April 2016 Archives

Effective ways to stop a harassing debt collector in Illinois

There are certain rules that debt collection agencies must abide by when contacting consumers. Violating those rules can result in legal action in Illinois or anywhere else across the country. Unfortunately, this wrongdoing is becoming commonplace. According to the Consumer Financial Protection Bureau, approximately 26.3 percent of complaints the agency received In February of this year are related to debt collection.

Protecting the elderly from debt collection scams in Illinois

Unfortunately, scam artists often select elderly people as the target. At Ledford, Wu & Borges, LLC, we have a reputation of helping older people protect their finances, their future and their overall wellbeing through guiding them through processes such as bankruptcy. We also know how to help people identify and avoid scams.

Does the bankruptcy court need to approve my business decisions?

When your business files for bankruptcy in Chicago, it is important for you to know how that could affect your operations. In most cases, you will be able to proceed as normal, and you will conduct business as a debtor in possession. In some cases, the court will appoint you a trustee. However, this is usually reserved for situations in which there is sufficient cause to do so, such as if the court has observed the following: 

The bankruptcy trustee explained

When people in Cook County file for bankruptcy, the court will appoint a trustee. According to the U.S. Department of Justice, every judicial district has a panel of private citizens who are appointed to serve in this capacity. They are referred to as panel trustees in matters concerning Chapter 7 bankruptcy. The trustee is essentially the person who handles the process of paying creditors after handling the liquidation, or sale of the filer’s assets. The trustee is also in charge of assembling the assets that are to be sold.

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