Oak Park Real Estate & Estate Planning Blog

When the term “robo-signing” comes up, most consumers think back to the use of robo-signed documents during the foreclosure crisis, and the harms many homeowners faced as a result. Can robo-signing also cause harm to debtors who file for consumer bankruptcy ? According to a recent report in MarketWatch , Citigroup recently “agreed to pay $5 million to settle claims over robo-signing in tens of thousands of bankruptcy cases.” How does robo-signing relate to personal bankruptcy cases, and what are the key facts to know about the recent Citigroup settlement? What is Robo-Signing in a Bankruptcy Case? When documents are filed in certain types of cases—including many foreclosure cases as well as Chapter 7 bankruptcy and Chapter 13 bankruptcy cases—they need to be signed by the party submitting them. In the case of foreclosures, a bank typically provides paperwork that confirms the details of the foreclosure, and that paperwork is supposed to be reviewed and signed by...

If you are currently struggling with debt and are looking for innovative ways to manage your finances, or if you recently received a bankruptcy discharge and want to ensure that you stay on track financially, could smartphone apps help? In general, managing finances can be difficult, especially if you are living beyond your means in any capacity. While it may be nearly impossible to catch up on debt you owe without filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy in certain cases, there are ways in which technology can help you to stay within your means and to get your bills paid on time. A recent article in The Balance discusses the best personal finance apps that are currently on the market, which can help consumers with recent bankruptcy discharges to begin their fresh financial starts on strong footing. We want to say more about these apps and how they may be able to help consumers to manage debt. Mint: The “Best Overall” Personal Finance App by Intuit ...

When a debtor in Oak Park files for consumer bankruptcy , there are many steps that are necessary to complete in the filing process as well as throughout the bankruptcy case. Bankruptcy forms and document requirements can be extremely complicated, and many debtors who attempt to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy on their own make errors in the paperwork. For example, debtors almost always need to provide tax returns, income documentation that might include W-2s or self-employment forms, proof of real estate owned and its current market value, proof of vehicles owned and the remaining amount owed, information about bank accounts and retirement accounts, documentation of child support or alimony paid or received, and many other materials. When you file for bankruptcy, you also need to disclose any and all assets that are exempt. In a consumer bankruptcy case, certain assets are exempt. Exempt assets cannot be liquidated in order to repay creditors—the deb...

The Fair Debt Collection Practices Act (FDCPA) protects consumers against unfair debt collection practices, as well as harassment by debt collectors . However, consumers regularly experience contact from debt collection companies that appears to be in violation of the federal law. According to a recent article in Wired Magazine , “One in four consumers contacted by debt collectors feels threatened, and most consumers say the calls persist even after requests to stop.” Indeed, many borrowers describe these practices as “a living nightmare.” Is there a better method for debt collection that does not run the risk of harming consumers or violating their rights under the FDCPA? The article discusses a new debt collection startup that aims to use algorithms and technology to revolutionize the debt collection industry, and we want to look closely at its methods and benefits. Using Technology to Change the Face of Consumer Debt Collection The new startup is TrueAccord, ...

If you think about an unscrupulous debt collector or debt collection company, do certain types of debt come to mind more than others? For many Oak Park residents, the image of aggressive debt collectors whose actions may rise to the level of harassment might be one involving unpaid credit card debt or student loan debt. Yet there are many different types of debt that consumers take on, and some debt collectors specializing in collecting particular kinds of debt. According to a recent report from the Consumer Financial Protection Bureau (CFPB), telecommunications debt collection is an area that has resulted in consumer complaints in recent years, and the CFPB has tracked data concerning this particular kind of debt. Telecommunications debt collection refers to telecom collections, or telecommunications providers. Debt collectors are required to abide by the laws set forth in the Fair Debt Collection Practices Act (FDCPA). What do you need to know about telecommunications...