Profile

Cover photo
Verified local business
Bentz & Houlgin Law Firm, LLC
Bankruptcy Attorney
Today 9:00 am – 5:00 pm
8 followers|4,316 views
AboutPostsPhotosVideos

Stream

 
SHARP UPTICK IN CONSUMER DEBT IS MORE FRIGHTENING THAN EVER!
On behalf of Bentz Holguin Law Firm LLC. , a Bankruptcy, and Debt Negotiation Law Firm.

Earlier this month, the Federal Reserve Bank of New York released data about the amount of debt that Americans are currently juggling and struggling to overcome. That new data suggests that consumers have run up more personal debt than they have since 2011, when the U.S. was still being significantly affected by the Great Recession.

This news would not be quite so unsettling if it was not paired with the news that consumer debt rates are rising very, very quickly. According to the newly released data, consumer debt in American rose by $241 billion in the last quarter of 2013. This rise represents the largest quarter-long increase in personal debt since the third quarter of 2007, just months before the Great Recession first took hold of the nation.

Consumer debt is generally made up of loans for automobiles, mortgages, credit card debt and other debt loads tied to purchases that Americans make on a daily basis. Some of these purchases are necessities, while others are luxuries. Therefore, it is not always possible to control one’s consumer debt fully when certain purchases are necessities.

Nonetheless, personal debt loads are rising so quickly that Bankrate.com recently reported that nearly 30 percent of Americans have more credit card debt alone than they do savings. If you are among this significant fraction of Americans and you feel that your debt is spiraling out of control, do not wait until you hit your breaking point to talk to an attorney at the Bentz Holguin Law Firm LLC, about debt management and debt relief options like bankruptcy.

Source: TIME, “Americans Are Taking on Debt at Scary High Rates,” Sam Frizell, Feb. 19, 2014

 

 

THINKING ABOUT BUSINESS-RELATED DEBT LOADS
On behalf of Bentz Holguin Law Firm LLC, a Bankruptcy, and Debt Negotiation Law Firm.

The entrepreneurial spirit has long been praised throughout American history. Ours is a society which prides itself on invention, innovation and expansion. As a result, many people of all ages find themselves itching to start their own businesses. Becoming a small business owner or otherwise becoming deeply involved in American business is often a noble and worthy goal. However, it is important to think ahead before diving into a new business venture for a multitude of reasons.

Chief among these reasons why you need to prepare before starting a business is that without a proper business plan and stable investors, you may find yourself quickly up to your eyeballs in debt. It is very normal for business owners to begin their ventures in debt. But if a business’s debt load mounts too quickly, owners may quickly find themselves compelled to file for business bankruptcy.

There is ordinarily no shame that should be associated with business bankruptcy, unless one files for its protections fraudulently. Many businesses end up opting to file for business bankruptcy in order to reconstruct their debt during hard times in order to flourish later on. However, business bankruptcy can be a stressful process and should generally be avoided whenever it is possible and prudent to do so.

The  Bentz Holguin Law Firm LLC, has been an excellent resources that businesses have used four years when they have fallen on hard times. Bentz Holguin Law Firm LLC, are also consultants for business owners seeking to avoid bankruptcy through Debt Negotiation. Bentz Holguin Law Firm LLC ,understand what kinds of missteps business owners make with their debt loads and other issues which ultimately inspire them to file for bankruptcy. So, if you have any questions about either how to file for business bankruptcy or how to avoid it, do not hesitate to reach Bentz Holguin Law Firm LLC,with your concerns.

Source: Forbes, “Starting A Business Without Debt: An Interview With Chris Hogan,” Amy Morin, March 3, 2014

HOMEOWNERS IN TROUBLE ARE FILING MORE AND MORE LENDER COMPLAINTS

On behalf of Bentz Holguin Law Firm LLC., a Bankruptcy, and Debt Negotiation Law Firm.

The nation’s largest banks have been under fire for several years now due to shady, unethical and even illegal lending practices. However, a new group of lenders is currently coming under fire for engaging in the same kinds of practices. These mortgage servicing companies may be smaller than large banks, but the practices many are engaging in can be just as devastating for homeowners as they would be if large banks had committed them.

These companies buy up rights to service the mortgages of homeowners. Once they retain these rights, they gain power to determine whether homeowners may modify their mortgages or must mount a Foreclosure defense And unfortunately, many homeowners are complaining that these mortgage servicing companies are engaging in some of the same abusive practices that large banks have been engaging in for years.

Among the complaints that homeowners are lodging are frustrations with wrongful evictions, being asked to present the same documentation repeatedly, significant delays in their cases and erroneous fees. According to Inside Mortgage Finance, these servicing companies now retain 17 percent of the market, which is a 14 percent increase in mortgage servicing marketplace shares since 2010. As a result, more and more homeowners are likely to run into problems with these kinds of companies in the coming months and years.

If a mortgage servicing company is making your life unnecessarily difficult, do not hesitate to contact Bentz Holguin Law Firm LLC., with your concerns. The law protects homeowners against abuses from these companies just like it does when large banks are abusive. Bentz Holguin Law Firm LLC., is your advocate, and voice against wrongs committed by creditors.

Source: New York Times, “Loan Complaints by Homeowners Rise Once More,” Jessica Silver-Greenberg and Michael Corkery, Feb. 18, 2014
1
Add a comment...
 
AFFORDABLE CARE ACT:

A great deal of controversy surrounded the creation of the Affordable Care Act. This piece of legislation, also known as “Obamacare” remains a subject of controversy for various reasons even though it has been passed successfully, has survived numerous attempts to repeal it and has been upheld by the Supreme Court. And even though many Americans have some certainly understandable concerns about this law, it seems as though it is here to stay.

The Affordable Care Act is accomplishing many of the goals that lawmakers set out to address in regards to the ways in which the American healthcare system currently functions. For example, millions of U.S. residents who previously could not obtain or afford health insurance are now eligible for affordable coverage. However, this development does not mean that medical care itself is suddenly more affordable.

Depending on the type of insurance one carries, coverage can greatly help to mitigate the impact of significant medical bills. However, many necessary treatments remain uncovered by insurance plans, co-payments and deductibles remain high on numerous plans and expensive hospital stays may remain expensive despite the fact that the affected patient has insurance.

The Affordable Care Act may indeed have numerous benefits and drawbacks. But one clear drawback to the law is that it does not properly address the skyrocketing costs of medical care. It is now a well-known fact that the number one reason that Americans file for bankruptcy is that they have been impacted by an unexpected illness or injury and need to discharge medical debt. This reality is unlikely to change in the near future.

As a result, it is important that regardless of whether or not you have insurance coverage that you contact an experienced bankruptcy attorney in the event that your medical debt has become overwhelming. An attorney can explain to you all the debt relief options that you may have at your disposal.

Source: USA Today, "Medical debt will persist despite health law," Jayne O'Donnell and Paul Overberg, Jan. 15, 2013

 
THE MORTGAGE FORGIVENESS DEBT RELIEF ACT HAS EXPIRED -- WHAT IT MEANS FOR YOU WHEN THE DUST SETTLES
In 2007, Congress enacted the Mortgage Forgiveness Debt Relief Act. It was designed to remove the negative tax consequences of a short sale, deed in lieu of foreclosure, or consent foreclosure. In general, when a creditor forgives a debt that you owe, the IRS considers that forgiven debt to be untaxed income. If the creditor issues a Form 1099, then you must report the forgiven debt on your taxes. 

For people seeking a short sale, deed in lieu, or a consent foreclosure, this law provided serious protection from the tax consequences of a forgiven debt. So many houses are so far underwater that a forgiven deficiency could be over $100,000.00. That means that the homeowner would be on the hook for six figures of untaxed income. That's a significant amount of tax which is taxed at the individual's normal rate. 

The law was set to expire on December 31, 2012, but Congress extended its term to December 31, 2013. Congress failed to pass another extension. This means that short sales, deeds in lieu, and consent foreclosures may now have significant tax implications for underwater homeowners. If you are considering any of these loss mitigation options, then you should consult with an accountant to determine how to best handle the possible tax liability.

It is also possible that loan modifications with a principal reduction feature may lead to tax liability. Again, this is a question for a CPA or the IRS. However, many clients have contacted Bentz Holguin Law Firm LLC. of late with this vary same concern. If you are experiencing these or any other concerns related to your mortgage call the Bentz Holguin Law Firm LLC. for a free consultation 312.881.5112.


EMOTIONALLY SUPPORTING A LOVED ONE WHO IS STRUGGLING FINANCIALLY
When one's financial situation becomes overwhelming, maintaining a strong support system is critical. However, supporting a loved one who is wrestling with debt is not always an easy task. Should you employ tough love or offer assistance? Should you avoid discussing the situation or help that person navigate practical approaches to debt relief? These are common and understandable questions for anyone in this situation to entertain.

Each individual financial situation is unique, and is treated as such at the Bentz Holguin Law Firm LLC., and therefore supporting someone who is struggling is ultimately a unique process. However, following a few general tips can help you to remain a solid support system for your loved one while maintaining a healthy distance from entangling yourself in the situation itself. Bentz Holguin Law Firm LLC., see’s many clients stress for family members consume them, several suggestions Bentz Holguin Law Firm LLC. Has are:

First, lecturing the individual about their past spending habits is generally a bad idea. The debt that your loved one has is already money long-since spent. As a result, it is not helpful to chastise that person for spending in the first place. It is far more helpful to seek solutions that will help that individual free him or herself from debt and avoid similar spending habits in the future.

Second, it is generally unwise to avoid talking about the subject of your loved one's crushing financial situation. Confronting the issue does not mean that you are obligated to help them in any way. But when a loved one is struggling, knowing that you will listen and offer what emotional support you can is often more helpful than you might suspect.

Finally, if you feel that you are able, helping your loved one to access various resources and expert advice in order to navigate the situation is possibly the best thing you can do. By guiding them to speak with an attorney, access trusted books and websites on debt relief and providing other avenues of hope, you may ultimately aid your loved one in remaining on his or her feet for good. Bentz Holguin Law Firm LLC., provides free debt analysis to you and your loved ones, and can be a great resource to know your options, and sleep better at night.

 
1
Add a comment...
 
If you have been injured, you not only need a firm who understands the local court system, insurance companies, and medical practices, but one with compassion and depth.  Whether you have been injured at work, in an auto accident, or anywhere else, we can provide assistance in your time of need.

Successful personal injury law means speaking with our clients as soon as possible after they are hurt. Unfortunately, unsuspecting or traumatized victims are often taken advantage of, and we want to be here to make sure that doesn’t happen.  Call us right away for a complimentary consultation so we can get you on the road to physical and financial recovery.

Calling Bentz Holguin Law Firm LLC. when you are injured can help with many aspects of your case.  We understand all the legal ramifications of product liability, car accidents, insurance disputes, workman’s compensation, rehabilitation and discrimination due to disability (permanent or short-term).

There are so many pieces of the puzzle you may not understand as a victim until it is too late. It is important for you to have someone you can trust on your side, because to many others, your injury is just another day of business.  We treat victims with compassion, empathy, and respect.  We are committed to helping you heal in all areas of your life after a personal injury.

The Bentz Holguin Law Firm LLC. is on your side and we care about your legal situation.  Feel free to browse the site and learn more about us or call 312.881.5112 with any questions you might have or to schedule a complimentary consultation on your case.

Thank you for the privilege of serving Illinois, Indiana, and Florida people and the greater Chicago area.

Wrongful Death Law
When a loved one has died as a result of someone else's recklessness or negligence, the injured person’s loved ones have a right to seek compensation for this terrible tragedy through the Illinois court system. Hire Bentz Holguin Law Firm LLC.as your Chicago Injury Lawyer today!

Common Causes of Wrongful Death
A number of different incidents can lead to a bodily injury or wrongful death case being filed. Some common causes of wrongful death claims in Chicago include:
Medical Malpractice
Car Accidents
Work-related Injuries
Maritime Accidents
Motorcycle Accidents
Trucking Accidents
Offshore Accidents
Criminal Attacks
Airplane or Train Accidents
Nursing Home Abuse
Defective Products

Wrongful death is caused by the negligent, reckless or careless act of another person or company. If the death of a relative was determined to be caused by the negligence of a third-party, the surviving family members may have the right to recover compensation for their tragic loss. As your Chicago injury lawyer, we can help.

If you have been affected by the wrongful death of a family member, do not neglect your legal rights. The unexpected passing of a loved one can often leave families with many expenses such as hospital bills, funeral and burial costs. You may be able to receive compensation for these expenses along with the compensation of your loved ones lost wages and emotional distress through the Illinois court system.

Bentz Holguin Law Firm LLC.brings more than a quarter of a century of experience, determination and proven results to every bodily injury and wrongful death case.

Product Liability Cases
If you are looking for an attorney to assist after an accident residents should call Bentz Holguin Law Firm LLC.
In the course of our daily lives, we use any number of products. We rightly assume that when used as directed, products are safe and reliable. Unfortunately, thousands of people are injured or die each year because of dangerous or defective products - from automobiles, to insulation, to medical devices, to pharmaceutical drugs and supplements.
The Consumer Product Safety Commission reports more than 22,000 deaths and 29 million injuries related to consumer products each year.
Annually, consumer products cause over $500 billion in deaths, injuries, and property damage.
The U.S. Consumer Product Safety Commission advises that there are 200-300 product recalls each year.
If you have been injured or lost someone because of a dangerous or defective product, you have the right to file a claim against the supplier or manufacturer of the product. As your accident attorney Chicago expert, we will fight hard to win your case.

Automobile Accidents
If you have recently been in an wreck and are looking for a car accident lawyer Chicago residents rely on Bentz Holguin Law Firm LLC

Automobile accidents cause a tremendous number of injuries and deaths in Chicago every year. According to Lawcore.com, a person is killed every 14 seconds in a car accident. Illinois recorded a total of 1,453 deaths resulting from fatal motor vehicle crashes in just one year, according to the United States Department of Transportation.

We provide the representation that you need
If you or a loved one was injured in a car accident, you might be able to file an automobile accident lawsuit to recover compensation for personal injuries or vehicle damages. The car accident lawyer Chicago experts of Bentz Holguin Law Firm LLC. represent victims of injuries sustained in car accidents. We even offer you a free evaluation of your case.

When contemplating a lawsuit, you should always hire experienced auto accident attorney.  Bentz Holguin Law Firm LLC. has three decades of experience handling and winning complex automobile accident cases.

Personal injury law is intensive and complicated. It requires experienced legal representation that is familiar with local laws and statutes governing accident suits and settlements. That is why selecting a car accident lawyer Chicago expert who is qualified to handle your case is absolutely essential.

Why do you need legal guidance for cases of negligence?
Negligence is the failure to use reasonable care, or a failure to use the same degree of care that a reasonably prudent person would use under the same circumstances. Evidence of negligence is the basis for liability in most personal injury cases, such as automotive accident matters. The Illinois auto accident attorneys at Bentz

Holguin Law Firm LLC can best assess evidence of negligence in your case.

Bentz Holguin Law Firm LLC. has handled both straightforward and complex automobile accident cases on behalf of our clients, very often proving that negligence took place. As your car accident lawyer Chicago team, we are experienced not only in the courtroom but at the negotiating table as well. We have conducted numerous trials and arranged fair settlements for our clients.

Contact an automobile accident lawyer in Chicago today
Are you looking for dedicated automobile accident attorneys in Chicago? Do you want representation that knows how to get results? Bentz Holguin Law Firm LLC. Whenever a client seeks justice, we are there to help.
 
Medical Malpractice
The idea of hiring a Chicago accident lawyer may never have crossed your mind. When we go to a doctor or a hospital, we hope that we will receive the best possible care the medical profession has to offer.
Unfortunately, that is not always the case. Many people are gravely injured or even die as a result of these mistakes. Healthcare providers, including doctors, chiropractors, dentists, nurses, and hospitals need to be held accountable for the pain and suffering that they create after performing with negligence. The right team of Chicago accident lawyer experts can help you find justice.
Medical malpractice is considered an epidemic that continues to spread in the United States today.

Every year there are more deaths as a result of medical errors than AIDS, breast cancer, and auto accidents combined.
Every year more than 1.3 million people are injured due to medication errors.

Every year up to 98,000 people may die in hospitals from doctor errors.

You need a highly qualified Chicago accident lawyer
Some types of medical malpractice for which you should secure a malpractice lawyer in Chicago include the following:

Delay in diagnosis
Anesthesia error
Improper consent before a procedure
Surgical error
Failure to diagnose a condition
Improper treatment of an illness or disease
Birth injury, including cerebral palsy and brain damage
Prescription drug error
Negligence

At Bentz Holguin Law Firm LLC., our Chicago Malpractice lawyers bring experience, determination and proven results to every wrongful case and negligence case they handle. Our Chicago accident lawyer experts, based in Chicago, Illinois, have successfully represented and fought for clients numerous medical malpractice cases recovering several multimillion-dollar verdicts and settlements. Here are some of the medical malpractice areas our personal injury law firm specializes in:

Birth injury
Blood-thinning drugs
Brain injury/brain damage
Failure to diagnose
Cerebral & Erb's palsy
Paralysis
Sports injuries

If you or your loved one has been injured or killed as a result of a medical mistake, it is important to consult with a Chicago accident lawyer immediately to protect your legal rights. There are strict time limits for filing malpractice cases, so contact Bentz Holguin Law Firm LLC. as soon as possible by filling out our online contact form.
 
1
Add a comment...
 
One of our friends...
1
Add a comment...
In their circles
44 people
Have them in circles
8 people
 
SHARP UPTICK IN CONSUMER DEBT IS MORE FRIGHTENING THAN EVER!
On behalf of Bentz Holguin Law Firm LLC. , a Bankruptcy, and Debt Negotiation Law Firm.

Earlier this month, the Federal Reserve Bank of New York released data about the amount of debt that Americans are currently juggling and struggling to overcome. That new data suggests that consumers have run up more personal debt than they have since 2011, when the U.S. was still being significantly affected by the Great Recession.

This news would not be quite so unsettling if it was not paired with the news that consumer debt rates are rising very, very quickly. According to the newly released data, consumer debt in American rose by $241 billion in the last quarter of 2013. This rise represents the largest quarter-long increase in personal debt since the third quarter of 2007, just months before the Great Recession first took hold of the nation.

Consumer debt is generally made up of loans for automobiles, mortgages, credit card debt and other debt loads tied to purchases that Americans make on a daily basis. Some of these purchases are necessities, while others are luxuries. Therefore, it is not always possible to control one’s consumer debt fully when certain purchases are necessities.

Nonetheless, personal debt loads are rising so quickly that Bankrate.com recently reported that nearly 30 percent of Americans have more credit card debt alone than they do savings. If you are among this significant fraction of Americans and you feel that your debt is spiraling out of control, do not wait until you hit your breaking point to talk to an attorney at the Bentz Holguin Law Firm LLC, about debt management and debt relief options like bankruptcy.

Source: TIME, “Americans Are Taking on Debt at Scary High Rates,” Sam Frizell, Feb. 19, 2014

 

 

THINKING ABOUT BUSINESS-RELATED DEBT LOADS
On behalf of Bentz Holguin Law Firm LLC, a Bankruptcy, and Debt Negotiation Law Firm.

The entrepreneurial spirit has long been praised throughout American history. Ours is a society which prides itself on invention, innovation and expansion. As a result, many people of all ages find themselves itching to start their own businesses. Becoming a small business owner or otherwise becoming deeply involved in American business is often a noble and worthy goal. However, it is important to think ahead before diving into a new business venture for a multitude of reasons.

Chief among these reasons why you need to prepare before starting a business is that without a proper business plan and stable investors, you may find yourself quickly up to your eyeballs in debt. It is very normal for business owners to begin their ventures in debt. But if a business’s debt load mounts too quickly, owners may quickly find themselves compelled to file for business bankruptcy.

There is ordinarily no shame that should be associated with business bankruptcy, unless one files for its protections fraudulently. Many businesses end up opting to file for business bankruptcy in order to reconstruct their debt during hard times in order to flourish later on. However, business bankruptcy can be a stressful process and should generally be avoided whenever it is possible and prudent to do so.

The  Bentz Holguin Law Firm LLC, has been an excellent resources that businesses have used four years when they have fallen on hard times. Bentz Holguin Law Firm LLC, are also consultants for business owners seeking to avoid bankruptcy through Debt Negotiation. Bentz Holguin Law Firm LLC ,understand what kinds of missteps business owners make with their debt loads and other issues which ultimately inspire them to file for bankruptcy. So, if you have any questions about either how to file for business bankruptcy or how to avoid it, do not hesitate to reach Bentz Holguin Law Firm LLC,with your concerns.

Source: Forbes, “Starting A Business Without Debt: An Interview With Chris Hogan,” Amy Morin, March 3, 2014

 

HOMEOWNERS IN TROUBLE ARE FILING MORE AND MORE LENDER COMPLAINTS
On behalf of Bentz Holguin Law Firm LLC., a Bankruptcy, and Debt Negotiation Law Firm.

The nation’s largest banks have been under fire for several years now due to shady, unethical and even illegal lending practices. However, a new group of lenders is currently coming under fire for engaging in the same kinds of practices. These mortgage servicing companies may be smaller than large banks, but the practices many are engaging in can be just as devastating for homeowners as they would be if large banks had committed them.

These companies buy up rights to service the mortgages of homeowners. Once they retain these rights, they gain power to determine whether homeowners may modify their mortgages or must mount a Foreclosure defense And unfortunately, many homeowners are complaining that these mortgage servicing companies are engaging in some of the same abusive practices that large banks have been engaging in for years.

Among the complaints that homeowners are lodging are frustrations with wrongful evictions, being asked to present the same documentation repeatedly, significant delays in their cases and erroneous fees. According to Inside Mortgage Finance, these servicing companies now retain 17 percent of the market, which is a 14 percent increase in mortgage servicing marketplace shares since 2010. As a result, more and more homeowners are likely to run into problems with these kinds of companies in the coming months and years.

If a mortgage servicing company is making your life unnecessarily difficult, do not hesitate to contact Bentz Holguin Law Firm LLC., with your concerns. The law protects homeowners against abuses from these companies just like it does when large banks are abusive. Bentz Holguin Law Firm LLC., is your advocate, and voice against wrongs committed by creditors.

Source: New York Times, “Loan Complaints by Homeowners Rise Once More,” Jessica Silver-Greenberg and Michael Corkery, Feb. 18, 2014

 
1
Add a comment...
 
On behalf of Bentz Holguin Law Firm LLC.

It is the end of January. As a result, you are probably receiving bills associated with holiday spending in your mailbox. Perhaps you steadfastly stuck to a budget but are still feeling the strain of credit card bills and various purchases on your household income. Or perhaps you did not follow a budget and the amount of debt you have incurred is both surprising and frightening.

The good news is that because you are writing the story of your financial future, you get to decide how it ends. Your post-holiday finances may look bleak now, but there are things you can do to improve your situation. If your finances are truly spiraling out of control, it is important to talk to an attorney now before your situation worsens. An attorney may advise that it is a good idea for you to file for bankruptcy. However, there are also a host of other debt relief options that the Bentz Holguin Law Firm LLC. Offers, we offer free consultations and flexible payment plans for you to take advantage of.

Bentz Holguin Law Firm LLC.,  can help you to think ahead to next year’s holiday season. It does seem a little early to be planning, but by anticipating the season well in advance, you can better ensure that you will not undo the financial progress you will make in 2014 by spending outside your means during the holiday.

In addition, planning in advance will help you to think creatively all year long about how you can make the holidays spectacular without spending a fortune. You can look for items you want to purchase for your family to go on sale, you can begin making presents that will be inexpensive but beloved and you can save for the holidays a little at a time so that the 2014 holiday season will not end up on your credit cards.

 

 

CAN I FORCE THE BANK TO TAKE BACK MY HOME?
I have been asked this question more times than I can count. My answer is usually, "Unfortunately, no." That may be changing.

Last month, the United States Bankruptcy Court for the District of Hawai'i ruled that, in a Chapter 13 bankruptcy, a lender may be forced to take back a property. In In re Rosa, the debtor included language in her Chapter 13 plan stating that title to her home would vest in the lender upon confirmation of her plan. 

The court noted that 11 U.S.C. §1322(b)(9) authorizes just such a provision. It states, "The plan may . . . provide for the vesting of property of the estate, on confirmation of the plan or at a later time, in the debtor or in any other entity." The court further stated that "vesting" is not "surrender," which has a different effect in Chapter 13 cases. When a debtor seeks to surrender collateral to a creditor, it simply means that the debtor will make the collateral available to the creditor. It does not actually transfer any rights in the collateral. However, since Congress chose to use the word "vesting" in §1322(b)(9), it clearly intended for a transfer of title to take place. 

The court then looked at whether the plan could be confirmed with the vesting language. It determined that a creditor can accept such a plan, which would make the plan confirmable. A majority of courts hold that if a creditor does not object to a Chapter 13 plan, then the creditor has accepted the plan. However, a court can only infer acceptance when the creditor has adequate notice of the plan. This notice is usually accomplished via the Bankruptcy Noticing Center.

What this means for Illinois homeowners is that a Chapter 13 bankruptcy may be a useful tool when dealing with a bank that will not complete a foreclosure. Many homes in Chicago and the suburbs are in a foreclosure black hole. The bank does not advance its case, because it does not want to own the property. Since the bank has not completed the foreclosure, title to the property remains vested in the homeowner. This exposes the homeowner to property tax liability, fines assessed by the City of Chicago or other municipality, homeowner/condo association assessments, and other liability. 

From a policy standpoint, using Chapter 13 plans to vest title in the bank should also be allowable. The Bankruptcy Code provides for it, and the entire point of bankruptcy is to give people a fresh financial start. If people remain tied to properties for years on end, and those properties are causing the debtor to continue to incur liability after the bankruptcy discharge, then there really hasn't been a fresh start. When judges discuss the meaning of statutes, they speak about Congressional intent -- literally what Congress wanted when it drafted the statute. This intent is to be honored and carried out by courts interpreting statutes.

A significant body of law talks about bankruptcy as a fresh start. It is a well-established principle. Allowing debtors to vest title in properties back in the bank honors Congress's intent that bankruptcy represent a fresh start. Additionally, it saves valuable resources -- banks don't need to go through the foreclosure process which costs them time and money. Fewer foreclosure lawsuits also reduces the burden on the state court system, which ultimately saves taxpayers money down the line. It is about as close to a win-win situation that one can come in our fractured real property system. 

Don't shed a tear for the banks in this scenario. After all, their short-sighted cash grab is what got our economy into this mess. Their shell game of a mortgage management system (Hi, MERS) has undermined confidence in the chain of title to an uncountable number of homes.

When people ask me whether they can force the bank to take back their homes, I can now give them a qualified "maybe." Here's hoping that I can convert it to a yes in a year or two.  

 

 
FHA CHANGES ELIGIBILITY FOR BORROWERS POST-BANKRUPTCY AND POST-FORECLOSURE
FHA loans have been a reliable source of mortgage lending for people with less-than-perfect credit. It is possible to get an FHA mortgage two years after a bankruptcy discharge. It is possible to get an FHA mortgage three years after the completion of a foreclosure on your home. 

In the current economic environment, many consumers are faced with a foreclosure and a bankruptcy -- primarly to avoid a large personal deficiency at the end of the foreclosure process. In a non-judicial foreclosure state like Nevada, this may mean that most people are filing bankruptcy after the foreclosure process is complete. The wait time to qualify for an FHA mortgage may average out to just a little over two years. 

However, in Illinois, things tend to work out differently. Early on in the foreclosure process, the average homeowner tries to work out a deal with the bank. Many people mistakenly believe that the entire foreclosure process will be on hold while they submit and re-submit documents. Even the restriction on dual-tracking requires that an application be submitted and complete. Banks are excellent at keeping files from reaching the "complete" stage. This means that the foreclosure process is marching forward in state court. 

Many homeowners are surprised to find that a judgment is about to be entered against them. It may make sense to file a bankruptcy to slow down the foreclosure process and to remove personal liability on an underwater loan. A Chapter 7 bankruptcy will complete rather quickly; the foreclosure case, on the other hand, can drag on for quite a while. The homeowner may become eligible for an FHA loan because he is two years out of bankruptcy, but may still be ineligible because the foreclosure hasn't completed itself yet -- which means that the three year clock hasn't started ticking yet. 

To help ameliorate this problem a bit, FHA has set a new criteria for eligibility. Consumers may now be eligible for an FHA mortgage one year after a bankruptcy, foreclosure, or short sale. That consumer had better be a renter, however. According to the Chicago Tribune, eligible borrowers must:

show their household income fell by 20 percent or more for at least six months and was tied to unemployment or another event beyond their control. They also must prove they have had at least one hour of approved housing counseling and, among other things, have had 12 months of on-time housing payments. 

Even with these criteria, this is good news. However, if you are facing foreclosure and also contemplating a bankruptcy, you might want to investigate finding a rental sooner rather than later. Establishing that rental history will help satisfy the 12 months of on-time housing payments criteria. 
1
Add a comment...
 


Get A Fresh Start On Your Life And Start Saving For The Future
Filing bankruptcy is not something you should be ashamed of or feel guilty about. The American free enterprise system is generously forgiving of people who have had to relieve themselves from crushing debt through bankruptcy.
The Founding Fathers of our country considered bankruptcy so important that they specifically included it in the United States Constitution. In 1787, when the U.S. Constitution was written, our Founding Fathers directed the Congress of the United States to make uniform bankruptcy laws.
They knew that if America was to flourish and grow, there would have to be laws that would allow people to, when necessary, cancel their debts and get a fresh start rather than spend their lives as slaves to the money lenders.
There are a number of famous and successful people who had to do the same thing you are thinking about doing – seek relief from their creditors by filing personal bankruptcy.

The So Called “Stain” of Bankruptcy Matters Very Little to Anyone
If you’re concerned about establishing good credit after bankruptcy, don’t be, If you are working, you should be able to build your credit back up within a short period of time after filing bankruptcy.

You probably already have bad credit because of late payments and your inability to make payments on certain debts. Bankruptcy not only insulates you against your creditors but it can help you get back into financial shape quickly so that you can again start rebuilding your credit.

The word “bankruptcy” scares a lot of people out of fear that they will be entangled in a messy process that will take months to get through. This is simply not the case. We can file your bankruptcy within one business day of receiving the necessary information and fees from you. We do not require you to fill out forms before coming into our office for an appointment.
You Can Put an Immediate Stop to Harassing Telephone Calls and Lawsuits

The Bankruptcy Law allows you to file a petition with the Bankruptcy Court which immediately stops harassing telephone calls, lawsuits, home foreclosures, and wage garnishments. It also protects your savings and checking accounts. Once your bankruptcy case has been filed, creditors, lawyers and collection agencies are not allowed file lawsuits against you or call you on the telephone without risking punishment from the Bankruptcy Court.

There are many advantages of filing bankruptcy, the greatest of which is that you are assured that you will again have peace of mind. Bankruptcy is a solution to your worries, sleepless nights and the struggling to make ends meet.

Old-timers never really needed to be concerned about filing bankruptcy because prior to the 1960′s, the only time people ordinarily borrowed money was to purchase a house or a car. There was very little debt, so there was not much of a need for anybody to file bankruptcy. Today, most people have a home mortgage, car loans, credit cards, furniture loans . . . you name it, everybody is in debt.

Because of the increased amount of debt, bankruptcy is sometimes the only option available to put an end to the constant worrying about what is going to happen tomorrow.
Get a Fresh Start on your Life and Start Saving for the Future
The Bankruptcy Law is broken down into several sections or chapters. The most common chapters of the Bankruptcy Law are Chapter 7 and Chapter 13. In most instances you will not lose any of your possessions in a Chapter 7 or Chapter 13 bankruptcy.

We do not recommend bill consolidation loans unless you talk to an attorney first. Why? Because when you take out a bill consolidation loan you are required to pay additional interest and if you have a house, you are ordinarily required to use your house as collateral. This means that an additional lien is placed upon your house, which you may not be able to get released in a later bankruptcy.
Some people seek out credit counseling, but the problem with credit counseling is that a credit counselor cannot give you legal advice. Therefore, your options concerning a Chapter 7 or Chapter 13 bankruptcy cannot be discussed to the same degree that you can discuss them with an attorney. That is why you should always talk to an attorney before you decide to take out a bill consolidation loan or to hire a credit counseling service.

We have a unique system that allows us to file your bankruptcy within one business day. You work with a managing attorney assigned to assist you with your case. We use a sophisticated computer network and a computer bankruptcy program that automatically cross-checks your bankruptcy information, and then files your bankruptcy electronically. This insures that when we file your bankruptcy case, the information on the bankruptcy schedules will be accurate and reliable.

Free Telephone & Office Appointments

We are available to talk with you on the telephone and to meet with you in person to discuss your concerns and answer any questions that you may have. You can be assured that we will take both a personal and confidential approach to your legal needs.

Begin today to change your life for the better and plan for the future. Schedule a free appointment by calling 312.881.5112. Any information that we receive from you will be kept completely confidential. If you decide during your appointment not to go through with a bankruptcy, there will be no charge for your appointment.

We’re only a phone call away.
Bentz Holguin Law Firm, LLC

1
Add a comment...
 
Why do we take more time to agonize over our financial problems than we do to in finding a realistic solution?

Acknowledging debt in these economic times is not easy. Unemployment, foreclosure, investment loss and illness are just a few of the factors that can add tremendous stress to our daily lives.

At Bentz Holguin Law Firm, LLC we can together to build a solution.  You can return to a productive lifestyle without the overwhelming debt.

My husband and partner, Adam, and I work one on one with our clients to create personalized financial plans. At Bentz Holguin Law Firm, LLC our plans can include detailed budget plans in conjunction with debt settlement, IRS offers in compromise/streamline agreements, and business or consumer bankruptcy.
Bentz Holguin Law Firm, LLC can be a guide, a compass and provide a sensible plan to not only work toward future financial success but also deal effectively with past debt.
Should Bankruptcy be your best financial option, the Bentz Holguin Law Firm, LLC works tirelessly to ensure every question in answered, every concern is addressed.
At Bentz Holguin Law Firm, LLC we provide solutions to the financial woes that may seem insurmountable. Make the decision to take action and utilize our legal expertise.
1
Add a comment...

Bentz Law Firm, LLC has a new profile photo.

Shared publicly  - 
1
Pierre Mary's profile photo
 
Salut désolé je ne parle que le français
 ·  Translate
Add a comment...
Contact Information
Map of the business location
100 N LaSalle St #812 Chicago, IL 60602
100 N LaSalle StUSILChicago60602
(312) 881-5112bentzholguinlaw.com
Bankruptcy Attorney, Criminal Justice AttorneyToday 9:00 am – 5:00 pm
Monday 9:00 am – 5:00 pmTuesday 9:00 am – 5:00 pmWednesday 9:00 am – 5:00 pmThursday 9:00 am – 5:00 pmFriday 9:00 am – 5:00 pmSaturday ClosedSunday Closed
The Bentz & Houlgin Law Firm, LLC is an experienced full service law firm providing Chicago, Illinois with premier Illinois bankruptcy, criminal and traffic defense, family law, and IRS debt negotiations.

Other friends:

http://bentzholguinlaw.com
Bankruptcy lawattorneychicago
chapter7bankruptcychicago.com
www.bentzholguinlaw.com/
http://bentzfirm.net/


Google+ URL
People
In their circles
44 people
Have them in circles
8 people
Write a review
Review Summary
4.8
6 reviews
5 star
5 reviews
4 star
1 review
3 star
No reviews
2 star
No reviews
1 star
No reviews
Photos
Upload public photo
Your Activity
Reviews from around the web
All reviews
Ken Robol's profile photo
Ken Robol
reviewed a year ago
I have known her for over a year. She is tough. She is hard nosed, but she is what you want in an attorney. She has high standards for her firm and will fight for what is right. I may not have agreed with at times during my case, but she came through in the end. I look back now and realize she always delivered and did what is best for her clients. She is able to handle many things at one time and still provide you solid service. I would highly recommend her.
• • •
Michele Canney's profile photo
Michele Canney
reviewed a year ago
I have know Ms. Bentz for many years and I highly recommend her services. She has the the one asset every lawyer should possess. She listens! She carefully asks about her clients needs then applies the time and dedication required to assist them in a compassionate manner. She gives every client 100%!
Christina Lee
reviewed a year ago
Attorney Bentz was very easy to talk to and able to answer all my questions. She set my mind at ease about my bankruptcy. I highly recommend calling her if you have financial issues that you need to resolve. She helped me get a fresh start.
Joshua Gonzales
reviewed a year ago
The bentz law firm is a great bankruptcy firm mrs. bentz was helpful kind and great to work with the staff was also very helpful I will be recommending my family and friends to her law firm in the future
William Murrell
reviewed a year ago
The Bentz Law firm has handled several issues for us. They have always been very prompt and professional in all of our dealings. I believe the personal attention that they put towards our case is difficult to find these days. I would highly recommend them to anyone looking for a fantastic attorney.
Leticia Rodriguez's profile photo
Leticia Rodriguez
reviewed a year ago
Attorney Bentz is awesome! She really knows bankruptcy law and helps you understand the entire process, putting your mind at ease. My case went through flawlessly. I highly recommend her!!