Chang and Carlin, LLP: chicago bankruptcy lawyers

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Tuesday, 26 November 2013

How Do I Live A Peaceful Life During A Financial Crisis?

Chang and Carlin, LLP is a well-known law firm serving the Illinois area, it brings a ray of hope to the lives of people struggling with their debt situations.

Bad finances can cause anybody to break down. But, it is very important during bad financial times to maintain calm and composure, so that proper measures can be taken. However, maintaining calm during financial crises is a tough task especially when the creditors are harassing you 24/7. So, here are some tips to live a peaceful life during financial crises, brought to you by Chang and Carlin, LLP’s Chapter 7 bankruptcy attorneys in Chicago.

Try to talk directly with your creditors

In order to avoid having the debt turned over to a collection agency, you should call your creditor and explain that you are unable to pay the bill (and hiring a collection agency won't help you pay sooner) and tell them when you expect to be able to pay. Hopefully, you will be able to come to a compromise or produce a repayment plan.

FDCPA Act

If you are unable to work a deal with your creditor, and the debt ends up with a harassing collection agency, write a letter requesting that the collector stop contacting you. Under the Fair Debt Collection Practices Act (FDCPA), debt collection agencies and attorneys must stop contacting you after receiving a letter requesting that they quit.

File for bankruptcy

Once you file the initial papers for bankruptcy, you are automatically protected from collection activity. The collector must first obtain permission from the bankruptcy court before it can continue its collection efforts, and the court will not grant permission to those seeking to collect unsecured debts (such as credit card debt). Filing for bankruptcy is a very effective way to stop creditors from harassing you. An expert bankruptcy attorney will help you decide if Chapter 13 or Chapter 7 bankruptcy in Chicago is right for you.

Relax and Talk to an expert

Chang and Carlin, LLP’s Chicago bankruptcy lawyers will guide you through the murky waters of bankruptcy law. Our bankruptcy lawyers understand the financial stress you have been under and can help you put an end to it. In addition, we will help restore your peace of mind amidst the financial crisis you are facing.

For more information, please call us at 1-866-790-8601 or Request a Free No Obligation Bankruptcy Filing Consultation 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.

Child Support During Bankruptcy

The law offices of Chang and Carlin have been helping thousands of families across Chicago to overcome financial crises and make a fresh start through Chapter 7 and Chapter 13 Bankruptcy.

For those saddled with debt and bearing the brunt of financial crises, bankruptcy is a last resort solution. 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. However, things may be a bit different for you if you have a child to support. If you are paying child support and are considering filing bankruptcy, you may want to know how a bankruptcy ruling will affect your child support obligations. So, here is some useful information on the subject, brought to you exclusively by Chang and Carlin, LLP’s expert Chicago Bankruptcy Lawyers.

Is a child support claim dischargeable through bankruptcy?

Child support payments generally cannot be discharged through bankruptcy. This means that a parent who owes child support cannot escape this duty by filing for bankruptcy. Bankruptcies do not act as a stay, or hold, on actions to establish paternity or to establish or modify child support obligations. The relationship between child support and bankruptcy is complex. To understand the details particular to your situation, you may need the help of an attorney familiar with bankruptcy law.

What does “in the nature of support” mean?

Debts "in the nature of support" for a child are basically any debts you incurred that relate to your child's welfare and upbringing, other than debts arising directly from child support payments owed.

What happens to the one receiving child support?

If you are the one receiving child support or alimony payments, but your ex-spouse’s or ex-partner’s payments are in arrears and he/she files for bankruptcy, you can submit a claim for the money owed to you, and make yourself a “preferred creditor”.

If you are unable to survive financially due to the added cost of child support payments, it's imperative that you speak with someone who can address questions that are specific to your circumstances. In addition, this individual should have a firm grasp of bankruptcy law, as well as family law. Chang and Carlin, LLP’s experienced Chicago bankruptcy attorneys can help you during the times of financial difficulty and will suggest you a solution specific to your circumstances.

To schedule a free initial legal consultation with a Schaumberg Bankruptcy Attorney, call Chang and Carlin, LLP today or Request a Free No Obligation Bankruptcy Filing Consultation Today.

Monday, 14 October 2013

Ways To Tackle Insolvency

The Law Offices of Chang and Carlin, LLP guide individuals and families through their financial struggles, helping them make a fresh start through Chapter 7 and Chapter 13 bankruptcy.

Chang and Carlin’s Chicago bankruptcy lawyers, are asked numerous questions by their clients. The questions pertain to various aspects of bankruptcy and debts. Recently, an interesting question was asked by a client about how to deal with insolvency. Let’s take a look at this question:

What is insolvency?

Insolvency means that either you aren't making enough money to pay your debts, or that you owe more money than the value of the assets you own.

What to do

· The first step if you can't pay your debts is to work towards a 'compromise' with the people or organizations you owe money to (the creditors). A creditor's compromise is an informal agreement that may allow you to reduce the amount you owe, alter your payments to something you can afford, and possibly allow you to keep your business going. The compromise process can be drafted by an experienced attorney like Chang and Carlin LLP’s expert Chapter 7 bankruptcy attorneys in Chicago.

· Summary Instalment Order: Summary Installment Orders provide debtors in financial difficulty with the option to repay all or some of their debts in installments over a period of three years, or up to five years in special cases. Your credit rating could be affected for up to seven years.

· No Asset Procedure: A No Asset Procedure is an alternative to bankruptcy for those with debts between $1000 and $40,000, who have not previously gone bankrupt or undergone a No Asset Procedure, and who have no assets. It lasts one year, and is an official declaration to those you owe money to that you have no means to repay them and no assets left to sell.

Reasonable Fees for Bankruptcy and Foreclosure Help for Illinois Residents + an Initial Free Consultation

These were some steps that you can take to deal with insolvency issues. However, it’s always in your best interest to take the necessary steps under and expert guidance. The attorneys at the law offices of Chang and Carlin help people with Chapter 13, Chapter 7 bankruptcy in Chicago, Foreclosure, and IRS and tax related issues.

Our goal at Chang and Carlin, LLP is to change your financial future. To book your appointment or get more information about Chapter 13 and Chapter 7 Bankruptcy in Chicago, contact us at 1-866-790-8601 or Request a Free No Obligation Bankruptcy Filing Consultation Today.

All You Need To Know About Non Priority Debts

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.

If you are in debt you're probably being harassed by people you owe money to (Your creditors) on a consistent basis. Before you start talking to your creditors, you'll need to sort out how much money you owe and who you owe it to. You'll also need to sort out which are the most urgent debts to pay and if you've got enough money pay them.

There are certain types of debts which need to be paid on urgent basis (priority debts) as the consequences of not paying them can be very serious. Therefore one needs to organize debts on the basis of urgency. In the view of expert Schaumberg bankruptcy attorneys, if you have the knowledge of priority and non-priority debts then you'll be able to organize your finances better.

Therefore, with the help of this article, let’s find out what are non-priority debts and the ways to deal with non-priority creditors.

Non-Priority debts

According to the experienced Chicago bankruptcy lawyers, there are certain types of debts which need not be paid on urgent basis. Such debts include-

· Benefits overpayment

· Credit debts such as overdrafts, loans, hire purchase, credit card accounts and catalogs

· Student loans

· Money borrowed from friends or family.

You can’t be sent to the prison for not paying the non-priority debts but, if you don’t make any efforts to pay without explaining then you may be dragged to the court by your creditors.

Ways to deal with Non-priority creditors

Maintaining good contact is the key to dealing with these creditors. If you are being bugged by the non-priority creditors then here’s what you need to do-

· Don't ignore letters or phone calls from your non-priority creditors. Get in touch with them as soon as possible once you know there are problems paying them.

· Write to them to explain why you're in debt, that you're trying to deal with your debts and that you'll contact them again shortly when you're in a position to know how much you can afford to pay.

· Ask them if you can stop paying interest on your debts in the meantime. This is called freezing the interest.

· When you write or speak to your creditors, make sure you explain your situation fully. If they know about your circumstances, they might be prepared to give you extra time to pay.

Reasonable Fees for Bankruptcy and Foreclosure Help for Illinois Residents + an Initial Free Consultation

These were some helpful tips that you can use to deal with non-priority creditors. However, if you still face difficulties dealing with the creditors you can always seek guidance from the expert Chicago bankruptcy attorneys at the law offices of Chang and Carlin.