Every state is different when it comes down to filing for bankruptcy.  Since there are so many factors that you’re going to have to dig into, I thought I would write up this post to help you better understand the situation and how much you’re going to have to set aside.

No, you’re not going to be able to declare bankruptcy for free, or include the bankruptcy fees into your filling, because no one is going to work for you.  This is why its important that you save up a little extra cash in order to afford your attorney.

Taking a look at bankruptcy costs

To file in a local courthouse, you’re going to have to more than likely pay around $300 to file for either Chapter 7 or Chapter 13.  You can always refer to the court system to see what the exact pricing is, but usually it will be around $300.

Paying for your attorney

You will need an attorney 99% of the time.  If you think you can get away without having one, you’re wrong, because there are so many forms to fill out, as well as procedures to take.

All attorneys are going to be different in pricing.  You will find that some will allow you to pay in installments, while others will want a full payment up front to avoid being stiffed in the future.

You will want to price a few attorneys in your area, but plan on paying upwards of $2,500 for an attorney in your area.  If you really want to get your money worth, I would recommend going with an experience firm.  A younger lawyer may get the job done, but they can screw up as well.

In the end, if you save more than $3,000, you will be on the safe side.   I would say that you could pay as little as $600 with a cheaper attorney, but with someone that is experienced, as well as throw in filing fees, plan on paying around $2,500.

If you’re thinking about declaring bankruptcy, or you just want to know which each chapter is all about, I wanted to give you some pointers on what each bankruptcy does for you and how you can file.

Now, before you set out and file, you’re going to want to make sure that you really need to.  There are a lot of people out there that think they need to, but they come to find out that with a little hard work and motivation, they can pay off their bills relatively fast.

Chapter 7 Bankruptcy

Let’s start out with this first since it is the most common out of the two.  With Chapter 7, you will either have all of your debts discharged, or it may be partially.   The judge may force you to sell your assets to repay some of your older debts.

Once you declare Chapter 7, all of your older debt collectors may not contact you after the process has been done.  There are debts such as student loans and more that will never go away, so be sure to ask about these when consulting with an attorney.

How do I file?

You will find that the court system will make you take a means test first.  This test is going to show the judge that you really do qualify for filing.  If you don’t pass this test, they may reference you to Chapter 13.  If you pass, you will have to work with an approved counseling agency.

Chapter 13 Bankruptcy

This one is a little bit different than Chapter 7.  Under this process, you will have to repay all or even parts of your debts over a certain time period.  You and the courts will have to work out some sort of repayment plan.  You will pay the courts once approved and from there, they will pay your creditors.

The creditors are still going to get your money, but the judge is going to have the final say on what they are going to get.  When filing for Chapter 13, you will owe a lot less than you would before, but you will still have to pay over time to what the judge deems fair.

These are the 2 most common types.  If you find yourself in some financial trouble, be sure to meet with a bankruptcy attorney.  What you’re going to find is that they will be able to guide you on what’s best for you.

Certain Underwriters at Lloyd’s London insurance company took almost two years to make a decision regarding a doctor’s disability application for benefits. When he sued, the Court stayed the suit until an arbitration panel could review his claim. This article discusses the how the final disability benefit award was finally settled.

Most people don’t think of cardiologists developing heart conditions. It is far more common than most people realize.

Dr. Zev Lagstein held a disability policy with Certain Underwriters at Lloyd’s, London. The policy required Lloyd’s to pay him $15,000 per month for up to 60 months if he lost his ability to practice medicine due to a disability.

When he developed complications from heart disease, including severe migraine headaches and other neurological problems he applied for benefits.

Read more…

You may find that a time in your life, you’re going to need to gather contact information for the credit bureau agencies.  Whether you need to dispute a charge, or maybe you have a question, let me show you how you can contact them and get the information that you need.

First, we need to realize that there are 3 credit bureaus and they are listed below…

• Equifax
• Experian
• TransUnion

Each one has their own contact information and the best way to generally contact one is by the phone.  While sending e-mails and letters through the email may yield a response, it’s going to be much easier to contact them via the phone.

How to contact them by mail

Equifax PO Box 740241 Atlanta, GA  30374

Experian PO Box 2002 Allen, TX  75013

TransUnion PO Box 1000 Chester, PA  19022

If you want to get a hold of them by phone, I have some cool tricks that you can use to get an operator right away.  A great website called, GetHuman.com has these tricks available too.

Equifax Call 1.866.640.2273 Press 1, then press 5

Experian NOTE:  You will need to purchase a credit report Dial 1.800.493.1058 You will want to say, “yes” Input your credit report number Input your social security number Say, “yes” again After this, you will want to say, “Agent”

TransUnion Dial 1.800.916.8800 Press 3

This is always the best way to get ahold of someone.  Remember that if you see something suspicious on your credit card, you will want to contact all three of them to get it settled.

It’s always best that you get a copy of your credit report as well, so that you can reference to it when you call them.  Get everything in writing when you agree to something on the phone as well!

Sarah M. Konsky and Justin D. Clark bought a four-bedroom, 2.5-bath home at 847 Chicago Ave. in Oak Park from Kenna and Michael MacKinnon for $630,000 on July 28.

The 2,394-square-foot house was built in 1882 in Northwest Oak Park. It is located in the Frank Lloyd Wright Historic District subdivision.

Ms. Konsky is an associate in the employment and labor group in the Chicago office of Sidley Austin LLP. Prior to joining Sidley Austin, she clerked for Chief Judge Mary Schroeder of the United States Court of Appeals.

She earned her bachelor’s degree, with honors, from the University of Illinois and her J.D., with honors, from the University of Chicago Law School.

According to BlockShopper.com, there have been 631 home sales in Oak Park during the past 12 months, with a median sale price of $295,000.

Michael and Laura Hassan sold a four-bedroom, 3.5-bath home at 2458 N. Seminary Ave. in Lincoln Park to Dr. Patricia F. Katz and Kevin M. Katz for $1.015 million on July 16.

The 2,697-square-foot house was built in 1878 in the Wrightwood Neighbors subdivision.

Mr. Hassan is a partner at the Butler Rubin law firm in Chicago. Prior to joining Butler Rubin in 2007, he was a partner at Lord Bissell & Brook for more than two decades.

He earned his bachelor’s degree from Princeton University and his J.D. from the University of Chicago Law School.

Dr. Katz is an obstetrician and gynecologist at Northwestern Memorial Hospital in Chicago.

She earned her medical degree from Cornell University.

The Katzes also own a condo at 2717 N. Lehmann Court in Lincoln Park. They paid $456,000 for the property in Oct. 1

Read more…

Credit: Flickr

Many of us attend college over the years and what you’re going to find out over the long run is that your loans are going to add up fairly fast.  The average student loan debt today is around $23,000 for 4 year students.  This is a lot of money for just about anyone.

What you’re also going to find out is that you can almost double this number if you’re going to be staying on campus.  It’s no wonder why people have to work for years just to pay off their student loans!

When students find themselves on hard times, they find themselves thinking about bankruptcy.  What many don’t realize is that 99% of the time, your student loans are going to be protected from bankruptcy.  This type of bill is going to be with you forever.

The history of this law

Back in 1998, the bankruptcy laws changed significantly.  With this new law in effect, people had soon found out that it was awfully hard to remove a student loan.  To make it fair, people protested that with something like a car, you can take that away, but with an education, you can’t just take all that knowledge from your brain.

In order to make it fair for colleges, as well as banks that lend out money, the government had stated that once you get a student loan, it’s going to be next to impossible to discharge it.

Is there any way to get rid of it?

As I already mentioned, you’re going to find that 99% of the time, you’re not going to get away with.  If you’re planning on preparing for bankruptcy, you’re going to want to have that thought in the back of your head that this is going to be sticking with you until it’s paid off.

There are some steps you can take to get rid of it.  Generally, if you meet the following guidelines, you may be able to get rid of it 100%.

1. You can’t maintain your standard way of living.  If the loans take a big chunk of your budget and you can prove it, the judge may grant hardship.
2. You can prove that it is going to continue for years to come.
3. You have been paying for 5+ years.  If you have shown that you have paid in the past and you’re making an effort, this is another step.

Again, you will have to meet all of these 3 guidelines to be considered.  You won’t be able to fake it, so don’t even bother.

If you do find that you’re able to bail on your student loans, you will never be able to receive one again in the future.  If you decide that you want to go back to school, you may find yourself funding it yourself, rather than getting a loan.

Southern Railways are running a brilliant free ticket offer to all people named ‘Victoria’.

Based on their promotional character, Loco Toledo a wrestler from a small village in Mexico, who is looking for love with a lady with the same name as his favourite station, Victoria.

By complete coincidence Southern Railways operates its trains out of Victoria station.

So if you’re lucky enough to be called Victoria then you can visit the Southern Railways Facebook page and print off the voucher – you must then present this along with ID to prove your name at the ticket office to get your free ticket.

And don’t worry, as Loco says: ‘No called Victoria? No worry, I love you too!’ The promotion has been extended to 25% off pre-booked off peak tickets online.

Of course the offer is subject to a pile of terms and conditions – which I’ve listed below – but none the less, it’s a great gimmick. I just wish I was

Read more…

A partner in a Chicagobased law firm has bought a home in Lincolnshire.

Allan and Linda Yusim bought the 2,086-square-foot home at 8 Oxford Drive in the northern part of  Lincolnshire for $412,500 on June 11 from Robert and Stephanie Carter.

The house was built in 1960.

Allan Yusim has been a partner in the real estate and tax practice groups of Patzik, Frank and Samotny.

He focuses on commercial real estate and commercial lending, as well as estate planning.

He earned both a bachelor’s degree and his law degree from the University of Illinois.