Illinois bankruptcy attorneyFalling behind in your loan or even being late on a few payments on your mortgage could put you at serious risk for foreclosure. Unfortunately, this is a common problem for many people, and there are scam artists out there looking to take advantage of your situation. While there may be alternatives to bankruptcy in terms of saving your home, it is important to be aware of the following mortgage schemes.

Mortgage Modification Scams Victimize Homeowners

Honest, hardworking people who are vulnerable due to outstanding debts are a frequent target for scam artists looking to make a quick profit. According to Consumerist, those who prey on people facing foreclosure are among the worst offenders.

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Posted on in Debt Relief

Illinois debt reliefIf you are struggling with debts you unable to pay, there may seem to be little alternative other than to deal with the harassing phone calls from debt collection agencies while waiting for legal actions to be filed. Bankruptcy can provide much-needed relief in these situations, but there are some alternatives to bankruptcy you may want to consider first. Whichever path you choose to take, make sure you are dealing with an experienced and reputable debt relief attorney. Unfortunately, there are plenty of scam artists out there who know the vulnerable position you are in and are looking to take advantage of it for their own gains.

Debt Repayment and Settlement Plans

There are several options you can explore before choosing to file for bankruptcy, depending on the types of debts you owe:

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Posted on in Debt Relief

Illinois bnkruptcy attorneyThe ability to pass an employee background is an increasingly common requirement in today’s highly competitive job market. As a further method of screening candidates, companies may even request permission to run a credit report. If you are having trouble paying your bills or are considering filing for bankruptcy, you are likely what impact this could have on you. Illinois laws are clear on when an employer can request consumer credit information, as well as how they may use it in making hiring decisions.

Use of Credit Information in Hiring Decisions

The use of credit reports in employment-related matters is a controversial practice, and many states are exploring ways to limit and restrict the effect they have on hiring practices. The National Conference of State Legislatures (NCSL) reports that 17 states have legislation pending regarding the use of credit information in hiring decisions while 11, including Illinois, currently limit its use.

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Illinois bankruptcy attorneyIn the midst of financial difficulties, it can be hard enough just to meet your daily costs and expenses. Paying for your rent or mortgage, providing food for your family, and paying utility expenses may take up the majority of your income, causing you to fall behind in your other debts. Unfortunately, banks and credit card companies may resort to wage garnishment and liens on your accounts as a way of recouping their money. Bankruptcy can offer protection from creditors in these situations, protecting your income while helping you get back on your feet.

When Wage Garnishment Is Used

When you owe outstanding amounts on a credit card, loan, or other debt, and other avenues for obtaining payment have been exhausted, the company you owe money to has the option of taking you to court. They can request a judgment ordering payments be deducted from your paycheck until the past due amount is paid in fall.

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Illinois debt relief lawyerWhen you are behind in making payments on a loan or to a credit card company, you can expect to get calls from debt collection agencies. These agencies are required to follow state and federal laws prohibiting creditor harassment, but they will still employ high-pressure tactics in an effort to get you to pay off the debt. While going along with their demands may seem like the only way to prevent them from calling, there are certain circumstances under which paying off your debts may not be in your best interests.

Funds to Avoid Using as a Means for Paying Off Debts

In order to ‘help’ you get caught up on debts, credit collection agents may pressure you to use money from your savings, borrow from relatives, or take out a loan. When dealing with these companies, it is important to realize they make money on every account they settle, giving them a hidden financial motive in terms of any suggestions they make.

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