<?xml version="1.0" encoding="UTF-8"?><rss version="0.92">
<channel>
	<title>Northwest Chicago Bankruptcy BLOG</title>
	<link>http://www.stopirsproblemblog.com</link>
	<description>Helping clients see debt relief and avoid foreclosure through bankruptcy</description>
	<lastBuildDate>Fri, 18 May 2012 13:23:29 +0000</lastBuildDate>
	<docs>http://backend.userland.com/rss092</docs>
	<language>en</language>
	<!-- generator="WordPress/3.1.2" -->

	<item>
		<title>Surrender: Sometimes a Debtor’s Best Option</title>
        <pubDate>Fri, 18 May 2012 13:23:29 +0000</pubDate>
		<description><![CDATA[As this week we have reviewed the options for individuals to keep their vehicles in bankruptcy, there is another option for those individuals who overextended themselves with a car loan: surrender the vehicle. Surrender will allow you to walk away from the car and owe nothing. Our blog has mentioned a debtor files a “statement of intention” with the court regarding what they wish to do with their secured debts. Debtors can file this and state they intend to surrender the car. If you lease a car and not own it, you can get out of the lease by surrendering the car and rejecting the lease on the statement of intention. The main benefit of surrendering a vehicle is that debtors can get rid of the car and the debt if they owe more money than the car is worth, or if the monthly payments are simply too high for...<br /> <a href="http://www.stopirsproblemblog.com/2012/05/surrender-sometimes-a-debtor%e2%80%99s-best-option/">Read More &#187;</a>]]></description>
		<link>http://www.stopirsproblemblog.com/2012/05/surrender-sometimes-a-debtor%e2%80%99s-best-option/</link>
			</item>
	<item>
		<title>Reaffirm Your Car Loan in a Chapter 7 Bankruptcy</title>
        <pubDate>Wed, 16 May 2012 13:13:26 +0000</pubDate>
		<description><![CDATA[Debtors have options regarding their secured property and debts in Chapters 7 bankruptcy. On Monday, we discussed how redemption is one option, allowing a debtor to make a lump-sum payment in Chapter 7 to redeem a vehicle. Redeeming a vehicle might not always be possible, as it requires lump-sum of cash or a redemption loan. But this is not the only way to keep a vehicle in Chapter 7, and debtors can choose to reaffirm the loan. Reaffirmation of a debt is a “re-promise” of the loan obligation and allows the borrower to keep the car while continuing to make the regular payments. Sometimes, a creditor might be open to changing the terms of the loan if it would receive more money through reaffirmation than it would repossession of the vehicle. The bankruptcy court may  not allow reaffirmation if it believes it would present an undue hardship on the debtor,...<br /> <a href="http://www.stopirsproblemblog.com/2012/05/reaffirm-your-car-loan-in-a-chapter-7-bankruptcy/">Read More &#187;</a>]]></description>
		<link>http://www.stopirsproblemblog.com/2012/05/reaffirm-your-car-loan-in-a-chapter-7-bankruptcy/</link>
			</item>
	<item>
		<title>Redeem Your Car for its Retail Value and Wipe Clean the Rest</title>
        <pubDate>Mon, 14 May 2012 13:07:05 +0000</pubDate>
		<description><![CDATA[Did you know you can keep your car during and after Chapter 7 bankruptcy, and that you will have a few options to can choose from? It’s true, and you must indicate to the court what you plan to do with your car, along with any other secured debts, by filing a “statement of intention.” One option for your car loan in a Chapter 7 is redemption. Debtors can redeem their vehicles by paying a lump sum for the amount owed to the lender, and that sum equal to the car’s retail value. This is often less than what is owed. Therefore, if you own a car with a retail value of $4,000 but you owe $6,000, you can redeem and keep the car, and have the remaining $2,000 discharged at the end of your bankruptcy if you are able to pay the $4,000 up front. For debtors who cannot...<br /> <a href="http://www.stopirsproblemblog.com/2012/05/redeem-your-car-for-its-retail-value-and-wipe-clean-the-rest/">Read More &#187;</a>]]></description>
		<link>http://www.stopirsproblemblog.com/2012/05/redeem-your-car-for-its-retail-value-and-wipe-clean-the-rest/</link>
			</item>
	<item>
		<title>Bankruptcy Alternatives to Try Before Deciding to File</title>
        <pubDate>Fri, 11 May 2012 13:00:00 +0000</pubDate>
		<description><![CDATA[This week our blog discussed bankruptcy alternatives and how debt consolidation and debt settlement companies can do more harm to debtors than they help. The following are things that you can do to try to fix your financial situation without filing for bankruptcy, and these steps do not preclude you from having a successful bankruptcy in the event you are unable to get yourself out of debt. IRS debt. If you have a large tax debt looming that you cannot pay, you will face tax levies, tax liens, seizures, and wage garnishments. Filing for bankruptcy is one way to immediately stop these collection procedures. However, if you speak with a tax lawyer early in the process, you may be able to work out a payment plan or an Offer in Compromise with the IRS without having to file bankruptcy. Student loan debt. If you are struggling to pay a large...<br /> <a href="http://www.stopirsproblemblog.com/2012/05/bankruptcy-alternatives-to-try-before-deciding-to-file/">Read More &#187;</a>]]></description>
		<link>http://www.stopirsproblemblog.com/2012/05/bankruptcy-alternatives-to-try-before-deciding-to-file/</link>
			</item>
	<item>
		<title>How Debt Consolidation and Debt Settlement Companies are Harmful to Consumers</title>
        <pubDate>Wed, 09 May 2012 13:56:40 +0000</pubDate>
		<description><![CDATA[Some individuals who are facing piling debt and considering filing for bankruptcy may wonder what those late night commercials offering debt services are all about, and whether they are legitimate. Like many things, some businesses are reputable and some less so, but debt consolidation and debt settlement companies are not as effective as filing for bankruptcy. Sometimes, using those companies will harm consumers more than help them, and some of their customers will eventually end up in bankruptcy court anyway. Let’s look closer at how those companies work (and how they make a profit.) Debt consolidation. These companies offer to bundle your outstanding loans and pay them off, and then you pay the one large refinanced loan to the debt consolidation firm. They entice people in by offering a lower interest rate and lower monthly payments. While this sounds tempting, the lower monthly payments will continue for much longer than...<br /> <a href="http://www.stopirsproblemblog.com/2012/05/how-debt-consolidation-and-debt-settlement-companies-are-harmful-to-consumers/">Read More &#187;</a>]]></description>
		<link>http://www.stopirsproblemblog.com/2012/05/how-debt-consolidation-and-debt-settlement-companies-are-harmful-to-consumers/</link>
			</item>
	<item>
		<title>The Do’s and Don’ts of Bankruptcy Alternatives</title>
        <pubDate>Mon, 07 May 2012 13:53:09 +0000</pubDate>
		<description><![CDATA[Most people see bankruptcy as a last resort, and they only wish to file once they have exhausted all other options. It is better to speak with a bankruptcy attorney soon after you start getting in over your head and not wait until the last minute as your options will decrease with time. For those people looking to explore alternatives to bankruptcy, here is a list of do’s and don’ts: Do cut back on unnecessary items in order to downscale your expenses. This might include cable tv, going out to eat, your cell phone data plan, or a second car. Don’t use a home equity loan or take money out of a retirement account to pay regular bills. This will just dig you into a deeper hole while diminishing your assets. Do see if you can consolidate student loans and other bills with reputable companies as long as it is...<br /> <a href="http://www.stopirsproblemblog.com/2012/05/the-dos-and-donts-of-bankruptcy-alternatives/">Read More &#187;</a>]]></description>
		<link>http://www.stopirsproblemblog.com/2012/05/the-dos-and-donts-of-bankruptcy-alternatives/</link>
			</item>
	<item>
		<title>Change Your Habits to Succeed and Rebuild Credit Post-Bankruptcy</title>
        <pubDate>Fri, 04 May 2012 13:18:23 +0000</pubDate>
		<description><![CDATA[This week we have been discussing life post-bankruptcy, and many people wonder if they will be qualified for credit or loans again. As our blog discussed Wednesday, these days there are many companies and banks willing to lend to consumers post-bankruptcy, but borrowers should be wary of the subprime market and only agree to loans from reputable businesses. Also remember that after emerging from a Chapter 7 proceeding, debtors cannot re-file for another eight years, and lenders know this. The most important thing to succeed and rebuild your credit after bankruptcy is to not fall back into bad spending or borrowing habits. Some debtors in bankruptcy had filed due to unexpected hardship, such as a medical crisis or unemployment, which left them unable to pay their bills. Others fell onto hard times due to poor spending, borrowing and lack of budgeting. For these debtors, it is essential that they change...<br /> <a href="http://www.stopirsproblemblog.com/2012/05/change-your-habits-to-succeed-and-rebuild-credit-post-bankruptcy/">Read More &#187;</a>]]></description>
		<link>http://www.stopirsproblemblog.com/2012/05/change-your-habits-to-succeed-and-rebuild-credit-post-bankruptcy/</link>
			</item>
	<item>
		<title>The Pros and Cons of the Subprime Lending Market After Bankruptcy</title>
        <pubDate>Wed, 02 May 2012 13:17:12 +0000</pubDate>
		<description><![CDATA[Many people who are considering filing for bankruptcy may fear what will happen to their credit score and wonder if anyone will offer them a loan again. The good news is that there are many lenders willing to give consumers second chances after bankruptcy or foreclosure, and the bad news is that most of these lenders work in the subprime market. A subprime loan is defined as credit offered to individuals who have poor credit scores, low income, little to no assets, and/or no credit history. In return for the increased risk to the lender, the loans will have higher interest rates and penalties for late payments or default. The subprime market has a bit of a bad reputation, and not undeservingly so. The truth is that the subprime market is composed of both good companies trying to help people who historically had trouble securing credit, and those who seek...<br /> <a href="http://www.stopirsproblemblog.com/2012/05/the-pros-and-cons-of-the-subprime-lending-market-after-bankruptcy/">Read More &#187;</a>]]></description>
		<link>http://www.stopirsproblemblog.com/2012/05/the-pros-and-cons-of-the-subprime-lending-market-after-bankruptcy/</link>
			</item>
	<item>
		<title>Rebuild Your Life After Foreclosure</title>
        <pubDate>Mon, 30 Apr 2012 13:17:01 +0000</pubDate>
		<description><![CDATA[Homeowners across Chicagoland are facing foreclosure, and the most important thing for people to know is that they are not alone. There are services and help for people who do not know where to turn. One way to save a home is to file for bankruptcy, which will immediately halt the foreclosure proceedings and give the individual a chance to save their home and cure the arrearage and pay the loan in a Chapter 13 bankruptcy. If you choose Chapter 7, you can walk away from a home you cannot afford. Some people may be relieved to get rid of a home if it is an underwater asset or the costs are too high to maintain. If you want to surrender your home, the following are some tips from Freddie Mac to make the process go smoother and to help move on with your life: Some lenders are now allowing...<br /> <a href="http://www.stopirsproblemblog.com/2012/04/rebuild-your-life-after-foreclosure/">Read More &#187;</a>]]></description>
		<link>http://www.stopirsproblemblog.com/2012/04/rebuild-your-life-after-foreclosure/</link>
			</item>
	<item>
		<title>More on the Proposed Fairness for Struggling Students Act</title>
        <pubDate>Fri, 27 Apr 2012 13:34:51 +0000</pubDate>
		<description><![CDATA[This week has been about the huge student loan debt of $870 billion that is crushing many people who took out those loans in the hopes of improving their employment opportunities. Unfortunately, many of those people have found trouble finding work or are underemployed and are struggling to pay back student loan debt. Bankruptcy can help student loan debtors manage their loans while dismissing other unsecured loans to free up the person’s income. But some legislators say this is not enough. Our own Senator Dick Durbin has proposed the Fairness for Struggling Students Act, which would allow student loans to be eligible for discharge in bankruptcy. In favor of the legislation, Sen. Durbin noted, “While the overall growth in student indebtedness is troubling, the most pressing concern is private student loans. Private student loans are a riskier way to pay for an education than federal loans.” The Act would only...<br /> <a href="http://www.stopirsproblemblog.com/2012/04/more-on-the-proposed-fairness-for-struggling-students-act/">Read More &#187;</a>]]></description>
		<link>http://www.stopirsproblemblog.com/2012/04/more-on-the-proposed-fairness-for-struggling-students-act/</link>
			</item>
</channel>
</rss>

