Bankruptcy

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As COVID-19 continues its devastating impact in America, like you, I am mourning the incredible loss of human life and thinking about those of us who have lost jobs and are struggling financially. Psychologically, we can only take so much bad news, and it can be helpful in this difficult time to think about some unexpected benefits that this pandemic has created. For one, you may have heard about a decline in world pollution. Or, how about the crazy lack of traffic on the expressways?

Well, in the bankruptcy world, we’ve seen another unintended benefit of COVID-19. It is now…
Continue Reading Social distancing has made the bankruptcy process easier than ever.

A client recently came to us who had filed for bankruptcy without an attorney, and received a discharge, but was being evicted from her property by her condominium association. The client told us that she had asked many attorneys for help, but, but none were willing to take her case. We listened to the story, and were moved by it. We took the case.

Illinois law does allow for the eviction of a condo owner for unpaid assessments. But in this case, the Condo Association was ignoring the bankruptcy discharge. Its attorneys claimed that they could still throw our client…
Continue Reading O’Keefe Rivera & Berk defeated a creditor in important bankruptcy discharge case, preventing an eviction. Read the Judge’s opinion.

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Here are Some Ways to Help You Pay Bills Now

About 2 weeks ago, I wrote about a list of resources for people struggling to pay their bills, or anticipating that trouble.  Things are moving quickly, and Lenders and the US Government have been acting fast.  Now, here is an updated list of resources for people who need help in these trying times, due to job layoff or cut in hours.  Everyone will be challenged to keep up with their bills, because the State of Illinois has continued the Stay at Home Order until April 30, 2020. So it…
Continue Reading UPDATED Help for People Having Money Trouble During Coronavirus Restrictions

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New SBA Programs Help Small Businesses Survive Coronavirus

With the COVID-19 Virus spreading, and Stay at Home Orders in place in Illinois and most other states, Small Businesses are reeling. On March 27, 2020, the President signed the Coronavirus Aid and Economic Security Act, or CARES Act.  This Act is here to help Small Business Owners keep things going during this crisis, and beyond.  To make this aid accessible, they expanded the definition of a Business Owner who can get relief.  You don’t have to be a corporation, you can run a business as a d/b/a too, and still get…
Continue Reading Small Businesses- If Coronavirus hit You Hard, Relief is Here!

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EMERGENCY RESOURCES

Here is my latest update for this unprecedented Health, Safety and Financial Emergency throughout the US and Illinois.
If you are having financial problems because of this, here is a list of resources to help you if you are out of work.  This list is only accurate as of now, so I’ll try to update the information and provide new resources.  Hat Tip to Attorney Claudia Badillo for providing most of the information.  I’m here to help with any questions for current clients and others in this difficult time.
EMERGENCY RESOURCE LIST

  • Check to see if your Mortgage

    • …
    Continue Reading EMERGENCY RESOURCES FOR CORONAVIRUS-RELATED FINANCIAL RELIEF

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    For those that cannot 

    weather the storm . . .

    Many businesses have had to shut down or throttle back due to Coronavirus. The order in Illinois mandates that all businesses offering food or beverage for on-premise consumption must suspend services from March 16, 2020 – March 30, 2020. For many business owners and their employees two weeks of lost or significantly reduced income equates to economic insolvency. Hopefully, the spread of Coronavirus will flatten, businesses will reopen, and employees will return to work soon; but there is a possibility that will not be the case.

    The attorneys at Smith Law,

    …
    Continue Reading Has Coronavirus Created a Financial Hardship for You?

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    Coronovirus, the Courts and Your Money

    This is not the usual Blog. And these are not usual times.  That’s an understatement!  As an attorney who deals with people in financial emergencies every day, I am going to give an update on what is happening here, with my Bankruptcy firm, on the front line in Northern Illinois and the Chicago area.
    We are open and ready to help, and will do what we can to keep you informed.   We are always available by email, text, and phone.  We are going to limit in-person meetings to only essential meetings, and have more…
    Continue Reading CORONOVIRUS, PERSONAL FINANCE, AND THE COURTS -MARCH 15, 2020

    You’re under contract and you’re 30 days away from moving into that beautiful, Instagram- worthy Lincoln Park condo with the brand new hardwood floors and the shiny counter-tops. You’re excited and you’ve got furniture shopping to do. So why should you give a crap about this document called the 22.1 which you will receive by email from your attorney at some point before the closing? Well, there’s a very good reason. Because once you close on your condo, not only do you have to worry about maintaining your unit, but you’re also responsible to pay your share of the upkeep…
    Continue Reading Before you close on a Chicago condo purchase, read that 22.1 Disclosure twice!

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    Trucking Business Problems- Making of A Success Story

    When people think of seeing a Bankruptcy Attorney, they think of failure. Failure to manage money, failure of a business, failure because they can’t pay their mortgage or medical bills.  In reality, Bankruptcy can be a success story.  Here’s one real-life family’s Bankruptcy Success Story:
    A True Working Class Suburban Family
    In May of 2018, I filed a Chapter 7 Bankruptcy for a Husband and Wife from the South Suburbs of Chicago.  The Husband is a Union Iron Worker and the Wife owned a Trucking dispatch company.   The husband also owned a…
    Continue Reading Bankruptcy Success Stories- The Family Business

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    Chapter 7 Bankruptcy is a Simple Process for the Skilled Attorneys at Smith Law, Ltd.

    With the assistance of a skilled attorney, Chapter 7 Bankruptcy is a simple and easy solution for a person with low to middle income, few unencumbered assets, and insurmountable debt. This 4-step guide serves as a preview of what a client experiences when filing for Bankruptcy with Smith Law, Ltd.

    Step 1: Phone Consultation

    Call our office to speak with an experienced Bankruptcy Attorney for a free 10 minute consultation. During this consultation the Attorney will ask the caller about basic personal information, income, assets,

    …
    Continue Reading Simple Chapter 7 Bankruptcy (4 easy steps)

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    If you live in Illinois and get hurt while working, you have the right to make a claim for those injuries through the Workers Compensation system.  If you go through the process, many times, your claim will be enough to pay your medical bills, plus more money for your injuries, to help you care for future problems.  In Illinois, the amount of money you receive for Workers Compensation pay or settlements are protected, or “exempt” from bill collectors.  It’s called the Workers Compensation Act.  Back in 2011, I wrote about Keeping Workers Compensation in Bankruptcy.

    Court says you can

    …
    Continue Reading Workers Compensation Settlements and Bankruptcy- UPDATE

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    Get Your Real ID-ASAP!

    Way back in 2008, the States were supposed to start implementing the Real ID Act.  This requires a special, upgraded, and supposedly more secure ID, to be more uniform across the US.  Almost 12 years later, after the government granted states many delays, the Real ID Act is now mandatory, and will be enforced starting October 1, 2020.
    You’ll need to go to your State Department of Motor Vehicles, the Secretary of State in Illinois, to get your new ID with the fancy star in the corner in order to fly, and to enter all Federal…
    Continue Reading Real ID is for Real- Get One ASAP- Because you’ll need it- to Fly AND to Get into Federal Courthouses!

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    Yes You Can Rebuild Your Credit After Bankruptcy!

    Almost everyone I talk to, when considering filing for Bankruptcy Protection, asks “How will this affect my Credit?” What they really want to know is, will they be able to get credit in the future? The answer is that Bankruptcy temporarily causes your credit score to go down, but then within a year or two, it actually goes up, so much that most people are able to borrow money again, to buy cars, houses, and get credit cards. Of course, you don’t want to borrow so much that you are back into…
    Continue Reading How To Recover From Bankruptcy Filing- Rebuild Your Credit!

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    Strangers will happily take your money if you let them.

    Human history includes many examples of con-artistry, most of which have evolved into a modern version of its ancient counter-part. For example, in the middle ages someone might offer to sell a pig in a bag, and after the exchange of goods and/or currency the unsuspecting buyer finds that he or she has bought a cat in a bag; something of lesser value than what the buyer bargained for. This ancient scam can be easily facilitated in any peer-to-peer online marketplace when the seller substitutes the advertised good with something

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    Continue Reading Common Scams: Don’t be a scam artist’s victim.

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    Free Credit Review After Bankruptcy

    The purpose of filing for Bankruptcy Protection is to eliminate certain debts.  Once you’ve filed your petition, completed the 2nd counseling course, and attended your Meeting of Creditors, you should receive a Discharge Order, which is the official document signaling that debts such as credit cards and medical bills, and unsecured loans are discharged, or eliminated. But, what does that mean for your Credit Report? The creditors should be reporting that those debts are included in your bankruptcy.  And, that information helps you rebuild your credit.  Your score should increase, and allow you to get…
    Continue Reading We Help Our Clients with a Free Credit Review after Bankruptcy

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    Don’t wait until your wages are garnished, car is repossessed, or house is foreclosed before consulting with a bankruptcy attorney.

    How does someone in need of debt relief produce over $1,000.00 to file for Chapter 7 Bankruptcy? Someone planning ahead might manage to tighten their budget, and make payments to an attorney; but for someone whose wages are being garnished, or under some other financial burden resulting from unpaid debt, producing the amount necessary to file for Chapter 7 Bankruptcy is an implausible goal. This is why it is important to plan ahead.

    How much does it cost to file

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    Continue Reading Attorney’s Fee: Planning an Escape Before Garnishment, Repo, Foreclosure, etc.