Government Bailout and Assistance Plans Enough?
While Congress works on financial assistance programs and options for people affected by forced government shutdowns of businesses, the relief may not be enough to cover all the unpaid bills. One of the plans may allow for additional time to pay rent and mortgage payments. Right now, details on these options are still being determined and we are committed at Joseph Wrobel, Limited to sharing that important information that might be a help to you or your neighbor.
When the stimulus check and other options are not enough, and you fear a foreclosure and repossession of your car, we can solve your problem immediately with the filing of a Bankruptcy Petition.
The Automatic Stay Provision in the Bankruptcy Code Saves You Immediately
The moment your Chicago bankruptcy attorney files your petition for a Chapter 7 or a Chapter 13 bankruptcy, the “Automatic Stay” provision PROTECTS YOU. The automatic stay prevents any bill collectors from contacting you, suing you, or doing anything to pursue you over debts during the entire time you are in a bankruptcy case. So, from the moment you file until the date of discharge, you are safe.
If you have a Chapter 13 bankruptcy, your automatic stay lasts three to five years, because that’s how long your Chapter 13 repayment plan may be. Read our article to learn more, The Automatic Stay: It Stops Bill Collectors in Their Tracks.
Need A Payment Plan to Pay for Attorneys Fees and Filing Fees? We Can Help You with Your COVID-19 Coronavirus Bankruptcy at the Chicago Bankruptcy Law Firm of Joseph Wrobel, Limited in Chicago (312) 781-0996
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.
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.
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.
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.
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?
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.
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!
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.
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.
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.
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.
Senior citizens are frequently targeted and there are new Facebook scams seniors should avoid.
There are two Facebook scams seniors should avoid to protect them from becoming victimized by online scammers. There are assumptions scammers make about their victims such as believing they are less experienced with social media and computers. They assume things that might alert someone else, could appear normal to others who may be their mark.
A common trick is the virus scam, where a phony Facebook friend shares an enticing article link that causes a virus alert to appear with a phone number to call and remove the also phony virus.
Helping Seniors Avoid Catfish on Facebook
People with different levels of experience with social media might be more susceptible to being targeted for scams. Consider a cousin or old friend you don’t hear from very often, there could be a fake Facebook account that looks just like them, but it is really someone else. The term “catfish” is commonly used to refer to someone on social media pretending to be another person.
Help teach seniors that Facebook scams seniors should avoid usually start with a friend request from someone they already friended on Facebook. Let them know that if something seems odd, ask someone they trust before accepting a suspicious friend request. Reassure them if it seems odd to get a friend request from someone they thought was already on their page, it could be a catfish up to no good.
Teaching Seniors About the Virus Scam
Seniors should learn to avoid catfish that scam seniors out of money. The phony Facebook account that looks like your friend or cousin will usually share a link in their feed as bait. When you click on what looks like a normal link from someone you know, the link either infects your computer with a virus, or it causes a loud flashing alert to appear on the screen.
The virus alert says that your computer files are in serious risk of damage and the whole computer system and anything connected to it will self-destruct, for example. When the targeted victim calls the phone number that appears on the screen, the person on the other end demands a large payment to get rid of the virus. It is a scam because there is NO ACTUAL VIRUS. All you need to do in most cases is restart the computer and everything is back to normal.
Ideally the victim of the scam will remember who shared the link they clicked on causing the scammer virus alert in the first place. It is also a good idea to teach seniors to click on the list of all their Facebook friends every now and then to see if there are two accounts for any one person, the signal of a catfish.
Joseph Wrobel, Ltd., is more than a bankruptcy firm. We are also a hub for positive consumer empowerment through sharing tips and information about financial success. If you or someone you know needs help, call us at (312) 781-0996 or Contact Us on our website. Joseph Wrobel wants everyone to be safe online and wants people to spread the word about Facebook scams seniors should avoid.
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.
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.
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.
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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.
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.
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.
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.
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At the point you are in a bankruptcy it no longer matters what happens that led to filing Chapter 7 or 13. For purposes of good credit, what matters is what happens after the bankruptcy discharge. Many people are surprised in how quickly they can qualify for a student, car or home loan after bankruptcy. Starting with a secured credit card, people can rebuild their credit score, especially since they are no longer under the burden of debts they couldn’t pay.
People are shocked how easy it is to get a secured credit card. All you need to do is deposit the amount of your credit limit with the issuing bank or credit card company. Very simply, if you don’t pay your credit card bill, you forfeit the deposit. Since the bill is guaranteed, it makes sense to give people secured credit cards to fix their credit.
As you use the secured card like a regular credit card your balance and payments will be reported to the credit bureaus and your scores should rise with responsible use of the secured credit card. After a year or more of using the card, the deposit may be returned to you and the card converts to a traditional credit card.
After a few months of credit rebuilding with your secured credit card you may start seeing traditional credit offers in your mailbox and when you apply to one every three or four months or so you may be accepted more often than rejected for new credit opportunities.
Pay down your balance before the due date
Credit repair professionals helping consumers qualify for home loans after bankruptcy say to use no more than a modest amount of your total credit and pay your credit card bill every month before it is due. When paying your bill, they say your credit score can benefit from leaving a few dollars balance instead of paying the bill down to zero.
The idea in not using too much credit and paying it down every month is to ensure that at any given moment during the month the credit bureaus can take a snapshot of your credit usage. It is better not to max out your cards and at any given moment have plenty of money to spend and to pay the bill after you spend.
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!
