Chang and Carlin, LLP: July 2013

Thursday 18 July 2013

Why Honesty Is The Best Policy In Bankruptcy Cases

The Law Offices of Chang and Carlin guide individuals and families through their financial struggles, helping them make a fresh start through Chapter 7 and Chapter 13 bankruptcy. Chang and Carlin, LLP’s bankruptcy lawyers in Chicago can help you get the immediate debt protection you need and help you get out of debt.

When you are over your head in debt, bankruptcy may seem like the perfect cure-all. It can truly wipe the slate clean. More than 1 million people file for personal bankruptcy every year, seeking relief from debt collectors and the weight of their bills. However, due to the fear of losing everything, some debtors don’t disclose details about their property and assets when they file. Not only is this unlawful, but it could get you into big trouble.

This what can happen if you are caught hiding property or information:

• Your discharge will be denied: Using Chapter 7 or Chapter 13 bankruptcy Chicago, you can discharge your debts but if you are caught hiding any property or asset, your entire bankruptcy petition will be thrown out, and you will be liable for all your debts.
• Your case could get dismissed: In some cases, your case will remain active but the hidden asset in question may be used to satisfy creditors as a result.

• Reversal of discharge: If the court learns you hid assets after your debt were discharged through bankruptcy, the discharge may be revoked.

• Loss of exemptions: Bankruptcy laws allow you to protect a limited value in certain property, such as a car or family heirloom. You may lose your exemptions if you do not disclose all your assets in your filing.

• Federal charges: If you provide false information anytime during your case this could lead to criminal charges including imprisonment and hefty fines.

These are just a few of the potential results of hiding assets, and the eventual consequences may be even worse! If you want to protect certain assets during bankruptcy, contact the law offices of Chang and Carlin, LLP today.

For more information on Bankruptcy law or to schedule a FREE initial bankruptcy consultation with an experienced bankruptcy lawyer in Chicago, call Chang and Carlin, LLP today!

Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg, Joliet, and Warrenville.

Divorce and Bankruptcy: What the Experts Suggest

Chapter 7 Bankruptcy

Chang and Carlin, LLP is a well-known law firm serving the Illinois area, bringing a ray of hope to the lives of people struggling with their debt situations. At Chang and Carlin, LLP, the experienced Chapter 13 & Chapter 7 bankruptcy attorneys Chicago have been involved in thousands of bankruptcy cases, representing debtors through a difficult time.

Money problems can frequently put a marriage on the rocks. Many times, couples facing personal relationship problems are also struggling with financial stress within the marriage. Couples hold each other responsible for all the financial problems, but technically, both spouses are responsible for the debts incurred during the time of the marriage.

Many people facing both strained relationship and financial problems come to the expert Chicago Bankruptcy Lawyers at Chang and Carlin, LLP with a good question: “Which should I file first: Divorce or bankruptcy?” Let’s see what the experts have to say.

Divorce or Bankruptcy: Which one should come first?

Whether you should file a bankruptcy before or after a divorce depends on where you live, how much property and debt you have, and what type of bankruptcy you wish to file. For example:

In case of Chapter 7 bankruptcy: In a Chapter 7, you usually receive a discharge after only a few months. So it can be completed quickly before a divorce.

In case of Chapter 13 bankruptcy: Chapter 13 bankruptcy lasts three to five years, so if you were looking to file a Chapter 13, it may be a better idea to file individually after the divorce because it takes a long time to complete.

Important things to know:

1. Your divorce settlement will divide up the debts, assigning responsibility for some to one spouse and some to the other, but it doesn’t bind the creditors, who can collect the debts from either one of you. So, it may make more sense for you and your spouse to file for bankruptcy before getting divorced.

2. Wiping out your debts jointly through a bankruptcy will simplify the property division process in a divorce.

3. If you file bankruptcy during an ongoing divorce the automatic stay will put a hold on the property division process until the bankruptcy is completed.

Bad financial condition and troubled relationships together can create a lot of stress for anyone. It’s always advisable to consult a competent bankruptcy attorney to find out what works best in your situation.

The expert attorneys at Chang and Carlin, LLP can help alleviate your stress during troubled financial times. So, if you are thinking of filing for Chapter 13 or Chapter 7 bankruptcy Chicago and initiating a divorce at the same time, it is in your best interest to discuss your choices with an experienced bankruptcy attorney in order to determine what your best options are.

For more information, please visit www.changandcarlin.com or call them at 1-866-790-8601.

Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg, Joliet, and Warrenville.

Finding a Job After Bankruptcy-Things You Need to Know

For those bearing the brunt of financial crises and saddled with debt, bankruptcy is a solution of last resort. While no one wants to file for bankruptcy, an increasing number of individuals and families have found themselves with no other means of absolving their debts. According to the experienced Schaumburg Bankruptcy attorneys at the law offices of Chang and Carlin, although bankruptcy is certainly not an asset to a job-seeker, it's not the nail in the coffin, either. Potential employers can take your new credit rating into consideration, but finding a job after bankruptcy is possible.

Here’s what you need to know about the effect of bankruptcy on your employment:

· An employer may pull your credit report as part of the job application process. However, they do not typically pull your complete report, only your credit score, as the full report costs more money than they are often willing to pay.

Chicago Bankruptcy Attorneys

The most common question that our Chicago bankruptcy attorneys are asked is, “Will my credit score reveal a bankruptcy filing?” The answer to this question is no. Your credit score is just a number, and will not reveal a bankruptcy filing.

· However, no matter what your credit score, you should never lie to a potential employer about your credit history. The best approach is to be upfront and inform the interviewer that you had a past bankruptcy but that your finances are now back on track, or at least you are working to get your finances in order.

· If you are applying for a federal job, the past bankruptcy should not prevent you from being hired. There are bankruptcy discrimination laws that prevent this practice by federal employers. However, there is no such law in the private sector. A private employer is not prohibited from discriminating on the basis of past bankruptcies.

· If you are presently employed somewhere, you will not lose your job because of bankruptcy but if you have a job that requires you to maintain a certain credit score as a condition of continued employment, then you may lose your job.

If you are currently looking for a job or in a job which may be affected by your bankruptcy filing, you can probably work out a solution. Talk to an experienced Chicago bankruptcy lawyer about the steps that will best safeguard your professional future.

For more information on Bankruptcy law or to schedule a FREE initial bankruptcy consultation with an experienced Chapter 13 bankruptcy lawyer Chicago, call Chang and Carlin, LLP today!

Buying a Pre-Foreclosed Home? Here’s What You Need to Know

Chang and Carlin, LLP has established itself as a respected real estate legal services firm, representing a diverse clientele in Chicago, Illinois and the surrounding areas. Their Real Estate attorneys in Chicago help you manage anything from routine real estate matters, to more complex situations that require the experienced know-how of skilled real estate attorneys.

Choosing to invest in pre-foreclosed properties is an ideal way to capture a home at a great value, often below appraised and market value.

If you too are planning to buy a pre-foreclosed property, here is some information to help you safely make the best purchase possible:

What is a pre foreclosed home? A pre-foreclosure property has a delinquent loan and the owner is in imminent danger of losing his home due to foreclosure. His property has been listed as delinquent and will soon be taken into the custody of the lender.
Why buy a pre foreclosure house? Buyers may be able to obtain a pre-foreclosure for 40 percent less than the home’s market value, and the deal would close quicker than would a foreclosure.
Confirm pre-foreclosure status. It’s important to find out if a property has been reinstated before proceeding as the owner can reinstate the property by paying off the amount in default. The best way to check if the property has been reinstated is to call the trustee or attorney assigned to the foreclosure.
Contact the owner. You or your real estate agent should initiate contact with the owner to express your interest in the property. Before you expend the time and effort to contact the owner, make sure you're fully prepared to buy.
How to negotiate with the owner. To determine how much you will pay the seller for the home, you should subtract all your costs as a buyer (loan balance, additional liens, and repair costs) from the estimated market value of the property and use that number as a basis for your negotiations with the owner. The experienced real estate attorneys at Chang and Carlin, LLP can help you negotiate a good deal with the owners.

Foreclosure Attorneys in Chicago

As with any investment process, the key to your successful outcome will lie in your preparation. Chang and Carlin, LLP’s experienced real estate or foreclosure attorneys in Chicago can help you with the important details that come with buying a pre-foreclosed house and succeeding in your real estate investment in Chicago.

For more information or to schedule a FREE Initial Legal Evaluation with an experienced foreclosure attorney, contact Chang and Carlin, LLP today!