Latest from Bankruptcy Law Chicago Blog - Page 2

Nothing could be further from the truth! My job as a Bankruptcy Attorney is to help clients understand the process, and how to navigate all of the complexities of Bankruptcy Law. My job is also to educate the public about common misconceptions of the Bankruptcy Process, and how it works. You may think, well, if the client is broke, how can they afford to hire a lawyer? That is a legitimate question. But, in reality, if you are having financial troubles, as a business owner, or as a consumer, you can’t afford NOT to hire an attorney. Many people might
Continue Reading Bankruptcy is Just Filling Out Some Forms, Right?

On March 11, 2021, the President signed the American Rescue Plan Act.  So, you ask, how does it help me, the average consumer?  Will you be rescued? Stimulus payments By now, you should have gotten $1400.00 for each adult, and each child in your house.  It should have come either by electronic payment, or by paper check.  If you haven’t gotten it, check here to find out:  https://www.irs.gov/coronavirus/get-my-payment.  If you owe on your bills, creditors in most states can seize it.  See my article on this here: https://bankruptcylawchicago.com/third-stimulus-check-protected-from-collectors-or-not/ Cancelled Student Loans are not Taxable Income This is HUGE!  It may
Continue Reading American Rescue Plan Act – What’s in it for YOU?

Many of us will be getting the third “stimulus” check from the US Treasury as a part of the American Rescue Plan Act signed by the President on March 10th. People who qualify (those who earn less than $75,000.00 for singles and $150,000 for married people who filed their taxes jointly), will get $1400.00 per person. That can add up to a lot of money for families!! But, if you owe money to creditors, some of those that you owe may be able to garnish (seize) it right away. Which ones can get it and which cannot? Who cannot get
Continue Reading Third Stimulus Check—Protected from Collectors or Not?

Most people think that they don’t have enough money to hire a financial advisor. That’s only for rich people!  In reality, there are professional financial advisors ready to help people at all income levels.  For advisors that pick stocks and mutual funds, some get paid a commission and others get fees just for the time they spend researching the investments and buying and selling them.  Much of their focus is on clients’ long term goals like retirement. Who Needs Financial Advice? Everyone! Most Americans don’t have enough money saved for a $1000.00 emergency, much less have the money to invest
Continue Reading Is a Bankruptcy Lawyer a Financial Advisor? Yes!

What I do Well Being a practicing attorney for 30 years, I have been honing my skills every day. In these 30 years, I’ve met with hundreds of clients, and learned how to listen, then how to develop a specific financial plan based on my experience in the Bankruptcy Court. Not just hear, but actually listen to the clients and hear what they want, their goals, and needs. These listening skills help me have real-world conversations with my clients. I have detailed discussions about a topic that most people won’t talk about with their own family or friends, money. I
Continue Reading In the process of rewriting my bio for my newly redesigned website, BankruptcyLawChicago.com, I reflected on exactly what I do well as an attorney in practice for 30 years. This update reflects the philosophy behind my practice

Since March, we’ve been told so many things. Stay home, don’t work, and only go out for necessities. Then, try to work from home. Then, go back to work and have your kids in school online, but keep them home! Now through all of this, people and small business owners have taken huge financial hits! Six months later, with job layoffs and cuts, and a bit of government help thrown in, it’s time to “take stock” and see where you and your family, or your business are going financially. First things first: Take care of yourself! Get exercise every day,
Continue Reading Pandemic Financial Check Up Time!

Time for Your Pandemic Money Checkup!
Since March, we’ve been told so many things. Stay home, don’t work, and only go out for necessities. Then, try to work from home. Then, go back to work and have your kids in school online, but keep them home! Now through all of this, people and small business owners have taken huge financial hits! Six months later, with job layoffs and cuts, and a bit of government help thrown in, it’s time to “take stock” and see where you and your family, or your business are going financially.
First things first: Take care
Continue Reading Pandemic Financial Check Up Time!

With 5 months of the Pandemic behind us in the US, millions of jobs lost, mortgage and rent payments missed, many are wondering, where’s the Tsunami of Bankruptcy filings?  In fact, compared to 2019, Bankruptcy filings are down!  And, Bankruptcy Courts have remained open throughout the US and here in Illinois, so access is not a problem. So far, we are at the “Eye of the Storm”.  It is always calm right before the storm!  A few factors are in play now: Consumer debt (credit card balances) is actually down-people were home more, and actually pared down their debt, and
Continue Reading The Calm Before the Bankruptcy Storm

We Are Here to Help You Weather the Storm!
With 5 months of the Pandemic behind us in the US, millions of jobs lost, mortgage and rent payments missed, many are wondering, where’s the Tsunami of Bankruptcy filings?  In fact, compared to 2019, Bankruptcy filings are down!  And, Bankruptcy Courts have remained open throughout the US and here in Illinois, so access is not a problem.
So far, we are at the “Eye of the Storm”.  It is always calm right before the storm!  A few factors are in play now:

  • Consumer debt (credit card balances) is actually down-people were

  • Continue Reading The Calm Before the Bankruptcy Storm

    Here’s my latest video – FEDERAL VS PRIVATE STUDENT LOANS! BE CAREFUL!
    Click below:

    We’re here to help you.  Know what’s best for you and your family!
    Daniel J. Winter
    For more information-contact us here:
    http://StudentLoanLawChicago.com
    djw@Dwinterlaw.com
     
    The post Federal or Private Student Loans? Know the Difference! appeared first on Bankruptcy Law Chicago.
    Continue Reading Federal or Private Student Loans? Know the Difference!

    I’ve written many articles on how to be a good Client in a Bankruptcy case, and the documents you’ll need to have ready for your Attorney.  Here is an update on exactly what to expect as a client, or potential client, from beginning to end of the Bankruptcy process. With the #TouchlessBankruptcy, we’re ready to help now, from where ever you are! Bankruptcy is a Very Detailed Process What do I mean by detailed?  You are asking for the Bankruptcy Court to erase your debts. So the law says that you need to tell the Court everything about your financial
    Continue Reading What to Expect When You’re Expecting.. to File for Bankruptcy Protection

    What to Expect…. In Bankruptcy Court!
    I’ve written many articles on how to be a good Client in a Bankruptcy case, and the documents you’ll need to have ready for your Attorney.  Here is an update on exactly what to expect as a client, or potential client, from beginning to end of the Bankruptcy process. With the #TouchlessBankruptcy, we’re ready to help now, from where ever you are!
    Bankruptcy is a Very Detailed Process
    What do I mean by detailed?  You are asking for the Bankruptcy Court to erase your debts. So the law says that you need to
    Continue Reading What to Expect When You’re Expecting.. to File for Bankruptcy Protection

    Emergency Declared– What are Courts Doing? Back in Mid-March, when the President declared a State of Emergency for all 50 states, and most states imposed some sort of a stay-at-home order, most State Courts almost immediately shut down. In the State Court Systems, the only Courts still running, at least in Illinois, were the Emergency Criminal Courts. Bankruptcy Court is Ready! During that whole time, the U.S. Bankruptcy Courts, in the Federal Court System, kept running, without much delay.   Bankruptcy Courts have been conducting hearings by phone, available to everyone.  Why? My opinion is that no matter what, people and
    Continue Reading Bankruptcy Court Hearings in the Age of a Pandemic

    Bankruptcy Court is Open!
    Emergency Declared– What are Courts Doing?
    Back in Mid-March, when the President declared a State of Emergency for all 50 states, and most states imposed some sort of a stay-at-home order, most State Courts almost immediately shut down. In the State Court Systems, the only Courts still running, at least in Illinois, were the Emergency Criminal Courts.
    Bankruptcy Court is Ready!
    During that whole time, the U.S. Bankruptcy Courts, in the Federal Court System, kept running, without much delay.   Bankruptcy Courts have been conducting hearings by phone, available to everyone.  Why? My opinion is that no
    Continue Reading Bankruptcy Court Hearings in the Age of a Pandemic

    Small Business Owners-We Can Help!
    These strategies apply to our current COVID-19 Crisis, or any economic downturn.
    If you are a Small Business owner, you are getting conflicting messages.  You can’t open without providing protection for yourself and your customers.  But, you should pay your workers, open, and get going soon, once the State lifts the restrictions.  And, you’ve got store rent payments, utilities, and other loan payments.  Not to mention your food and housing payments at home!  You may be able to weather the storm, or not. Here’s how to figure it out.
    What to do now? 
    1.Conserve and
    Continue Reading What Should Small Businesses Consider During a Financial Crisis?