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5 Mortifying Reasons Mortgage Applications End Up in the 'Reject' Pile

Just read an interesting article in Realtor.com explaining why mortgage applications are sometimes denied (See realtor.com).  According to the article a recent Federal Reserve study concluded that one out of every eight home loan applications (12%)… Read More
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Bankruptcy Filings among Elderly Increased Exponentially over Last 25 Years

According to an article posted today in the New York Times (www.nytimes.com/by/tara-siegel-bernard) by Tara Segal Bernard, “[f]or a rapidly growing share of older Americans, traditional ideas about life in retirement are being upended by a di… Read More
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Law360 Satisfaction Survey finds that student loans are burdening lawyers too.

According to Forbes magazine, “student loan debt is now the second highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans and according to Make Lemonade, there are more than 44… Read More
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America is heading for a level of income inequality that hasn't been seen since 1928

Economists have noted that the level of income inequality between the top 1% and the rest of the country is approaching levels last seen in 1928, which, of course, was just before the tragic financial meltdown that pre-dated, or even caused, massive… Read More
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Merchant Cash Advances – A Trap for the Unwary

Small business owners should think carefully before taking out merchant cash advances, which is a form of financing that is heavily marketed. Small businesses, like any other business, need cash to run. It can be difficult, though, for some small bus… Read More
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Rising home values are nudging more Chicago-area homeowners to tap the equity in their homes via lines of credit.

There appears to be an increase in consumer debt that is reminiscent of the near-collapse of 2008-2010. A recent article in Crain’s Chicago Business (reprinted below), reports that consumers are using increases in home equity to secure further… Read More
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Student loans discharged even when Debtor was not required to make payments on loans

In Murphy v. United States, 15-11240-j7 (Bankr. D. N.M. June 1, 2018), the Bankruptcy Court in New Mexico held that a debtor who was not obligated to make payments on student loans because she qualified for a -0- payment under an Income Based Repaym… Read More
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Supreme Court Sets a Trap for the Unwary Debtor

“One of the ‘main purpose[s]’ of the federal bankruptcy system is ‘to aid the unfortunate debtor by giving him a fresh start in life, free from debts, except of a certain character.’” Lamar, Archer & Cofrin, LLP v. Appling, 584 U.S. _… Read More
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Chicago Court orders City to surrender vehicle to Debtor notwithstanding asserted possessory lien to secure traffic tickets

In a recent case, Judge Schmetterer held in In re Cross, Adversary No. 18 AP 00154, that the City of Chicago did not have the right to retain a chapter 13 debtor’s vehicle to protect its possessory lien on the car that allegedly secured paymen… Read More
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Ariane Holtschlag Interviewed at ABI Winter Meeting

We are proud to share an exclusive interview conducted by Bill Rochelle of the ABI with Ariane Holtschlag, FactorLaw’s bankruptcy attorney, regarding some of the cutting edge consumer issues in the Northern District of Illinois. Watch the inter… Read More
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