Even in the midst of trending de-regulation, consumers have protections from shady business practices in Illinois. The Illinois Consumer Fraud and Deceptive Business Practices Act is alive and well, and it allows individuals to bring actions against…
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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%)…
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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…
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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…
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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…
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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…
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“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. _…
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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…
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As reported by the American Bankruptcy Institute on December 29 2017, a Boston Judge Allows Conversion to Chapter 13 Just to Prevent the Sale of a Home
Consumers are entitled to convert a chapter 7 case to chapter 13 even if the only reason is to pre…
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One question people often have about bankruptcy is how it will affect their credit scores. In a recent article (link), Paul Goldsmith-Pinkham, an economist with the Federal Reserve Bank of New York’s Research and Statistics Group, shows that credit…
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