Tag Archives: Joseph Wrobel

Consumer Finance, Uncategorized

Problem: Open trade jobs with no applicants

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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

Consumer Finance

New IRS “verify call” scam

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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!

Bankruptcy Basics - Chapter 13

Why people chose Chapter 13 bankruptcy

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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!

Uncategorized

Good credit after bankruptcy

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Good credit after bankruptcy

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.

Start with a secured credit card

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.

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

For more ideas, see Nerdwallet: How to Rebuilt Credit After Bankruptcy

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!

 

Uncategorized

Should I buy or rent my home?

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Should I buy or rent my home?

Whether you are a first-time home buyer or someone who has previously owned a home, there comes a time you might wonder if it is better to rent or buy your home. Interest rates are scheduled to rise this year and realtors suggest this is a good time to buy. What if you are not ready to buy and cannot decided if you should buy or rent?

If you are rebuilding your credit score and hear about increasing interest rates, consider that taking an extra year or more to increase your credit score and buying power should cause you to have a lower interest rate, compared to getting into a mortgage where your credit just barely qualified for the loan. More money down can also be a benefit worth waiting to buy and renting a little longer.

The cost of home ownership in the Chicago area

While you are building equity when you own a home, there are all kinds of extra costs and expenses that can outweigh building equity. For example, if you buy an older home you may be spending money on replacing the roof, furnace, water heater, or air conditioner. If you had been renting you would have simply made a call to your landlord for those repairs.

Taxes are also an expensive part of your monthly mortgage payment, when taxes and home insurance are included in your monthly payment. That said, you can also claim a tax deduction for property taxes paid up to the new $10,000 limit.

Alternative ways to invest for retirement

Say you can afford to buy a new home but not where you want to live. Have you considered keeping your rental home in Chicago and buying a new home in Will County to lease to a renter? A new home with few needed repairs can be an excellent investment, especially in the collar counties where there is new growth and anticipated increases in future property values.

By the time you are ready for retirement you may want to go live in that home in Will County or sell it and take your equity to wherever you plan to retire.

If you have questions about making the right financial moves, regardless of whether you have had or will ever a have a bankruptcy, a consumer finance attorney at Joseph Wrobel, Ltd. is happy to help steer you in the direction of financial success.

Should I buy or rent my home?
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!

Uncategorized

Chicago Bankruptcy Podcast with Joseph Wrobel: January 2018

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Chicago Bankruptcy Podcast with Joseph Wrobel: January 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/tap here to listen to the podcast

Sample questions answered in this 30-minute show:

  • Can I still file for bankruptcy after a foreclosure sale?
  • A wrong employer was listed on my Wage Garnishment Notice;
  • What other than my wages can be garnished?
  • Will filing for bankruptcy prevent my license from being suspended?
  • I am on social security disability; can creditors sue or garnish me?
  • Can I be sued if I can no longer afford my mortgage? Can I claim bankruptcy?
  • Are reaffirmations only used in bankruptcy? Can they be requested on new loans?
Bankruptcy Attorney Joseph Wrobel, Chicago Bankruptcy Podcast, wage garnishment, bankruptcy, foreclosure sale, wage garnishment notice, can creditors sue, can no longer afford my mortgage, reaffirmations, Joseph Wrobel, Chicago Bankruptcy, Consumer Credit,
Bankruptcy Attorney Joseph Wrobel

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.

Bankruptcy And Your Home, Bankruptcy Basics - Chapter 13, Bankruptcy Basics - Chapter 7, Bankruptcy Beyond The Basics, Uncategorized

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

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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.

Helping You Understand Bankruptcy

July 2017 Chicago Bankruptcy Question and Answer Podcast with Joseph Wrobel

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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 you, and when should you include a title loan in your bankruptcy filing?
  • If you owe money to a business that files bankruptcy, do you still need to pay?
  • When you need to file bankruptcy and get a new car, what is the best plan?
  • What does someone need to do to prepare for a bankruptcy case?
  • Are Social Security and pensions safe from creditors when you file for 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.

Bankruptcy Beyond The Basics, Bankruptcy Odds and Ends, Consumer Finance

New Credit Reporting Rules: Many may find relief from reports of tax liens and civil judgments

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New rules provide credit score relief for some people who have tax liens and civil money judgments against them. Errors on consumer credit reports have been a problem for a long time and many people have incorrect information on their credit reports. New credit reporting rules take effect July 1 and change the way Trans Union, Experian and Equifax verify data regarding the reporting of tax liens and civil judgments. Now, the three credit reporting agencies must verify the individual’s name, address and either social security number or date of birth. Since so many companies omit social security numbers for privacy concerns, there may be a large group of people who will no longer have tax liens and civil judgements appearing on their credit reports. This should also help prevent future instances of information appearing on the wrong person’s credit report.

The purpose of credit reporting and monitoring

From applying for a cell phone account or utility to buying a car or home, our credit rating is used to determine where we stand on the scale of credit risk. With great credit, we present a low risk of not making our payments in full and on time. The volume of credit data and computer systems processing and sharing information open the door to error. If we do not check our credit scores frequently, someone else’s negative information could prevent you from being accepted for a mortgage loan or a new credit card. Imagine finding out your credit score was damaged by another person’s tax lien or the civil judgement entered against them.

How errors happen and how prevalent they may be

With tax liens alone, some estimates suggest that half of the tax lien information reported to the credit bureaus has ended up appearing on the wrong person’s credit report. When social security numbers are available to the individuals reporting tax liens, one missed number could cause the wrong person to receive a negative mark on their credit report.

Even if someone checks their credit frequently, or pays a few bucks every month for a credit monitoring service, the effort it can take to correct the mistake can be staggering.

How the new rules apply to tax liens and civil judgments

The rule change for reporting information to the credit bureaus about tax liens and civil judgements will require the verification of three pieces of vital information, the individual’s name, address, and either their social security number or date of birth.

By requiring three sets of identifying criteria be matched before receiving credit reporting data about tax liens and civil judgments, the likelihood of mismatches is significantly reduced.

The new rules take effect July 1. This article in USA Today has more information about the new rules and how they might apply to you.

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!