Blog Posts in 2011
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Posted on Dec 30, 2011 By Marc Wagman
Happy New Year to all those reading this post. As a Chicago bankruptcy attorney , the New Year is a busy time for bankruptcy attorneys as clients again start to focus on their finances. Usually ...
Continue reading "Chicago bankruptcy attorney explains why tax season is a good time to file bankruptcy!" »
Posted on Dec 16, 2011 By Marc Wagman
According to this article , a study by the American Bankruptcy Institute finds that the 2005 bankruptcy reform act has increased the burdens and costs on Debtors filing for bankruptcy. The results of ...
Continue reading "Chicago Bankruptcy attorney explains new American Bankruptcy Institute Study!" »
Posted on Dec 13, 2011 By Marc Wagman
To file either a Chapter 7 or a Chapter 13 bankruptcy a debtor must obtain credit counseling prior to the filing of either bankruptcy. As a Chicago bankruptcy attorney , my clients will often ask what ...
Continue reading "Chicago bankruptcy attorney explains credit counseling!" »
Posted on Dec 8, 2011 By Marc Wagman
When a creditor has a judgment and they find out where you bank they can freeze your bank account by sending over a copy of the judgment to the bank. This is called a levy of the bank account. The ...
Continue reading "Chicago bankruptcy attorney explains a frozen bank account!" »
Posted on Dec 7, 2011 By Marc Wagman
In this article , the attorney general of Massachussets has sued five major banks for deceptive practices and allegedly illegally foreclosing on homes in the state. Attorney generals in other states ...
Continue reading "Massachussets Attorney General Sues Five Major Banks over foreclosure practices!" »
Posted on Dec 5, 2011 By Marc Wagman
As a Chicago bankruptcy attorney , I will get calls from potential clients asking whether their Social Security or Disability payments can be garnished. The answer is no, Social Security and ...
Continue reading "Chicago bankruptcy attorney explains that Social Security Payments cannot be garnished!" »
Posted on Dec 3, 2011 By Marc Wagman
Often as a Chicago bankruptcy attorney , I will get asked the question when should I file for bankruptcy. Well that answer depends on your situation, but some warning signs that you may need to file ...
Continue reading "What are the warning signs that you need a bankruptcy?" »
Posted on Dec 1, 2011 By Marc Wagman
As a Chicago bankruptcy attorney , I often get the question what is the means test. The means test is a required form added to the bankruptcy schedules in 2005. It is a six month average of the ...
Continue reading "Chicago bankruptcy attorney explains the means test!" »
Posted on Nov 30, 2011 By Marc Wagman
As a Chicago bankruptcy attorney , I will commonly get the question of whether a persons spouse has to file bankruptcy with them. Often times one spouse will want to file and the other does not. The ...
Continue reading "My spouse does not want to file bankruptcy. Do they have to file with me?" »
Posted on Nov 28, 2011 By Marc Wagman
As a Chicago bankruptcy lawyer , I get questions from potential clients on how to stop a garnishment. A garnishment is a court order which allows a creditor to take a portion of the judgment debtors ...
Continue reading "Chicago bankruptcy attorney explains how to stop a garnishment!" »
Posted on Nov 21, 2011 By Marc Wagman
As a Chicago bankruptcy attorney , I will get the question what happens if I have a Co-signer and I file for bankruptcy. A co-signed debt is a debt which two parties are jointly and severally liable ...
Continue reading "Chicago bankruptcy attorney explains a co-signer!" »
Posted on Nov 18, 2011 By Marc Wagman
According to this article , the price of food is projected to rise up to 4-5% this year and another 2-3% next year. It seems that prices for food are already on the rise. As a Chicago bankruptcy ...
Continue reading "Living expenses such as your grocery bills are going up!" »
Posted on Nov 17, 2011 By Marc Wagman
In this article , Joe Paterno the former head coach of Penn State Universities football team recently transferred his home to his wife for love and affection and $1. The present value of the home was ...
Continue reading "What is a fraudulent transfer in bankruptcy?" »
Posted on Nov 16, 2011 By Marc Wagman
A new report cited in this article , states that nearly 29% of borrowers are underwater on their homes. Underwater means that the person owes more than their mortgages and therefore, they have no ...
Continue reading "Nearly 1 out of 3 peoples homes are underwater!" »
Posted on Nov 14, 2011 By Marc Wagman
As a a Chicago bankruptcy attorney , my clients often ask when the discharge will come from the court in a Chapter 7 bankruptcy? When a Chapter 7 bankruptcy is filed a meeting of creditors is set by ...
Continue reading "When does the discharge come from the court?" »
Posted on Nov 10, 2011 By Marc Wagman
In this article , the number of foreclosures according to RealtyTrac increased in October. Mortgage lenders are starting to work out their problems with documents which delayed filings of foreclosures ...
Continue reading "Foreclosures are on the rise again!" »
Posted on Nov 9, 2011 By Marc Wagman
Take a look at this article , and you may recognize some of the famous people who filed bankruptcy. The list includes, Abraham Lincoln, Thomas Jefferson (filed several times), Henry Ford, H.J. Heinz, ...
Continue reading "Even famous people file for bankruptcy!" »
Posted on Nov 9, 2011 By Marc Wagman
According to this article , America poorest poor has risen to a record level. Nearly 1 in 15 Americans are in poverty according to new Census data. As a Chicago banrkuptcy attorney , I meet and speak ...
Continue reading "Americas poorest of the poor is at a record high!" »
Posted on Nov 7, 2011 By Marc Wagman
As a Chicago bankruptcy attorney , I have met with a number of clients over the years who have fallen victim to mortgage rescue scams. The attorney general of Illinois in this article is suing 4 ...
Continue reading "Attorney General sues 4 companies alleging mortgage rescue scams!" »
Posted on Nov 3, 2011 By Marc Wagman
In this article , the percentage of people who have been unemployed for a year or longer is nearly 32% of the 14 million people who are unemployed. As a Chicago bankruptcy attorney , I speak to people ...
Continue reading "No relief for the long term unemployed!" »
Posted on Nov 2, 2011 By Marc Wagman
According to this article in CNN , home prices are still heading lower in most areas in the country. According to FISERV a financial analytics company home prices still haven't hit rock bottom. As ...
Continue reading "Home prices are still heading lower!" »
Posted on Oct 31, 2011 By Marc Wagman
In this story by NPR , many people think medical debt is only for the uninsured. However, as a Chicago bankruptcy attorney , I see many clients who have insurance and have significant medical debt. ...
Continue reading "Crippling medical debt isn't only for the uninsured" »
Posted on Oct 24, 2011 By Marc Wagman
President Obama will announce new changes to the Home Affordable Refinance Program today. In this article , the Obama administration is changing the rules for people who have high interest mortgages ...
Continue reading "Obama to announce new changes to HARP program!" »
Posted on Oct 21, 2011 By Marc Wagman
Even cities are filing for bankruptcy now! In this article, the City of Harrisburg, Pennsylvannia filed a Chapter 9 bankruptcy because of an overdue incinerator debt. It is the ninth bankruptcy filing ...
Continue reading "Harrisburg Pennsylvannia files for Chapter 9 bankruptcy!" »
Posted on Oct 20, 2011 By Marc Wagman
As a Chicago bankruptcy attorney , I will often hear the question when should I file a bankruptcy? Well that depends on what is going on with you. Waiting can be in your favor, but in most cases it is ...
Continue reading "When to file a bankruptcy?" »
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