Oak Park Real Estate & Estate Planning Blog

Many consumers borrow money to pay for automobiles. For Oak Park residents who rely on their vehicles for transportation to work in Chicago and the surrounding area, it can be extremely anxiety-inducing to fall behind on their car payments. However, many Americans simply do not have the requisite savings to pay for an emergency situation and to continue paying monthly bills. For instance, if a medical emergency arises, many consumers prioritize those payments over auto loan payments, especially if someone in the family is in need of life-saving treatment. Sometimes consumer bankruptcy may be the best option. According to a recent post from the Consumer Financial Protection Bureau (CFPB), getting behind on your car payment does not always result in repossession. In some cases, filing for personal bankruptcy may allow you to discharge medical debt and to get back on track for paying off a car loan. Reduce the Risk of Falling Further Behind on Your Car Payment The...

Is there a link between the rate of personal bankruptcies in the U.S. and the number of auto loans sought by American consumers? According to a recent article in Forbes , “the closely watched rate of personal bankruptcies is low and trending lower,” and the total rate of bankruptcies in 2016 might be at a record low since 2005. What is the connection between bankruptcy filings and auto loans? In short, bankruptcy proceedings tend to impact auto lenders in ways that they do not like. As such, a low number of consumer bankruptcy filings could be good news for auto lenders, but it could also be good news for consumers. What else should you know? Record Low Number of Bankruptcy Filings Across the Country in 2016 As the article reported, as of the end of December of 2016, the executive director of the American Bankruptcy Institute (ABI), Samuel Gerdano, emphasized that it was likely that total bankruptcies in 2016 would come in at under 800,000. That total is the se...

If you are thinking about purchasing a new automobile, do you need to be concerned about being treated fairly when it comes to an auto loan? According to a recent article in Auto Credit Express , consumers who take out auto loans need to be just as careful as other borrowers about predatory lending practices . While we often hear about issues of consumer fraud and deception when it comes to mortgages, for example, auto loans can also be risky. It is important to understand your rights when you visit a car dealership and to speak with an experienced Oak Park consumer protection lawyer if you think you may have been treated unfairly by a predatory lender. To better understand your rights, it is essential to know about federal laws that protect consumers who are taking out auto loans. The article highlights some of the following laws and the ways in which they protect borrowers in the Chicago area. Understanding How the Equal Credit Opportunity Act Protects You Und...