A collection agency may be legally entitled to contact debtors, but only if it uses certain acceptable debt collection behaviors. For example, debt collectors are restricted to contacting debtors at certain hours of the day and are not allowed to use threats or offensive language. Unfortunately, complaints about abusive debt collection practices remain the leading consumer complaint to the Federal Trade Commission.
This ABC News report takes an inside look at offensive debt collection behaviors. In particular, the report shares the story a Bank of America customer who continued to receive harassing, offensive phone calls after he had settled his $81 owed debt. With the help of his attorneys, he was able to track down the responsible collection agent and hold him accountable.
By calling Cutler & Associates, Ltd. today, we can stop UCC 1 filings, asset sales, and wage garnishments. You can reach our Aurora office at (847) 505-0380.
When someone files for Chapter 7 bankruptcy, he or she must include schedules of assets and liabilities, a schedule of current income and expenditures, as well as a statement of his or her financial affairs. In addition, the debtor must provide his or her assigned bankruptcy trustee with a copy of the tax return or transcripts for the most recent tax year. As soon as the Chapter 7 petition is filed, the court will appoint an impartial bankruptcy trustee to oversee and administer the case.
Reviewing bankruptcy petition
Bankruptcy papers include information about debts, property and income. Not only do petitioners need to file this paperwork with the court, but also they need to provide the assigned bankruptcy trustee with their pay stubs, tax returns, and information about their assets. Once the trustee receives this information, he or she will review the petition to ensure that the information and calculations on the financial documents are correct.
Examining the bankruptcy filer under oath
About a month after the petition is filed, the debtor is required to attend a hearing in front of his or her assigned case trustee. This hearing is usually referred to as a 341(a) meeting of creditors, as the creditors are also free to attend and ask questions. The bankruptcy trustee conducts the hearing, asking any questions about the information contained in the bankruptcy documents. The petitioner is under oath when answering these questions.
Liquidating non-exempt assets
Chapter 7 bankruptcy does allow the debtor to keep a certain amount of property, but he or she must surrender non-exempt assets to the trustee. The bankruptcy trustee will then sell the nonexempt assets in order to pay back a portion of the owed debt.
Cutler & Associates, Ltd. has more than 25 years of consumer bankruptcy experience in the Aurora area. Our bankruptcy attorneys are dedicated to helping clients resolve their debt issues and achieve a fresh financial start. For more information, give us a call at (847) 505-0380.
Let me start by saying I'm a picky person and I generally have low tolerance for lawyers who seem to want to be treated differently than other professionals who are equally experienced in their fields. I expect anyone I work with to use diligent communication, straight forward advice, patience, and willingness to help the person understand --...
The federal bankruptcy process requires all those filing for Chapter 7 and Chapter 13 to attend two separate credit-counseling sessions. These are intended to reinforce or teach financial management skills that may help households avoid bankruptcy in the future.
The Department of Justice certifies local clinics to provide pre-bankruptcy counseling and pre-discharge education. To find the list of approved centers, consumers must go to the Department of Justice’s website for the U.S. Trustee Program, and then select their state of residence to find in-person and online class options. Illinois residents have several hundred certificated classes from which to choose.
A judge will not sign off on a bankruptcy until the debtor has completed both rounds of credit counseling. The law office of Cutler & Associates has decades of experience with Illinois bankruptcies, and often helps clients find effective counseling services to meet their needs. If you would like to see how our skilled team could solve your case, call our Schaumburg and Aurora offices at (847) 849-1834.
The market is constantly fluctuating, and it is difficult to decide on the best course of action for investing your money. This video from the Wall Street Journal offers a theory for how to intelligently manage your finances without paying too much in brokerage fees.
The video’s main argument is that most investors should be putting their money in index funds that go up and down along with the market. These often have very low administrative costs and negligible fees - allowing each dollar to go father than with individual stocks or handpicked funds. However, investors should be aware that index funds work best when the money stays in the fund for long periods of time. This means resisting the urge to withdraw the funds during a recession or downward slump.
Household finances are complicated, but the Chicago-area team at Cutler & Associates has helped hundreds of Illinois clients manage their debt through bankruptcy and loan modification. If you are considering a debt discharge, call our office today at (847) 849-1834 to schedule a no-obligation appointment.