Recognized for Excellence in Bankruptcy – Your Financial Life-Saver TM
Posted by Ryan Blay on December 21st, 2011 in Uncategorized
Dear Friends:
Lakelaw wishes to extend our sincerest thanks this Holiday season to the colleagues, clients, staff, and administrators who make our jobs so rewarding. So often we hear complaints – about sloppy attorneys, rude judges, untrustworthy clients – and there is much that needs to be done to fix the justice system and make it accessible for everyone. But we are fortunate here to have a fine legal system with dedicated professionals helping to ensure the processes run smoothly. The staff, judges, clients, and others we’ve encountered have been helpful and dedicated to public service, and we appreciate this.
Bankruptcy and foreclosure defense in particular are areas of law that deal with very sensitive concerns – the loss of a home, the loss of a lifestyle, threats from creditors. We recognize the need to be sensitive and compassionate and hope that we meet the high standards we hold for ourselves. The genuine thanks of our clients and the opportunity to see consumers obtain a fresh start and relief from debts are two of the benefits we enjoy above all.
So thank you all again and we will be here to help in 2012 and beyond.
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 September 6th, 2011 in Life After Bankruptcy, Uncategorized
We’ve consulted with thousands of people who often ask us a version of the same question: “How do I improve my credit?” Whether you are coming out of bankruptcy, in foreclosure, or just a typical consumer, there are several easy steps you can take, as seen on sites such as this, to improve that all-important credit score.
1. Fix your payment history by paying as many bills as possible on time, responding immediately to collection agencies when they call or write about a debt, and paying certain debts in full so they no longer have a balance owed.
2. Avoid excessive balances on credit cards and loans that are simply too expensive (or have too high an interest rate) to repay in full. That includes loans for furniture and other items where “no money down!” is promised, but interest rates immediately become outrageous the moment the promotional period ends.
3. If you have a credit or charge card you pay every month on time, keep it open. Positive payments are your friends. Also, start early if you can by taking out very small limits on credit cards when you are young (but not going overboard with using them) to establish a good history from an early age.
4. Check your credit report periodically (our firm recommends Annual Credit Report because it is free) and avoid paying to view the reports. There is no need to pay $20 per month or more for a company to “monitor” your credit report and send you the same reports you can get for no cost every year.
The bottom line is that credit is a statistic, a figure or number you can help manipulate and stay strong to help you when you need it. Beyond the obvious advice to pay everything on time, you can manage which debts are outstanding, which are closed and which carry large balances to be a smarter, strong consumer. For more information, contact Lakelaw at 866-LAKELAW ((262) 694-7300 in Wisconsin), or a trusted financial advisor.
Posted by David Leibowitz on June 27th, 2011 in Bankruptcy, Chapter 11, Uncategorized
The Los Angeles Dodgers couldn’t make payroll. The McCourts, their owners, are involved in a nasty divorce. They are having trouble with their franchisor – Major League Baseball. This is making headlines. But it could be anyone’s story. Divorce, cash flow difficulties, franchisee problems and an inflated payroll have been the downfall of many businesses. But when it happens to a major league baseball team, it’s a big story.
What does the Dodger’s chapter 11 mean to you?
Look how this plays out with the Dodgers. Divorce is frequently accompanied by financial stress. It’s certainly a distraction to the management of any business. The McCourts don’t seem to have their eye on the ball, figuratively or literally. They have a great big contract with Manny Ramirez. It doesn’t seem like he is going to perform up to the standards set for him. But the Dodgers still have to pay.
They say that all they need is to sign up their $3 Billion (that’s with a “B”) television contract and everything will be OK. Of course, this TV contract seems not to be OK with the franchisor, Major League Baseball.
What lessons can we learn? Big business frequently has the same problems as little ones.
Chapter 11 may be a good answer for the Dodgers. Small businesses can take advantage of chapter 11 too. In order to be successful, you need counsel who knows how to deal with small businesses in chapter 11, one who will work efficiently and cost effectively. David Leibowitz has close to 40 years of experience representing debtors large and small.
Posted by David Leibowitz on April 7th, 2011 in Uncategorized
I have noticed that people visit our website owing to Mr. Kaplan’s former connection with our firm. For about one year, Mr. Kaplan served of counsel to Lakelaw and helped us represent some of our clients. Mr. Kaplan and Lakelaw concluded this relationship more than a year ago. For those interested in Mr. Kaplan, please visit his website at http://www.kaplansilvermanllc.com/ArnoldKaplan.html#.
For those interested in representation by Lakelaw, including our team of David Leibowitz, Richard Kohn and Cynthia Zenko, please visit our website here: http://www.lakelaw.com/mortgage-foreclosures-loan-modifications/
Posted by David Leibowitz on March 3rd, 2011 in Uncategorized
Legal Helpers is a law firm. It helps people file bankruptcy.
Legal Helpers Debt Settlement LLC is a law firm. It says it helps people settle debts. Is it the same as Legal Helpers, the firm that helps people file bankruptcy? No. It’s a limited liability company organized in Nevada with its principal place of business at the Willis Tower in Chicago.
Lisa Madigan, the Illinois Attorney General says no. She says that Legal Helpers Debt Settlement takes illegal advance fees to settle debts for consumers without filing bankruptcy. Then, it says that they violate the Illinois Consumer Fraud and Deceptive Business Practices Act, the Uniform Deceptive Trade Practices Act and the Debt Settlement Consumer Protection Act. They allegedly contract out virtually all debt relief services to a third party staffed by non-lawyers, charging advance fees which are unfair and in violation of the advance fee ban in the Debt Settlement Consumer Protection Act.
I’ve seen just such a victim in my role as chapter 7 trustee. This debtor paid close to $10,000 to Legal Helpers Debt Settlement LLC. He got no relief. He ended up in bankruptcy anyway.
Check out a copy of the complaint here: http://tinyurl.com/4vuq2e9
If you or someone you know is a victim of Legal Helpers Debt Settlement LLC, call us at Lakelaw and we will advocate for you.
Posted by David Leibowitz on February 11th, 2011 in Bankruptcy, Chapter 11, Uncategorized
Thomas Edison was one of America’s greatest inventors ever. His work with the electric light bulb was so legendary that a bulb illuminating is universally recognized as the symbol of a great new idea. He invented the kinetescope – the precursor to modern motion pictures. And he was deeply involved in the invention of the phonograph – the precursor to all modern music reproduction systems including the iPod.
By all accounts, Thomas Alva Edison died a very rich man. But the road to fame and riches was also marked by a visit to the bankruptcy court.
Back in 1894, Thomas Edison declared bankruptcy against the North American Phonograph Company. The story could have been written today. He had become the company’s largest creditor. He didn’t like the way the management of the company had been running the company. So he filed an involuntary bankruptcy petition against the company and then credit bid his debt so as to become the company’s new owner. Doesn’t that sound complete fresh and contemporary?
Creditors are still the “elephant in the room” in bankruptcy proceedings.
If your company is facing bankruptcy, you need a team that knows how to deal with creditors so that you have a fighting chance to reorganize. Our Lakelaw team has represented creditors in the past. So we know how to deal with them today. Give yourself a fighting chance to reorganize in Chapter 11. Rely on Lakelaw to help you in Illinois and Wisconsin in your real estate chapter 11, your small business chapter 11 or your corporate reorganization. Call David Leibowitz or Jonathan Brand at Lakelaw for immediate assistance.
Posted by David Leibowitz on January 26th, 2011 in Uncategorized
People in Chicago have themselves all in a knot. Can Rahm Emanuel run for Mayor? At issue is whether he remained a resident of Chicago while he was living in Washington DC serving as President Obama’s chief of staff.
People who don’t like Rahm are sure that he is evading the law. People who like Rahm thinks that the courts are fixed and that this is just so much political chicanery of the opponents.
We seem to be forgetting a big difference between two legally related terms – terms which sometimes make a difference for the purposes of bankruptcy. These terms are “residence” and “domicile”. “Domicile” is the place where you sleep at night. “Residence” is the place you call home. It’s not that complicated.
A soldier who resides in Illinois in Afghanistan is domiciled there – at least temporarily. Or he might be domiciled at his military base in North Carolina or Georgia if Afghanistan is his temporary duty assignment. All the while, however, he retains his Illinois residence. He can vote in Illinois. He will have an Illinois drivers’ license. He pays Illinois taxes as a resident.
Domicile is a question of fact. Residence is a question of intent. Rahm owned his home in Illinois. Sure he rented it out to pay some expenses while he was working in Washington. But he intended to return. It is his home. It’s been his home for years and he intended to keep it that way.
People can file bankruptcy cases where they reside, where they transact business or where their assets are located. So residence is important.
A snow-bird from Illinois can spend many months a year at a home in the sunshine. However that does not detract from permanent residency in Illinois. Temporarily, that person is domiciled in Arizona, Florida or Hawaii. However, continuously, that person resides in Illinois.
I expect the Illinois Supreme Court to come to this common sense conclusion.
Posted by David Leibowitz on January 5th, 2011 in Uncategorized
Even the Roman Catholic Church has been to bankruptcy court. The Milwaukee Archdiocese of the Roman Catholic Church has filed for protection under chapter 11. If you, or someone you know, has a claim in this matter, it probably will be far more complex than the typical claim in the typical bankruptcy case. And this sort of claim will have to be handled with sensitivity and care not typically found in the typical bankruptcy firm.
Lakelaw represents people with care, kindness, courtesy, respect, professionalism and dedication. These traits will be of particular importance in a matter which requires not only professional expertise but also exquisite sensitivity.
If you or someone you care about has a claim in this unique matter, Lakelaw invites you to contact us – we’ll treat your case and your claim with the care and discretion you need and deserve – and that includes – if necessary – sealing all records concerning your claim to maintain your privacy.
Call me, David Leibowitz, or my associate, Ryan Blay, at our Kenosha office, 262.694.7300 or toll free at 1.866.LAKELAW (525-3529)
Posted by David Leibowitz on January 1st, 2011 in Life After Bankruptcy, Uncategorized
Happy New Year!
And for Illinois job-seekers with credit problems or who have filed for bankruptcy before, it really is a Happy New Year.
Effective January 1, 2011, it is against the law to discriminate in employment in Illinois based on credit except in limited circumstances.
This Act prohibits discrimination on account of credit history in employment decisions except in the following circumstances:
So the bad news is that quite a few jobs still might allow for credit checking. But most won’t.
Keep in mind that the Act nevertheless allows for a thorough background check which can include information about the job-seeker – without credit history.
If you feel you have had an issue with this, call Lakelaw. You may be able to recover damages as well as attorneys fees.
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.
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