Chicago Bankruptcy Lawyer

Recent Posts in Debt Collection Category

  • What is the Automatic Stay?

    Once a bankruptcy case is filed, a bankruptcy restraining order is automatically issued. This restraining order, which functions much like a typical restraining order, is formally known as the automatic stay. This automatic stay prevents creditors from proceeding in collection actions against you. What this means is that creditors can't call you at home, at work, or on your cell phone; they can't ...
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  • Extending or Imposing the Automatic Stay

    Pursuant to 11 USC 362, the filing of a bankruptcy petition serves to automatically stay certain activities against the debtor. These activities, outlined in 362(a), include any judicial action that can be taken against the debtor in terms of debt collection, the enforcement of a pre-petition judgment, or any action to collect property of the bankruptcy estate or things along those lines. The stay ...
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  • The Automatic Stay and Repetitive Filings

    Normally, the bankruptcy automatic stay goes into effect immediately upon filing the bankruptcy case. This automatic stay prevents most attempts to collect on debt and also is effective in stopping garnishments, frozen bank accounts, and harassing creditors. Problems arise, though, if a person has repetitive bankruptcy filings. After the BAPCPA reforms to the Bankruptcy Code in 2005, the automatic ...
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  • The Fair Credit Reporting Act

    The Fair Credit Reporting Act is legislation originally passed in 1970 that is designed to promote and further the accuracy, fairness, and privacy of information in credit reports and other affiliated documents. The goal behind it is to place an emphasis on the rights of consumers in relation to the credit histories, scores, and debts. Recent amendments expanded consumer rights and like the Fair ...
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  • The Fair Debt Collection Practices Act, Part III

    We complete our discussion on the Fair Debt Collection Practices Act today by beginning with the information that every debtor is really looking for: conduct that is strictly prohibited in collection efforts. The main standard to remember here is that a debt collector cannot engage in conduct that involves abuse or harassment. This is a wide ranging standard that doesn't have a clear cut ...
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  • The Fair Debt Collection Practices Act, Part II

    We continue our discussion on the FDCPA by focusing on what debt collectors can do under the statute. This is conduct that is permitted by the statute for debt collectors to collect on debts. The statute states that a debt collector is someone who regularly collects on behalf of other creditors, meaning that the FDCPA does not apply to the actual creditor who holds the underlying debt. That is ...
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  • The Fair Debt Collection Practices Act, Part I

    The Fair Debt Collection Practices Act is a federal statute originally signed into law in the late 1970s that is designed to provide protection to consumers from unethical and/or illegal actions by debt collectors. At the time of the promulgation of the act, Congress stated that it had substantial evidence of bad practices by so-called debt collectors, including abuse of consumers, deception, and ...
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  • Common Bankruptcy Questions, Part II

    Picking up where we left off yesterday, we continue our discussion of common bankruptcy questions by discussing the concept of pro se bankruptcy filings. What pro se means in common English is filing a case by yourself. The question is, then, whether someone can get the bankruptcy forms themselves and file their own case. While this is always an option for anyone, I would highly recommend that you ...
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  • Should You Wait to File?

    Most of the time, obtaining a Chapter 7 bankruptcy discharge is an urgent manner for you. You have grown sick of the creditor calls, the attempts to collect on your debts, the struggles in maintaining your finances, and perhaps even lawsuits being filed against you. There are times, however, where it is best to wait to file your case. It is probably best to wait to file your case if you've repaid ...
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  • Statutes of Limitation and Bankruptcy

    One of the reasons that people file for bankruptcy is because of attempts by creditors to collect on their debt. One way that these creditors can attempt to collect on that debt is by eventually filing a lawsuit in state court to secure a judgment for the debt amount, if the debt collection proceeds to that point. When the bankruptcy is filed, an automatic stay is put into effect, stopping any ...
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  • Secured Creditors and the Automatic Stay

    We discussed yesterday the basic concepts of the automatic stay in a bankruptcy case. The automatic stay stops all debt collection efforts from the onset of the filing of the bankruptcy case. This also includes any efforts by a secured creditor, such as your mortgage or car company, to collect on their debt with you. In certain situations, including if the debtor is late on payments to their ...
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  • How Long Will My Chapter 7 Bankruptcy Take?

    One of the more common questions asked by clients is how long their Chapter 7 Bankruptcy case will take. As a general overview, a Chapter 7 bankruptcy lasts about 120 days from the date the petition is filed in United States Bankruptcy Court until the date a discharge is issued in the case. The more important question in this regard, however, is when clients will begin to see relief in the filing ...
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  • What Happens If You Don't Pay Your Debt?

    When you don't pay your debt, debt collectors and collection agencies can both report your debt to credit bureaus and also pursue legal options. These legal remedies can include filing a lawsuit in either state or federal court; obtaining a judgment; and any attempts to collect on judgments. These attempts to collect after a judgment has been entered can include garnishments, citations, ...
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