Oak Park Real Estate & Estate Planning Blog

Now that we have entered into 2016, will we see a shift in Chicagoland consumers’ ability to discharge student loans in bankruptcy ? As many of us know, it is extremely difficult, although not impossible, to discharge student loans when you file for Chapter 7 bankruptcy . However, according to a recent article in the Huffington Post , it is looking as if more Americans are finding it possible to get rid of their student loans—including federal student loans—by filing for consumer bankruptcy. What is the story, and is it applicable to a wide variety of debtors? Consumers with Student Loan Debt As the article points out, many people continue to voice concerns about filing for bankruptcy due to student loan debt. Although many debtors have not taken the kinds of steps necessary to have their student loans discharged through a Chapter 7 bankruptcy filing, a recent case suggests that it is not an impossible task. To better understand the types of situations in which bank...

For consumer protection advocates, stopping debt collectors from calling at unreasonable times or making fraudulent claims to debtors is vital work. Given that it is a new year, a recent article posted by the Federal Trade Commission emphasizes that now is as good a time as ever to make sure that consumers know their rights when it comes to stopping calls from debt collection companies. At the Emerson Law Firm, we are committed to helping residents of the Chicago area who have been treated unfairly by debt collectors. It is important to remember that the Fair Debt Collection Practices Act (FDCPA) specifies what kinds of behaviors are prohibited when it comes to debt collection. If you think your rights may have been violated, you should speak with a dedicated Oak Park consumer protection attorney. When a Debt Collector Can and Cannot Call You If you owe money to creditors and are late on your bills, you may be expecting to receive calls from debt collectors. In pa...

Although we have entered into a new year with promises for fairer debt collection practices, dishonest and deceptive debt collectors continue to target consumers. According to a recent news release from the Federal Trade Commission (FTC), the federal government recently announced “four cases against debt collectors who did pretty much everything wrong.” In other words, the FTC is starting the year off by immediately targeting debt collectors who are not abiding by the Fair Debt Collection Practices Act (FDCPA). Recent FTC Focus on Dishonest Debt Collection As the news release explains, the FTC has been taking relatively large steps over the last year to eradicate deceptive debt collection practices. It announced 115 new cases against collection agencies back in November, working with “more than 70 law enforcement partners” to close down these dishonest debt collection operations. In 2015, the FTC filed cases against 52 different defendants, which was the largest n...

Now that we have entered into 2016, many Chicagoans may be thinking about their finances with regard to New Year’s resolutions. Some of us might be resolving to pay off our debts and to take control of our financial situations. Others might be thinking about filing for Chapter 7 bankruptcy in order to get a clean start for 2016. How can you know whether personal bankruptcy is the right choice for you? According to a recent article from Quicken Loans , filing for consumer bankruptcy is a not a decision that anyone should make easily or quickly. While your financial profile is likely to recover more quickly than some might have you believe, bankruptcy will nonetheless have significant short-term and long-term impacts. Buying a Home in the New Year If you are thinking about buying a house in the next year or two but are also considering personal bankruptcy in 2016, then bankruptcy may place limitations on your future plans. As the article explains, mortgage lenders may...

If you currently owe taxes and are not making regular payments, you may need to think about how those debts will be collected over the coming months and years. According to a recent article in Forbes Magazine , you may be getting calls from debt collection agencies seeking to recover your tax debt. Did you think the Internal Revenue Service (IRS) was required to abide by different guidelines when it comes to consumer debt collection ? Generally speaking, the IRS’s methods of collecting on tax debt do not necessarily look like the debt collection practices of many other creditors. Yet a new law may mean that the IRS turns to private debt collection companies to recover what it is owed. New Law Could Change Methods of IRS Debt Collection According to the article, President Obama’s decision to sign into law the Fixing America’s Surface Transportation Act could impact the ways in which the IRS collects debt. The new law does not deal specifically with tax debt. However, it...

When you file for personal bankruptcy , once of the most significant protections that applies almost immediately is the automatic stay. Under 11 U.S.C. § 362 , a petition for bankruptcy protection, including filings under both Chapter 7 and Chapter 13, result in an automatic stay. What is an automatic stay? In short, it prevents creditors from continuing to collect from you while you are awaiting a bankruptcy discharge or reorganization (depending upon which type of bankruptcy protection you are seeking). It is important to understand how an automatic stay can protect you—and how, on the flip side, it cannot—and to learn more about ways for extending the automatic stay. Learning More About the Automatic Stay When you file for bankruptcy, the automatic stay protects you, as we noted, from constant contact with creditors that are attempting to recoup what you owe. What precisely does the automatic stay do? According to 11 U.S.C. § 362 , the automatic stay prohibits credit...