Oak Park Real Estate & Estate Planning Blog

While many consumers worry about the aftermath of filing for personal bankruptcy , it is critical for you to know that you can start improving your credit almost immediately after you receive a bankruptcy discharge. For many debtors in Illinois and across the country, Chapter 7 bankruptcy can allow for a fresh financial start, while Chapter 13 bankruptcy can allow for debt reorganization and can, in many cases, allow homeowners to avoid bankruptcy. Yet many debtors hold off on filing for bankruptcy because they assume it will be difficult to rebuild credit after a consumer bankruptcy. We want to emphasize that you can rebuild your credit after filing for bankruptcy, and the following are some key steps to get you started. If you have additional questions or need assistance with your bankruptcy filing, you should seek advice from an experienced Oak Park consumer bankruptcy attorney. Apply for a Retail Credit Card or a Secured Credit Card In order to rebuild your credit after a consum...

Thousands of Chicagoans become victims of unfair and deceptive credit card collection practices every year. In many cases, Illinois residents who filed for Chapter 7 bankruptcy and received a discharge of their unsecured debts, including the debts they accrued on credit cards, will receive collection calls about those very same credit card debts. According to a recent article in The New York Times , “the Consumer Financial Protection Bureau (CFPB) and the attorneys general of 47 U.S. States and Washington, D.C. brought an enforcement action against JPMorgan Chase for abuse, deception, and unfairness in credit card collection cases.” Bank’s Failure to Comply with the Law If you had your credit card debts discharged in bankruptcy , you shouldn’t be receiving collection calls about the money you allegedly owe. However, hundreds of thousands of credit card accounts were not handled properly by the bank. According a news release from the CFPB, the agency identified the f...