Cutler & Associates, Ltd.

Visit These Sites to Gain More Essential Bankruptcy Knowledge

It is important to consult with an experienced lawyer before making the decision to file for bankruptcy—and it never hurts to brush up on the facts of the process. You can learn more about student loan debts, the Fair Debt Collection Practices Act, bankruptcy trustees, and common bankruptcy filing mistakes with these excellent, informative links. Call Cutler & Associates, Ltd. today at (847) 849-1834 for more information on bankruptcy services in Chicago.

• You can find out more about the background of the U.S. Trustee Program by reading this article from Justice.gov.
• Are you preparing to file for bankruptcy? Make sure you don’t make some of the most common bankruptcy mistakes by reviewing this Bankrate.com article.
• Explore this article from IRS.gov for more information about common bankruptcy issues.
• How are your debts discharged when you choose to file for Chapter 7 Bankruptcy ? Get the facts you need by reading this article.
• Did you know that unexpected medical expenses are one of the major reasons that so many individuals file for bankruptcy? Read this article from BusinessWeek.com to learn more.

What Are Debtors' Rights?

If you’re dealing with unpaid debts, it can often feel as if you are at the mercy of your creditors. However, all debtors do have certain legal rights. This video discusses the legal rights that debtors have when it comes to their interactions with debt collectors.

All debtors have the right to be treated fairly, which means that creditors cannot take certain actions in their efforts to gain compensation. This includes calling you early in the morning or late at night, and contacting you at work when you have already notified them that this is unacceptable. You can learn more about your legal rights by watching this video.

For more information on how the Fair Debt Collection Practices Act protects your rights when it comes to unpaid debts, contact the experienced bankruptcy lawyers with Cutler & Associates, Ltd. Call our Aurora or Schaumburg law firms at (847) 849-1834 to set up a free consultation.

Bankruptcy in the News: Student Loan Debt and Bankruptcy

A college education is a great investment towards your future, but many individuals who are interested in enrolling in college will require some sort of financial aid in order to pay for their schooling. While student loans are a popular option among soon-to-be college students, they can leave graduates with a mountain of debt. Continue reading to learn how filing for bankruptcy may help release you from student loan debt.

Types of Bankruptcy

The two main types of bankruptcy available to individuals include Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. Chapter 7 Bankruptcy allows you to discharge many of your debts through the process of liquidation, in which your non-exempt assets are sold so that the proceeds can satisfy debts to the creditors. Chapter 13 Bankruptcy, on the other hand, allows you to repay many of your debts under a three-to-five year repayment plan.

Dischargeable Debts

In previous years, both Chapter 7 and Chapter 13 Bankruptcy only discharged specific types of debts, including credit cards balances, unsecured loans, car deficiency balances, medical bills, unpaid rent, evictions, unpaid utilities, and foreclosure balances. However, student loan debts would remain regardless of which chapter of bankruptcy was filled. Today, educational debts can be discharged if the individual is able to prove that paying their debts would impose a substantial, undue hardship. Unfortunately, proving that paying back one’s student aid debts would have a significant impact on one’s quality of life can be difficult, and therefore requires the assistance of an experienced bankruptcy lawyer.

Whether you are interested in discharging student loan debts, credit card debts, or other unsecured loans, a bankruptcy attorney can help. Contact the bankruptcy lawyers with Cutler & Associates, Ltd. at (847) 849-1834 for more information about our areas of practice. You can also set up an initial consultation with our Aurora and Schaumburg bankruptcy law firms by visiting our website.

Bankruptcy Basics: What is a Trustee?

Filing for bankruptcy can be a confusing process—especially when you consider the various parties involved such as the federal bankruptcy court, trustees, credit counselors, and attorneys. This article will provide an overview of the job requirements of a trustee in regards to bankruptcy cases.

The Trustee’s Role

Once you file for bankruptcy, you will be automatically assigned to a court-appointed trustee. This individual is responsible for administering your case, meaning that they will be the one to organize the sale of your non-exempt assets if you choose liquidation bankruptcy, or help determine the monthly payment requirement if you choose a repayment plan instead. In most cases, you will not have direct contact with the trustee themselves unless you are trying to discharge consumer debts without making a genuine effort to repay them, or you have committed a crime such as fraudulently concealing assets.

Duties for Chapter 7 Bankruptcy

When filing for Chapter 7 Bankruptcy, the trustee will review your financial situation and report back to the court as to whether you qualify for relief under the “means test.” The trustee will also set standards for financial record-keeping and monitor attorney fees.

Duties for Chapter 13 Bankruptcy

When filing for Chapter 13 Bankruptcy, the court-appointed trustee is responsible for reviewing and approving the three-to-five year repayment plan structure.

Additional Duties of the Trustee

In addition to the aforementioned duties, trustees will perform a number of other tasks such as protecting and preserving assets of the estate, pursing avoidance actions against creditors who fail to adhere to the guidelines outlined by the Fair Debt Collection Practices Act, and reviewing records for all financial transactions related to the bankruptcy itself.

Make sure you understand the role trustees play in your bankruptcy case by contacting the Cutler & Associates, Ltd. bankruptcy law firm at (847) 849-1834. You can also set up an initial consultation with our Aurora bankruptcy attorneys by visiting us online.

A Consumer's Guide to the Fair Debt Collection Practices Act

Over the past several years, the U.S. government has gathered abundant evidence outlining the use of abusive and unfair debt collection practices by debt collectors—many of which have contributed to the increasing number of personal bankruptcies, job losses, and invasion of individual privacy. In response to this evidence, the Federal Trade Commission created the Fair Debt Collection Practices Act. This article will provide more information about the Fair Debt Collection Practices Act and how it affects consumers struggling with unpaid debts.

Purpose of the Fair Debt Collection Practices Act

The main purpose of the Fair Debt Collection Practices Act is to prevent debt collectors from engaging in certain types of abusive behavior when attempting to collect debts from individual consumers. Thanks to this Act, debt collectors are unable to contact a consumer who is currently being represented by an attorney, and cannot contact consumers by phone outside of the hours between 8 a.m. and 9 p.m. In addition, this Act prohibits debt collections from continually contacting a consumer by phone with the intent to annoy or harass them, as well as communicating with a consumer at their place of employment after being advised in writing that this is unacceptable per company guidelines.

The Fair Debt Collection Practices Act also prohibits debt collectors from communicating with consumers in any way after receiving written notice that they wish to end communication or refuse to pay the debt. Debt collectors may also not misrepresent the debt, publish the consumer’s name or address on “bad debt” lists, or threaten the consumer with legal action if they are not intending on doing so. Furthermore, this Act prohibits debt collectors from using abusive or profane language, discussing a consumer’s debt with a third-party, or reporting false information on an individual’s credit report.

Just because a law is put in place does not mean that everyone is going to follow it. If you are being harassed by debt collectors, the bankruptcy attorneys with Cutler & Associates, Ltd. are here for you. Get the legal representation you need by contacting our Aurora or Schaumburg law offices at (847) 849-1834 today!