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Consumer Rights Archives

Managing the high cost of bankruptcy

Bankruptcy is designed to help people, who have been overwhelmed by debt, manage their financial burdens. In some cases, debtors can emerge from bankruptcy with a clean financial slate. Some people, however, may be unable to afford the cost of bankruptcy itself. The truth is, filing for bankruptcy can be pricy, and the cost may deter people from starting bankruptcy proceedings. In addition to the fees and costs of filing the bankruptcy paperwork with the court, there are often attorney’s fees involved. In some cases, these fees can amount to thousands of dollars. This leaves many people wondering how they can come up with this money when they have no money to pay their debts in the first place.

What consumers should do when hit with time-barred debt

Even when people believe that their finances may be in order, they may be contacted by a creditor trying to collect old debt. Since debt has a statute of limitations, creditors are unable to collect unpaid debt once a certain time period has passed. These ‘expired’ expenses are known as time-barred debt. Regardless of whether the person is actually still responsible for the debt, however, aggressive creditors may continue harassing debtors through phone calls, mail and even bad marks on their credit report.

Rebuild your credit: Watch out for high interest credit cards

People who have declared bankruptcy in Illinois may be encouraged to open a new secured credit card with the idea of paying off the balance every month. Since bankruptcy can have a negative effect on your credit report for up to 10 years, rebuilding your credit is an essential part of reestablishing your financial stability.

Credit counseling: What you should know

If you are thinking about filing for bankruptcy, you are not alone. Many people in Illinois and throughout the country have chosen to file for bankruptcy as a way to help them seek solace from overwhelming financial obligations when they have exhausted all other avenues. While there are several different types of bankruptcy to choose from depending on your personal financial situation, everyone who applies for this form of debt relief must complete an approved credit counseling course prior to submitting the required paperwork.

What is an automatic stay in a bankruptcy case?

If you feel overwhelmed by debt and are struggling to make ends meet, you may have considered filing for bankruptcy in Illinois. Not only can bankruptcy give you the opportunity to start fresh with your finances, it can also stop creditors from calling you and using other harassing tactics in an attempt to get their money. Once you have filed all of the proper paperwork in your petition for bankruptcy, the court will place an automatic stay on your case.

Credit discrimination: The obstacles women in Illinois may face

Historically, women have had a harder time than men obtaining credit. In fact, until the federal government passed laws in the 1960s, women in Illinois and across the country were largely denied the opportunity to obtain a loan or other line of credit. Even though times have changed, there are many ways in which women may still struggle with their financial wellbeing when it comes to this issue.

What is credit discrimination?

Discrimination can happen any time and for just about any reason. In Illinois and across the country, it is not uncommon for people to be denied credit based on their race, age, sex or other factors. This is known as credit discrimination. It is harmful not only because it is blatantly offensive and perpetuates illegal activity, but it can also affect someone’s financial wellbeing.

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.

Military members frequent victims of aggressive debt collecting

Managing finances is a challenging aspect for many people living in Illinois. They must meet their living needs while also trying to save money for a rainy day. Unfortunately, if they have a car loan, mortgage, kids to take care of and student debt, any unexpected emergency could topple the fragile financial structure of their lives. Additionally, this debt is often turned over to debt collectors who use threats and intimidation as a way to get the money.

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