Chang and Carlin, LLP

Thursday, 19 September 2013

Life Insurance And Bankruptcy – What is the Difference?

Chang and Carlin, LLP is a well known firm serving the Illinois area. When looking for a trustworthy Chicago Bankruptcy Lawyer, this is the firm to contact. They have years of experience in filing diverse real estate and bankruptcy cases.

Life insurance is a vital means of ensuring your loved ones are well-looked after should anything unfortunate befall you, but, in bankruptcy, life insurance plays an additional role of providing that same security to your loved ones while providing a sometimes necessary monthly expense that can sometimes significantly impact either your eligibility for a Chapter 7 Bankruptcy or the size of your Plan payment in a Chapter 13 bankruptcy Chicago. Therefore, it is very important to know how life insurance can help you through your difficult times. Let’s take a look.

Can I get life insurance while going through bankruptcy?

Most life insurance companies are looking for the bankruptcy to be discharged before they will consider you for life insurance. But with recent changes in economy and increase in number of filings, more companies are willing to consider you for coverage, especially with the Chapter 13 filings. The only correct way to obtain life insurance is to consult with an experienced Chicago bankruptcy lawyer.

Can I deduct life insurance premiums in bankruptcy means test?

With certain limitations, life insurance premiums can be deducted on bankruptcy’s means test. Since the means test determines whether you are eligible to file Chapter 7 Bankruptcy or, if you are filing under Chapter 13, knowing the amount you must pay into your Chapter 13 plan to be able to deduct life insurance premiums may be to your advantage when you file for bankruptcy.

Good faith standard

The good faith standard looks at your average monthly income and compares it to your average monthly expenses (as a household in both cases, not just as an individual). If there is “too much” money left over after those expenses are subtracted from that income, there is a possibility that the Trustees in your bankruptcy case may file a motion to have the case dismissed. Therefore, the term life insurance with $0 present-day cash-value (benefit only to be paid out upon the demise of the policy holder) is a very useful expense to have on the list of your expenses.

For more information about how life insurance and other more obscure expenses may affect your bankruptcy eligibility, or to schedule an appointment with a Chapter 13 bankruptcy lawyer Chicago, please Request a Free No Obligation Bankruptcy Filing Consultation Today. 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.

Bankruptcy Discharge – Know More About It

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.

The primary reason one files for Chapter 13 or Chapter 7 bankruptcy in Chicago is to receive a discharge of unmanageable debts. While some debts cannot be discharged, and others the debtor chooses not to discharge by reaffirming, the debtor almost certainly will have some debts they want to discharge when they file. So, to help you understand the process better, here is all you need to know about bankruptcy discharge.

What is discharge in bankruptcy?

According to Chang and Carlin, LLP’s experienced Chapter 7 bankruptcy lawyers in Chicago, a discharge is technically an order given by the bankruptcy judge which forgives remaining debts which cannot be paid, with certain exceptions. Debts for fraudulent or illegal actions, alimony and child support and taxes are not dischargeable and remain owed (but often not collectable if the bankrupt person has nothing). A discharge in bankruptcy is typically bad news for unsecured creditors.

When does a creditor receive bankruptcy discharge in Chapter 7?

The creditors as well as their bankruptcy trustee(s), have 60 days after the meeting of creditors to object to discharge. The meeting of creditors usually does not occur until at least a month after the case is filed. Combining that with the 60-day deadline means the debtor simply cannot get a discharge until at least three month after filing the case. The typical Chapter 7 bankruptcy proceeding generally lasts around 4 months.

A creditor or the trustee can file motions to extend time to object to discharge and these are routinely granted, particularly so when the debtor has not fully responded to any discovery attempts. Should someone file an objection to discharge, this is usually done by an adversary proceeding, and the debtor cannot ignore this if he wishes to get his discharge.

Finally, after everything has been cleared by the bankruptcy judge, the debtor receives a discharge.

Bankruptcy discharge is news that gives debtors a reason to heave a sigh of relief; and this can be best achieved by filing for bankruptcy with the help of an experienced Chicago bankruptcy lawyer.

To book your appointment today or for more information on Chapter 13 and Chapter 7 Bankruptcy Chicago, contact their offices 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.

Working In Tune With Your Bankruptcy Trustee

Chang and Carlin, LLP is a bankruptcy law firm in Chicago that offers confidential, personal legal advice, especially in the areas of residential real estate, bankruptcy, foreclosure, and IRS and tax issues.

When it comes to bankruptcy, having an attorney on your side is very important. He is the one who has the key to your bankruptcy discharge. According to Chang and Carlin, LLP’s Schaumburg Bankruptcy Attorneys, if you want to get your bankruptcy discharge, you should do all you can to remain in the good graces of your bankruptcy trustee. But the question is, how exactly do you do that? Let’s find an answer.

Who is the trustee in bankruptcy?

The trustee in bankruptcy will either be:

• the Official Receiver who is administering your bankruptcy
• a licensed insolvency practitioner

Whether or not a licensed insolvency practitioner will be appointed as trustee in bankruptcy will usually depend on whether there are significant assets to be realised or if realisation is likely to be complex.

Ways to deal with a trustee

• Cooperate with your bankruptcy trustee. Not only is it a good idea; it is required by the law! Failure to cooperate with your bankruptcy trustee could result in the dismissal of your bankruptcy case.
• Make sure you provide 60 days of pay stubs to the trustee well before the meeting of creditors. These should cover the 60 days PRIOR to the filing date.
• File your credit counselling certificates as soon as the required class is finished.
• Send the trustee your most recent tax return as soon as the case is filed.
• If you are recently divorced, be prepared to provide the bankruptcy trustee with records that show how the marital assets were divided or liquidated.
• Do not hide anything from your trustee, advises an experienced Chicago bankruptcy lawyer, from the law offices of Chang and Carlin.

Many see bankruptcy as a lonely journey into a new financial frontier; but in reality there are many people available to walk you down your new path to fiscal freedom, including family, friends, your bankruptcy trustee and your personal guide: Your bankruptcy attorney! The experienced Chicago Bankruptcy attorneys at the law offices of Chang and Carlin have the experience, compassion, and work ethic to see you through the bankruptcy process.

To book your appointment or for more information about Bankruptcy in Chicago, contact Chang and Carlin 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.

Foreclosure Notice- What Next?

The Law Offices of Chang and Carlin guide individuals and families through their financial struggles, helping them make a fresh start through bankruptcy, foreclosure, and tax struggles.

‘Foreclosure’ is a word which is dreaded by all home owners. It conjures up images of homelessness, shame and ruin. According to experienced foreclosure attorneys in Chicago, foreclosure notices are only served when you fall far enough behind in your mortgage payments that your lender intends to take your property and sell it off unless you make up the late payments. Here’s a look at the possible outcomes after you receive a foreclosure notice.

What does foreclosure notice say?

When a lender sends a foreclosure letter, the letter usually announces that foreclosure will begin in 10 days.

Pay the mortgage, keep the house

Once you pay the note, the foreclosure becomes null and void. Occasionally, people can raise enough cash to pay off the note. But in most cases, people pay off the note by refinancing (via another bank loan or mortgage company loan), one way or another.

What if you don’t pay?

Your real estate attorney Chicago will tell you that if you don't pay off your debts, the lender will put the home up for auction to the highest bidder. If it doesn't sell, then your lender becomes the new owner.

Bankruptcy Filing

If you are facing foreclosure, bankruptcy might be able to help. In many cases, filing Chapter 7 bankruptcy can delay the foreclosure by a number of months. Some people may be able to save their home by filing for Chapter 13 bankruptcy. When you file either a Chapter 13 or Chapter 7 bankruptcy, the court automatically issues an order (called the order for relief) that includes a wonderful thing known as the "automatic stay." The automatic stay directs your creditors to legally postpone foreclosure.

Bankruptcy filing not just saves your house from foreclosure but also keeps the harassing creditors at bay. But, there are many technicalities involved while filing for bankruptcy. Therefore, it is very important to choose an experienced bankruptcy attorney in Chicago. Chang and Carlin LLP’s experienced Chicago bankruptcy lawyers and attorneys can help you get the immediate debt protection you need and help you get out of debt.

To book your appointment or for more information about Foreclosure in Chicago, contact Chang and Carlin at 1-866-790-8601 or Request a Free No Obligation Legal Evaluation 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.

Monday, 26 August 2013

Creditor Harassment-Ways To Deal With It

If you’re already under pressure from your poor financial standing, the last thing you need is the stress of creditor harassment. Creditors use a variety of tactics to pressure debtors into paying their debts. Some people are able to handle it, but, for their sanity, most people need the calls to stop and are clueless about how to deal with the situation. The stress involved can lead to poor emotional and physical health.

Chang and Carlin, LLP is a bankruptcy law firm in Chicago that helps people deal with their financial situation and works with them make a fresh start in life. According to the attorneys at Chang and Carlin, there are ways by which you can keep the creditors at bay. Read on to find out!

Fair Debt Collection Practices Act to the rescue!

This act prohibits various types of creditor harassment like calling after certain times, use of profanity, threats of bodily injury, pretending to be from the government, threatening jail as a punishment for not paying the debt–among others.

You need to have enough evidence

Keep anything they send you in writing, and keep those voice mail records debt collectors leave. This especially applies if you’ve already filed for bankruptcy. The creditor’s calls or letters could be a violation of the automatic stay or discharge injunction.

Hire an experienced Lawyer

If your letter fails to end the harassment, a letter from a lawyer usually will. Additionally, once you have hired a lawyer, the collection agency or creditor's attorney must only communicate through your lawyer. The experienced lawyers at Chang and Carlin, LLP can also help you raise legal claims under the FDCPA.

File for bankruptcy

The final solution is to 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. An expert bankruptcy lawyer in Chicago can help you through the entire bankruptcy process and give you relief from harassing creditors.

Want Creditors off Your Back? Request a Free No Obligation Bankruptcy Consultation

The experienced bankruptcy lawyers in Chicago can help you determine if bankruptcy is the right option for you, and will work with you to get your finances under control. For more information on Bankruptcy law or to schedule a FREE initial bankruptcy consultation, contact Chang and Carlin, LLP today!

“Meeting Of Creditors”-Things You Need To Know

Many people filing for Chapter 7 Bankruptcy Chicago are told that they will not have to go to court. This is true but they will have to go to a short formal meeting called-“meeting of creditors”. It is also referred to as-“341 hearing”. The attorneys at the law offices of Chang and Carlin, LLP can explain what the meeting is all about and what should be done in such meetings.

To a layman the term-“Meeting of Creditors”, may sound like a meeting where you would be facing the creditors. But, the term actually is a misnomer. It is not a gathering of you and your creditors during which they complain to you about filing bankruptcy, in fact, most of the time they don’t even go. The ones which tend to be there are those which have collateral—such as your vehicle or furniture creditors—and then it’s often convenient to everybody that they are there, to make appropriate arrangements with the collateral.

According to the experienced Chapter 7 and Chapter 13 Bankruptcy lawyer Chicago at the law offices of Chang and Carlin, most of the creditor meetings have no creditors attending and those creditors who do actually attend are completely unaware of the format and do not ask the sort of questions they should be asking in order to safeguard their interests. Many creditors’ meetings occur without any of the creditors saying a word.

Getting prepared for the meeting

1. Upon receipt of the “notice of creditors’ meeting” it is important to ensure that the notice is in fact a valid notice in compliance with the Companies Acts. In particular, a valid notice must be sent to creditors at least 10 days prior to the date of the meeting.

2. Prior to the Meeting of Creditors you should meet with your attorney to discuss your bankruptcy petition and documents.

3. If you do not have an attorney, you should be prepared to be probed about your financial circumstances and your bankruptcy petition.

4. Make sure to bring a government-issued picture identification card and your Social Security Card to the Meeting of Creditors.

Since it is difficult to predict what you will be asked at the meeting of creditors, it’s always good to be thoroughly prepared and seek the assistance of experienced Chicago Bankruptcy lawyers like lawyers at the law offices of Chang and Carlin. The bankruptcy attorneys at Chang and Carlin, LLP will help you overcome all the difficulties and make the bankruptcy filing process easy for you.

Free No Obligation Bankruptcy Consultation

Our experienced bankruptcy lawyers in Chicago can help you determine if bankruptcy is the right option for you, and will work with you to get your finances under control. For more information on Bankruptcy law or to schedule a FREE initial bankruptcy consultation, contact Chang and Carlin, LLP today!

Undue Hardship Exception-Repaying Student Loans

Many students with student loan debts in Schaumburg, Chicago, Joliet and Warrenville area want to know how if it is possible to discharge student debts. Then asked this question, the experienced Schaumburg Bankruptcy attorneys at Chang and Carlin tell students that laws appear to be softening, which may enable them to discharge their student loan debts and lead a tension free life.

In the past, student debts were unforgivable regardless of the student’s financial situation. If you had student loans, they’d be with you until you paid them off. But now, it may be possible to get rid of your student loans in bankruptcy if can prove that repaying your student loans would cause an ‘undue hardship’ to you.

According to the experienced Chicago Bankruptcy lawyers at the law offices of Chang and Carlin, there are some ways to prove that:

The Brunner’s test

Some courts require you to take ‘the Brunner’s test’ for determining whether a student loan is dischargeable in bankruptcy based on a claim of undue hardship. One needs to prove the following things:

Poverty: That the debtor cannot maintain, based on current income and expenses, a minimal standard of living for the debtor and dependents if forced to pay off student loans.

Persistence: The additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans.

Good Faith: That the debtor has made good faith efforts to repay the loans.

Totality of circumstances test

Some courts may ask you to take-‘Totality of Circumstances Test’. Here, the court will look at all relevant factors in your case to determine if it is an undue hardship for you to repay your student loans.

How to prove undue hardship

If you want to try to discharge your student loans in bankruptcy, you must file a formal complaint with the bankruptcy court, called a Complaint to Determine Dischargeability. It is then up to you to prove to the court that payment of your loans will cause an undue hardship on you.

This student loan debt outlet is by no means fully established, as it has only prevailed in a few instances. However, if your student debt is crushing you and you meet the above criteria, it could be worth looking into with a Chicago Bankruptcy attorney.

Free Debt and Bankruptcy Consultation

Our experienced bankruptcy lawyers in Chicago can help you determine if you can discharge your student debt and will work with you to get your finances under control. For more information on Bankruptcy law or to schedule a FREE initial bankruptcy consultation, contact Chang and Carlin, LLP today!