Small businesses in Chicago are especially effected when the economy suffers. High end boutiques and small service based businesses are at risk for bankruptcy and closing their doors permanently.

Difficult economic times start when people begin losing the jobs. Once the job is lost they begin to cut back on things that are not necessities. Designer clothing, house cleaning and lawn care are among the first to go.

These types of cut backs are completely necessary for the family that lost an income however as they add up they can be the last straw for a small business.

When a small business files for chapter 7 bankruptcy they have accepted that they will never open their doors again. This is because in order to be discharged of their debt they need to sell off all assets and use the money to pay off creditors.

Although chapter 7 bankruptcy typically brings a fresh start when an individual files the process means the end of a business that files.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

After people have tried to consolidate loans and even receive counceling for their financial troubles they often consider bankruptcy. Before taking that leap there is another option.

Debt Settlement. The idea behind debt settlement is that you negotiate with creditors to pay off debt. When you file for bankruptcy creditors typically only get a portion of what is owed to them. Sometimes they receive it in one lump sum and sometimes it is made in payments over time. Because of the potential to only receive a portion of what is owed to them they are more likely to agree to a settlement.

To qualify for debt settlement your loans need to be greater than $10,000. The good news is that you are likely to be able to negotiate your debt down by 50%.You will then be free of the debt and have only paid a portion of what is owed.

Some people try to negotiate their own debt settlement. This is fine in theory however hiring a Chicago debt settlement company is usually well worth the money. They know creditors well and have a good idea of what they will typically accept in terms of payment. You are likely to get a better deal using a company and you won't have to pay them until your debt is settled.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

When you are faced with the possibility of foreclosing on your Chicago home you may feel helpless and alone. This is a very overwhelming time however with a little help from a foreclosure attorney you may be able to save your house.

Anyone who is at risk of foreclosure but has always had a great record for paying on time, a decent credit score and maintains a steady job could have another option.

Loan modification may save your home. To try and modify your loan you should have your attorney reach out to your mortgage lender and discuss the option of adjusting the terms of your loan or your interest rate. If you've been a solid customer until recently and seem able to make modified payments then they are likely to agree.

If they adjust your loan or lower your rate your monthly payment will decrease making it more manageable to pay. Loan modification is still in the best interest of the mortgage company because if you do foreclose they stand to get far less from the sale than they would by lowering your payments and keeping your loan.

Discuss the possibility of loan modification with your attorney. It could be a great fit for you and thus allow you and your family to avoid foreclosing on your home.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

Many people do not know the difference between filing chapter 7 or chapter 13 bankruptcy. This is certainly something your bankruptcy attorney will be able to explain to you in detail but the two types of bankruptcy have some major differences.

1. Liquidation vs. payment plan - Both forms of bankruptcy involve a plan to pay off your debts. Chapter 7 uses liquidation where your assets are sold for cash and the cash is used to pay off your debts. Chapter 13 gives you a payment plan and you have 3-5 years to pay back your debts without interest.
2. Financial Stability - To qualify for chapter 7 bankruptcy you need to take a means test to evaluate your income in comparison to your state average. Qualifying for chapter 13 bankruptcy requires that you have enough income coming in to make the necessary payments towards your debt for the next few years.
3. Credit effects - Filing chapter 7 bankruptcy will stay on your credit report for 7-10 years. The effect of chapter 13 on your credit report for 2 years less. That is a big difference when you consider that while bankruptcy is on your record you will not be easy to get approved for a home or car loan.

With such different requirements for chapter 7 and chapter 13 bankruptcy you will need to get the insight of a qualified bankruptcy attorney to determine what is the best decision for your situation.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

It's not easy to sort through all of the Chicago bankruptcy lawyers to find the one that's the best match for you and your needs.

To help simplify the process here are a few key things to look for:

• Certification - Is your lawyer qualified? Have they earned any certifications specific to their law practice?
• Experience - How long has the attorney been practicing bankruptcy law? Are they well versed in the bankruptcy process?
• Workload - Find out how many cases your lawyer has going on at one time. Don't add yours if you aren't confident it's going to get the attention it deserves.
• Cost - It's not in your best interest to choose the least expensive lawyer out there. To cut costs make sure they offer a free consultation. This will allow you to evaluate how well suited they are for your needs before hiring them.
• Office Visit - See the lawyer in their own environment. You can get a feel for how the practice functions when you see their offices.
• Get Advice - If you know someone who has used a bankruptcy lawyer get a recommendation. Good or bad it will help you narrow down your choices.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

Bankruptcy is a serious issue that is never entered into lightly. That being said, there may come a time when debt is so overwhelming and out of control that chapter 7 bankruptcy becomes your best solution.

It may surprise you but the process of filing chapter 7 bankruptcy is fairly simple and relatively fast.

1. Get a qualified bankruptcy attorney on your side
   Chapter 7 bankruptcy may be straightforward but you will still need an attorney who knows the process and understands how best to proceed.
2. Take the "means test"
   This is a test that evaluates your personal income in comparison to the state average. You need to pass this test to qualify to petition for bankruptcy.
3. Receive a trustee.
   Once you pass the means test you are placed under protection and creditors will no longer be allowed to contact you for debt repayment. Instead they will be directed to your state appointed trustee who will handle them going forward.
4. Liquidation
   Your trustee is also given control over all of your assets. They take these assets and liquidate them into cash. That cash is then used to first pay your daily living expenses and then the remainder is distributed amongst your creditors.
5. Discharge
   The chapter 7 bankruptcy process will last approximately 6 months. Then you will receive discharge and the bankruptcy proceedings will be complete.
6. Fresh Start
   As soon as your bankruptcy process is rolling any income or properties that you obtain are untouchable and yours to keep. Once you are discharged and bankruptcy is behind you your focus can be directed at rebuilding your finances.

Learn more about chapter 7 bankruptcy and contact Chang & Carlin today.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

Owning your own home and vehicle makes most of us feel very secure and independent. What some people do not know is that assets such as these are actually referred to as liability assets. This is because in the event that one of those assets is involved in a random accident that causes an injury to someone it could result in a lawsuit that leaves you responsible for paying damages out of your own pocket.

Ultimately you are responsible for anything that occurs at the hand of one of your assets. If an accident were to occur and you were forced to pay damages yourself there is a chance that you could be at risk for bankruptcy or foreclosure.

You do not want your financial future to be effected due to a random incident that you had no control over. The best solution is to protect yourself and your assets with liability insurance.

Consulting a qualified attorney can help you determine where your risk lies and provide a solution in case you find yourself involved in a lawsuit.

Contact Chang and Carlin to find out how they can help.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

When making the decision to buy a house or condo most of us evaluate our monthly mortgage payments, taxes and any fees to determine if we can afford the purchase. This sounds reasonable enough but if you are looking at buying a condo you need to look closely at the OA condo fees.

OA condo fees are paid by every unit of a condo building. The money is collected over the course of a year and goes to pay for any general property maintenance, amenities and services that the condo building has.

Condo fees are a normal part of owning a unit where landscaping, garbage removal and pool cleaning are involved.

The issue arises when occupancy within the condo association begins to dip. This is a common occurrence during a slow period in real estate. If there are fewer condo residents the dues necessary for each resident to pay would increase.

In some cases these condo fees can increase to a point where the unit owner may get so behind that the condo association sues them for foreclosure. If you are sued for foreclosure and the association won you would be responsible for paying your back fees and you would also be forced into foreclosing on your home.

No one wants to face foreclosure especially when it's brought about by a lawsuit. Educating yourself on condo fees before purchasing a condo is very important. If you find yourself threatened with foreclosure it is imperative that you enlist the support and guidance of a qualified foreclosure attorney.

Learn more about the foreclosure services offered by Chang and Carlin.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

You credit score is a reflection on your financial standing as well as your financial capability. When applying for a loan for a home, car or business a creditor will review your credit score as a major qualifying component to determine if they want to give you the money. In most cases your credit score leaves room for improvement. Follow these tips to get your credit on the rise.

1. Obtain a copy of your credit report
   
   You want to know what creditors will find when they pull your credit record. Get a copy of your credit score and evaluate where you stand. If your credit score is above 600 you are in pretty good shape. A creditor would seriously consider giving you a loan but there is always room for improvement. A score below 600 is on the right track but needs some work. Anything below 500 will raise a red flag in the mind of a creditor. You need to take action to get your number up as soon as possible.
2. Combine Your Debt
   
   Loan consolidation is a terrific way to simplify your debt. A consolidation loan will take your outstanding debts and combine them together into one loan with one monthly payment. This will improve your ability to pay off your debts and it is also likely to lower your monthly payments.
3. Make loan payments on time
   
   If you make the effort to consolidate your debt make your payments on time. You need to do this to show creditors that you are serious and invested in paying off your debt.
4. Do not file bankruptcy
   
   This may seem obvious but there is no worse damage you can do to your credit score. Once bankruptcy is on your credit report it will stay there for 7 years making it nearly impossible to qualify for any type of loan.

For more information contact Chang & Carlin today!

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

According to the Federal Trade Commission, the FDCPA "prohibits debt collectors from using abusive, unfair or deceptive practices to collect from you." Here are the top five things that are (and aren't) covered by the Fair Debt Collection Practices Act (FDCPA):

1. The FDCPA covers personal debt. This includes credit cards, mortgages, auto loans, etc. It does not include business debt.
2. Debt collectors cannot contact you anytime, anyplace. Under the FDCPA, debt collectors can't contact you in the early morning or late evening. They also cannot contact you at work if you have previously indicated that you may not receive phone calls there.
3. Certain behaviors are not appropriate when trying to collect debt. A few examples of this "off-limits" behavior are harassment, false statements and unfair practices.
4. You have options if you believe your rights have been violated. The Fair Debt Collection practices act gives you recourse - you may sue a debt collector or file a complaint with the Attorney General's office.
5. Professional legal assistance is available. A qualified legal professional is your best resource to explain your rights under the Fair Debt Collection Practices Act and go over your options for dealing with your mounting debt and creditors.

For more information on the Fair Debt Collection Practices Act, contact Chang & Carlin today and read on for more information.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.