Recognized for Excellence in Bankruptcy – Your Financial Life-Saver TM
Posted by Ryan Blay on December 19th, 2011 in Bankruptcy Information, Chapter 13, Foreclosure - Saving Your Home, Illinois, Mortgage Foreclosure Defense, Mortgage Modifications, Uncategorized, Wisconsin
While each bankruptcy case is different we attorneys at Lakelaw see a common theme among many bankruptcy filers: the threat of losing a home in foreclosure. This post tries to explain some of the options debtors have when facing foreclosure.
The first question anyone must answer is whether or not to try and save the home. Someone wishing to walk away from their home without a final foreclosure could have two options: Attempting a Deed in Lieu of Foreclosure or agreeing to a Short Sale
In a Deed-in-Lieu, the offer is to give the home back to the bank to stop the foreclosure. However, mortgage defense attorneys have not seen much success with this lately. Due to so many homes already foreclosed (and those that are still going to be foreclosed on any day now), banks are often refusing to accept a Deed in Lieu of Foreclosure.
A second is a short sale. A short sale involves a homeowner, with the help of a realtor, finding a buyer who is willing to buy the home at a reduced value. The bank would then have to agree to waive the difference between what the home sold for and what was owed—the deficiency—or the homeowner would have to bring money to pay the difference at closing. Banks like the idea of having a waiting buyer instead of waiting through months of foreclosure, but they do not like the idea of walking away from the deficiency amount.
What if you want to try and keep your home? If you and your bank are working well with each other, a home modification could be an option. The bank would be willing to work with the borrower and try to find a payment plan that works. It should be noted that the Wisconsin branch of Lakelaw has seen some promise in mortgage modification within the Chapter 13 modification program set up in the Eastern District of Wisconsin bankruptcy court).
Another option is Chapter 13 Bankruptcy. This may be the best option a debtor has to save their home. When the debtor files a Chapter 13 bankruptcy an automatic stay goes into place. This means the bank must stop the foreclosure and the borrower can stay in the house as long as they are making payments to the trustee and a payment to the mortgage company after the bankruptcy filing. The goal is to find a way to cover the regular monthly mortgage payment plus an additional amount to catch up on the arrearage. A Chapter 13 bankruptcy is a difficult process and is different for each person, so it is always best to speak with an attorney about your particular situation.
If you have questions about saving your home, the professionals at Lakelaw are here to help. We serve our clients with Care, Kindness, Courtesy, Respect, Professionalism and Dedication. We can be reached at 1-800-LAKELAW in Illinois and 262.694.7300 in Wisconsin. Give us a call so we can help you with your finances and your home.
This post was drafted by Attorney Nicholas Strom
Posted by Ryan Blay on December 2nd, 2011 in Bankruptcy, Bankruptcy Information, Chapter 13, Chapter 7, Illinois, Wisconsin
Hiring a lawyer for any reason can be stressful. There are so many factors to consider – including the one nobody wants to talk about – cost. For people seeking bankruptcy protection, cost is an even bigger concern. Filing bankruptcy means financial distress. It means not paying creditors and barely getting by. The cost of an attorney is often the number one priority for a client. We urge anyone to consider the downside of hiring a bankruptcy attorney on the cheap.
Sometimes a basic bankruptcy attorney is all you need. Some people can even file simple bankruptcies “pro se”, without an attorney. This is fine if the bankruptcy is easy and there aren’t any problems or unusual issues that appear. However, if problems do arise or the bankruptcy is complex, a low cost, quick fix attorney is probably not qualified. We have had clients walk into our office after hiring a low cost bankruptcy attorney and see the consequences of their choices.
One couple came in to see us after hiring a cheap bankruptcy attorney who knew nothing about mortgage foreclosures. Because of the attorney’s lack of training, the clients are in a much worse position and will probably not be able to keep their house now. Another person came into our office after hiring a low cost attorney and asked why they were still getting mortgage payments in the mail at a high rate. The answer was simple: the quick fix attorney never took the proper steps to inform the mortgage company that the debtors and the mortgage company reached a deal reducing the rate. A third consulted us after failing to tell the courts in her bankruptcy papers that she had a personal injury lawsuit pending when she filed. Now she runs the risk of losing control over the settlement of the case and having the creditors take more than what they would have been entitled to if she had had an attorney tell her that she is responsible for listing any possible lawsuits or claims against anyone.
The professionals at Lakelaw know bankruptcy inside and out and are willing to take the time to work with you all the way through the bankruptcy and other matters that may arise. We offer a free initial consultation and will give you the chance to discuss your personal situation and what you must do to stay strong. Lakelaw will treat you with Care, Kindness, Courtesy, Respect, Professionalism and Dedication. Call us at 1-800-LAKELAW or (262) 694-7300 in Wisconsin.
Attorney Nicholas Strom contributed to this post
Posted by Ryan Blay on October 25th, 2011 in Bankruptcy, Bankruptcy Crimes, Bankruptcy Information, Bankruptcy procedures, Illinois, Wisconsin
There are several different ways to prepare a bankruptcy petition in a bankruptcy court. The first is the most common – hire an attorney. Your attorney will be required to electronically file your bankruptcy schedules, plan (if you have a Chapter 11, 12, or 13) and other paperwork through your local court’s electronic service after helping prepare and review everything.
Courts also allow debtors without attorneys (“pro se” filers) to prepare and file the paperwork directly with the clerk of the Bankruptcy Court. This involves handing in the paperwork to a clerk, who will scan and input it into the court’s system. It’s a self-help system to allow people who cannot afford or do not want an attorney’s help to file.
Other non-attorneys called Bankruptcy Petition Preparers will charge a small fee to type the paperwork into bankruptcy software (or hand-write it in some cases). They advertise as being cheaper than attorneys and will claim to save time and skip the hassle of using an attorney. However, these preparers (sometimes called BPPs) can be more trouble than their fees.
The US Bankruptcy Court in Milwaukee has permanently barred 7 petition preparers from helping people out. They have been barred for a number of reasons, including passing themselves as real attorneys. They are not, and are barred by United States Law from giving legal advice or pretending to be lawyers. Other preparers have been ordered to attend court to explain their behavior to judges, but have not been barred. That step could come at any time.
As long as petition preparers disclose their fees in the schedules, sign the required forms, and avoid giving legal advice, the Bankruptcy Code allows them to help prepare petitions. But many times they fail to do so and lie to the courts, telling people not to inform the court that they were used to prepare the paperwork. Does committing a crime by lying to the court and your bankruptcy trustee sound like a good iea? It’s not.
The only source of legal advice is to see an attorney, preferably one with a long history of experience in bankruptcy. It is well worth the extra money to protect assets, stop creditors, and ensure a successful bankruptcy.
If someone charges you a fee to prepare paperwork and instructs you to hide that fact, do the smart thing and go see an attorney immediately. To contact Lakelaw and speak with a professional attorney with bankruptcy experience, please contact us at 866-LAKELAW, (262) 694-7300 in Wisconsin, or visit our website at www.lakelaw.com
Posted by Ryan Blay on March 25th, 2011 in Bankruptcy, Bankruptcy Information, Chapter 13
Lakelaw is familiar with Chapter 13 Bankruptcy plans. During the three to five year plan, your finances can change, for the better - and for the worse. If anything big happens – a job loss, a big raise, the birth of a new child, emergency expenses – the most important thing you can do is give your attorney a call immediately.If we know about changes set to happen, we can contact the Chapter 13 Trustee and the Bankruptcy Court and explain the situation. We can ask for an increase or decrease in plan payments, a temporary (one month) suspension of the payments, or, in extreme situations, we can convert your case to a Chapter 7 or try to get an early discharge due to a hardship.
Suppose, for instance, your governor and legislature decide that as a state employee, you should have to contribute more to your insurance and retirement plans. Your net income on every paycheck will go down. Before missing your mortgage payment or Chapter 13 plan payment, call your attorney and see what we can do to show your changes on your budget schedules (Schedules I and J) and propose a different plan.
Chapter 13 can be complicated and stressful, but it does not have to be torture or a debtor’s prison. You are paying for the services of an attorney for the full life of the plan, and you should make use of that attorney before it becomes too late to save your plan. If you are in Chapter 13 and you have experienced a major change in income or expenses, call us at 866-LAKELAW or 262-694-7300 in Wisconsin.
Posted by David Leibowitz on January 30th, 2011 in Bankruptcy Information
Within the last month, we at Lakelaw were pleased to welcome visitors from 53 distinct nations – from Malaysia to Russia and from the Philippines to Costa Rica and many more in between.
Most of our visitors seem to have come for a reason – not just surfing. We couldn’t help but notice how many of our international visitors stayed a while and had a chance to look at several different pages on our site.
If you are an visitor to Lakelaw from overseas, we’re interested in hearing from you. What information can be best provide to help serve your needs and interests? What services might we be able to provide you here in the United States?
We’re looking forward to hearing from you – of course there’s no obligation.
We at Lakelaw send greetings to our friends throughout the world. Enjoy the remainder of your week-end . Come back to Lakelaw often for news and information you can use in your financial life.
Posted by David Leibowitz on September 12th, 2010 in Bankruptcy, Bankruptcy Information
For the fiscal year ending June 30, 2010, almost 30,000 bankruptcy cases were filed in Wisconsin. This is the largest number filed during the past 40 years, and probably even beyond that. Of these cases, more than 96% of the cases were chapter 7 cases or chapter 13 cases. This level of filing is 20% in excess of the already elevated level of cases filed in fiscal year 2009 ending June 30, 2009.
What does this mean? Several factors:
Remember, creditors have rights but debtors have remedies. Bankruptcy is the most important remedy which you have as a debtor facing economic hardship. In particular, chapter 13 to save your home can still be very effective. Bankruptcy is not shameful. It is your right. It’s built into our United States Constitution, which these days is a matter of paramount concern to many people. Check it out in Article 1 Section 8 Clause 4.
And Congress has granted people the right to file bankruptcy pursuant to its constitutional authority to do so.
So, if you need bankruptcy help, call David Leibowitz or Ryan Blay at Lakelaw: 262 694 7300. We’ll help you exercise your constitutional right to a fresh start after bankruptcy. Do it now.
Posted by David Leibowitz on July 27th, 2010 in Bankruptcy Information
Lakelaw, like every law firm, welcomes new clients. Not only that, Lakelaw really values referrals from our existing clients. We also welcome referrals from other attorneys.
We know what you want from your bankruptcy attorney. We strive to give provide you the highest quality of service and the most sophisticated level of legal representation. We welcome all clients, rich or poor, of all backgrounds and from all areas. You don’t have to be from Chicago or Lake County or Kenosha to be represented by Lakelaw. We can represent you anywhere in Illinois or Wisconsin.
You are entitled to the best attorneys and the best service. So why take chances? Select the outstanding and nationally recognized lawyers of Lakelaw to represent you. Here’s how.
We ask our bankruptcy clients to visit our consumer bankruptcy center. There you will find our very own “Four Steps to Financial Freedom.”
We ask you to do the following:
Lakelaw bankruptcy attorneys want to help you resolve your financial challenges and become free of debt. Take your first steps today and call 1 866 LAKELAW (525-5329) to set up an appointment with the attorney of your choice.
Posted by David Leibowitz on April 3rd, 2010 in Bankruptcy Information
People who file bankruptcy in Illinois need bankruptcy information to make smart decisions. Lakelaw helps people file bankruptcy in Illinois. Lakelaw wants you to have all of the Illinois Bankruptcy Information you need even before you come to visit us in one of our offices – in Chicago or Waukegan.
Some information which you must have in order to be ready to file your bankruptcy case includes:
Cook County
Dirksen Federal Building 219 S. Dearborn St. Room 800 Chicago, Illinois 60606
DuPage County
DuPage Co Courthouse 505 North County Farm Rd, Rm 2000 Wheaton, Illinois 60187
Kane County
Kane Co. Government Center 100 South 3rd St., Rm 110 Geneva, Illinois 60134
Lake County
301 Greenleaf Ave, Courtroom B. Park City, llinois 60085
Will County
57 N Ottawa St. Room 201 Joliet, Illinois 60432
For chapter 13 meetings
Marilyn O. Marshall
224 South Michigan Avenue Suite 800 Chicago, Illinois 60604-2507
Glenn B. Stearns
DuPage County & Kane County
DuPage Co. Bar Assoc.126 S. County Farm Rd., Lower Level, Wheaton, Illinois 60187
Lake County
Lake County Branch Traffic Court 301 S Greenleaf Avenue, Park City, IL 60085
Will County (includes Grundy, LaSalle, Kendall & Will counties)
57 N Ottawa St. Room 201 Joliet, Illinois 60432
Tom Vaughn, Esq.
200 South Michigan Avenue Suite 1300 Chicago, Illinois 60604-2402
Lydia Meyer
Rockford
Stewart Square Bldg 308 W State St Lower Level – Rm 40 Rockford, Illinois 61101
At Lakelaw, we want you to have all the information you need to know to be informed and make the best decisions for you.
Illinois Lawyer David P. Leibowitz handles business law, estate planning, probate, asset
protection, consumer bankruptcy, business bankruptcy, real estate, elder law, guardianships, identity theft, consumer protection, commercial collections and foreclosure defense matters from Chicago to Milwaukee with offices in Chicago, Skokie, Waukegan, Milwaukee and Kenosha.
All Rights Reserved - lakelaw.com - 2012 - Sitemap | Legal | View Mobile Site | A Law Firm Web Design by PaperStreet
The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law. Certification is not a requirement to practice law in Illinois. Disclaimer.
