Oak Park Real Estate & Estate Planning Blog

Once you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy , can you apply and be approved for loans again? This is a common concern among individuals who file for consumer bankruptcy, and it is important to emphasize that filing for bankruptcy and receiving a discharge does not make it impossible to obtain credit again. According to a recent article in Consumer Affairs , having a bankruptcy discharge on your credit report could mean that a loan could end up costing a little bit more in terms of the interest rate, but a bankruptcy declaration does not mean that you will be unable to obtain credit. The article cites a recent study conducted by Lending Tree, which provides important data to consumers who are considering bankruptcy in Oak Park. Bankruptcy Might Add Costs But Will Not Prevent You from Getting a Loan There are many misconceptions about consumer bankruptcy. As the article explains, while bankruptcy can have some negative consequences, “it doesn’...

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...