Lakelaw has been blogging for almost 2 years now.  We’ve written about quite a few topics.  Mostly, we write about bankruptcy, mortgage foreclosure defense, mortgage rescue scams, financial rescue, business bankruptcy, chapter 7, chapter 11 and chapter 13.  Sometimes we write about the politics of debt too.  Sometimes we write about social issues relating to debt.

Today, I’m trying something new.  I’m asking you, our readers, to tell me what’s on your mind.

What is troubling you about the economy?

What do you look for in a bankruptcy lawyer, a mortgage defense lawyer, a consumer advocate in Illinois or Wisconsin?

Do you like what we are doing?  Or not?

Would you refer us to your friends, family or business associates or not?

What should we change?  What should we keep?  Do you like our website?  Or not?  What should we change? Or keep?

We get a lot of spam.  If you are a spammer, please disregard this post. If you are a reader, we really want to hear from you.

With Care, Kindness, Courtesy, Respect, Professionalism and Dedication

The People at Lakelaw – Representing people and business in bankruptcy and mortgage foreclosure defense from Chicago to Milwaukee.

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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:

1. Download the disclosure forms at Step 1 and keep them for your records
2. Download a truly free credit report from annualcreditreport.com at Step 2 and keep it for your records
3. Gather all the information and papers requested at Step 3
4. Complete the Questionnaire at Step 4.  This way, we will be ready to discuss your case when you come for your appointment.
5. Make an appointment with Lakelaw at one of our convenient offices.  Ask to see the attorney of your choice.
6. Be prepared to hire us at your first meeting – particularly if you want to get started right away.  Even a small initial payment will be enough for you to hire Lakelaw as your bankruptcy attorney.
7. You don’t have to pay us in full for chapter 13 cases – you can pay some of your fees under your plan.
8. If you want us to handle your chapter 7 case, we’ll want payment in full before we file your case.  We’ll always work with you for a convenient payment plan

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.

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1. You pay your disposable income for 3-5 years, no more than that.
2. You pay no interest
3. Your fees are limited to one attorneys fee and a small percentage to the chapter 13 trustee
4. You get the benefit of the automatic stay
5. All lawsuits stop
6. All garnishments stop
7. You can object to claims in chapter 13
8. You can eliminate totally unsecured mortgages in chapter 13
9. Unlike debt consolidation programs – most of which have been found by the FTC to be scams – chapter 13 is backed by the full faith and credit of United States Bankruptcy Courts.

If you want a real debt consolidation – go with chapter 13 and call Lakelaw today 1 866 LAKELAW (525-3529)

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These are not your only options. In contrast to the situation regarding an auto loan, where you could actually have the car repossessed if you don’t reaffirm, you could keep paying your home mortgage loan without losing your house.

Why might you want to reaffirm – contractually agree to personal liability – for a home mortgage loan even though your personal obligation to pay would otherwise be discharged in bankruptcy?

I recently asked that question to a lender who wants our client to reaffirm.   This is what the lendeer said:

The following could possibly be available to the Debtor should they qualify for a rate modification.

* Credit bureau reporting restored

* Online access restored

* Loan may be brought current*

* Option to apply for a rate mod reducing rate

* Will receive billing statements

So the answer is clear.  Don’t reaffirm unless you are getting something back which you think is of value to you, like a loan modification or other good consideration. 

For real debt relief in bankruptcy and beyond in Illinois or Wisconsin, call Lakelaw at 1 866 LAKELAW (525-3529) today.

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The first question we hear after mentioning the basics of how a Chapter 13 works is “how much will I have to pay?” We need to know your “projected disposable income.” Until now, we really didn’t know how to figure this out. The Supreme Court has cleared up a lot of uncertainty about this, particularly when your income over the past few months includes large payments which you won’t be getting in the future. Until now, large one-time payments, like severance pay, could distort your income for “means test” purposes and therefore for purposes of figuring out how much you need to pay under a chapter 13 plan. Unfortunately, without sitting down, completing a full “means test”, a budget, and checking for equity in property, we couldn’t say for sure. We can try to give a good estimate. It’s completely unfair to expect someone to pay money based on income from the last six months if there was an unusually high amount of money, something that won’t be repeated going forward.

Now the Supreme Court has given us guidance we can rely upon in advising you in Chapter 13 cases. Here’s what happened. Ms. Lanning filed a bankruptcy after she lost her job and started a new job. During the six months before her filing, she received a severance over two months. That severance made her look like she was a wealthy woman and put her above the median income level for a single woman in Kansas. Although her budget showed she had about $144 per month to pay to a Chapter 13 plan, her “means test” told the courts she should really be paying much more – $756 per month – over $600 more than she could afford!

Ms. Lanning proved that a one-time event that is certain not to happen again was the cause of this inflated amount. The Supreme Court sided with her and said that her “projected disposable income” – the amount she needed to pay every month into her bankruptcy plan – was more accurately reflected by her budget.

This case can cut both for or against people who may file chapter 13. But at least we can tell you what to expect with a high degree of certainty. The most important thing you can do to determine what you should be paying to a Chapter 13 plan is to speak with a qualified attorney to review your case completely and let them fight for you.

Lakelaw files Chapter 13 Bankruptcies in Wisconsin and Illinois and can help you understand how plan payments work in Chapter 13 in compliance with the Supreme Court’s Lanning decision. Call 262-694-7300 in Wisconsin or 1-866-LAKELAW in Illinois today so that we can help you get out of debt for good.

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                One such agency is Housing Resources, Inc.  You can visit their website at http://www.hri-wi.org/ or call them at 262-636-8271.  HRI can assist first time homebuyers, and they can assist those struggling through higher than expected mortgage payments, losses of income, and other problems faced by Wisconsin residents in the tough times.

                HRI is a chartered member of NeighborWorks and is one of the few Southeastern Wisconsin locations approved by the Wisconsin Housing and Economic Development Authority to refer homeowners facing foreclosure to Lakelaw for limited free assistance with mortgage woes.  They have a dedicated staff and value privacy.  They have specialists who speak Spanish as well, to ensure that nobody in the community should feel left out.

                When foreclosure looms, there are multiple options.  You can always dial 262-694-7300 and call us at Lakelaw to speak about using bankruptcy and legal defenses to foreclosure to fight the mortgage companies.  You can also call HRI and other counseling agencies to speak with trained specialists to discuss modifications, re-finances, and new rules that impact homeowners such as US Treasury Supplemental Directive 10-02 designed to ease the foreclosure crisis. 

                At Lakelaw, an agency dedicated to keep people in their homes instead of kicking them on the streets is a friend of ours and we are proud to support their tireless efforts.

                And Housing Resources, Inc. can refer you to Lakelaw where you can also get some free legal advice to help you address your mortgage problems, thanks to a grant from the Wisconsin Housing and Economic Development Administration – WHEDA.  For more information about this program, visit www.wisconsinforeclosureresource.com

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Foreclosure is not a good thing. You will lose your home. You’ll have to move. But you probably won’t have to pay a big judgment to the mortgage company. That’s because in Wisconsin, the lender on residential real estate has a choice of waiting 12 months from the time the foreclosure case starts before the foreclosure is complete or 6 months.  If the lender selects the 6 month waiting period, which is almost always the case, the lender must give up any rights to a judgment for the difference between the loan and the value of the home – the deficiency judgment.

So if you face foreclosure in Wisconsin and that’s your only big debt, you at least may be able to avoid the need to file for bankruptcy.

Call us at Lakelaw to discuss your options – we’re at 262 694 7300 and we help people with mortgage foreclosure and bankruptcy throughout the State of Wisconsin.

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Some information which you must have in order to be ready to file your bankruptcy case includes:

• Where is the Bankruptcy Court?

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

• Where should I get credit counselling?
• What exemptions can I take? Click here for information about Illinois Bankruptcy Exemptions

At Lakelaw, we want you to have all the information you need to know to be informed and make the best decisions for you.

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No questions were asked.  She was attended to and got better.  She returned to her homeland.

Now she is being dunned for $20,000 in medical bills.

Nobody told her she could get care if she was unable to pay.  Nobody tried to give her a payment plan. Nobody offered her any help at all.

This is against the law in Illinois.

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One significant benefit of a Single Asset Real Estate entity filing chapter 11 is the automatic stay.  The Bankruptcy Code provides that all foreclosure and collection activity must stop when a debtor files bankruptcy. If your company  is facing an imminent Motion to Appoint a Receiver or a Foreclosure Sale in a state court case, filing chapter 11 will temporarily stop the state court action from moving forward. 

The automatic stay will also provide the Single Asset Real Estate debtor some flexibility to develop cash if the property has tenants and is producing cash flow or rental income.  If there is sufficient cash flow, a Single Asset Real Estate Debtor will be more likely to develop cash when the value of the loan is worth less than the value of the property.    

While the automatic stay is beneficial for many debtors, the automatic stay has a limited shelf-life in a Single Asset Real Estate case. The automatic stay is limited to a 90-day period in Single Asset Real Estate case.  At the conclusion of the 90-day period, the Single Asset Real Estate debtor must propose a plan of reorganization or begin to tender monthly payments due to the lender(s) of the debtor. 

Lakelaw understands how to plan so this deadline can work in favor your chapter 11 case.  The key to success is pre-bankruptcy planning.  Through planning prior to filing for bankruptcy, Lakelaw can prepare for the difficulties presented by the limited application of the automatic stay.

Despite the abbreviated period for the application of the automatic stay, a Single Asset Real Estate case still has  benefits. Generally, with proper planning, a Single Asset Real Estate debtor may be able to successfully cram down a lender.  A cram down, under the Bankruptcy Code, allows a debtor to modify the monthly payments (and the amount of principal) due to a lender under  loan.  If a Single Asset Real Estate debtor can propose a feasible chapter 11 plan of reorganization, then it is more than likely that the entity can:

• Reduce the monthly payments which may have caused the entity problems prior to filing bankruptcy; and
• Allow the debtor (or its investors) to enjoy any appreciation in the value of the property after the chapter 11 plan is confirmed.

To be clear, while there are some risk in filing a Single Asset Real Estate case; with the right counsel, strategy and planning, there are many rewards which may be realized by an entity (or its investors).  

Lakelaw appreciates and understands the complexities of the Bankruptcy process.  We can help you or your company successfully maneuver through the bankruptcy process.  With over 35 years of experience in evaluating Single Asset Real Estate cases, Lakelaw can identify what is the best option for your company.  Lakelaw serves clients with financial restructuring needs throughout Illinois and Wisconsin.

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