Consumer Action handbook

Here is some general useful information, phone #s, forms etc. for consumers issued by the government. Best of all, it's free!

2008 Consumer Action Handbook Now Available!

This everyday guide to being a smart shopper is hot off the press and chocked full of helpful tips about buying a car or home, preventing identity theft, understanding credit,filing a consumer complaint, and much more. In the 2008 edition, you'll find updated information about filing for bankruptcy, finding a lawyer, and planning a funeral, along with many other useful topics.

Feedback

Here is some feedback that I have gotten recently based on information and answers I provided about bankruptcy topics.

Recent Reviews from Users
Knowl Clarity Time Politeness Date 10 10 10 10 05/28/08 10 10 10 10 05/27/08 10 10 10 6 05/22/08 10 10 10 10 05/22/08 10 10 10 10 05/20/08
User Comments
you have helped me a lot. I didn't know that we could go back and change anything in a br. Also that i can filed a chp7 after filing br, thanks. (Jada on 05/28/08)
Thanks! (David on 05/27/08)
Very quick, had the answer within 5 minutes (Geoff on 05/22/08)

Audits Are Back

May 9, 2008
As mandated in Section 603(a) of Public Law 109-8, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, the United States Trustee Program (USTP) established procedures to audit petitions, schedules, and other information in consumer bankruptcy cases filed on or after October 20, 2006. Pursuant to 28 U.S.C. § 586(f), the USTP contracted with independent accounting firms to perform audits in cases designated by the USTP.

In January 2008, the USTP temporarily suspended its designation of cases subject to audit for budgetary reasons. The USTP is preparing to resume its designation of cases, although random audits will now be conducted in 1 out of 1,000 cases (as opposed to 1:250 cases) filed in a judicial district. The USTP will resume its designation of cases subject to audit effective May 12, 2008.

bankruptcy statistics for the Northern District of Illinois

2008	Jan	Feb	Mar	Apr	Total
Ch7	1602	1951	2296	2502	8351
Ch11	10	10	11	47	78
Ch13	964	962	961	1124	4011
Total	2576	2923	3268	3673	12440
increase	35%	37%	29%	54%
from 2007

Here are recently published figures for bankruptcy filings for Chapter 7, Chapter 11, Chapter 13 in the Northern District of Illinois. (no chapter 12 cases were filed)
As you can see, the numbers have bounced back and increased significantly over last years figures. This can be associated with increased foreclosures, downturn in the economy, and the increasing unemployment rate.

Chicago Bankruptcy statistics

2008	Jan	Feb	Mar	Apr	Total
Ch7	1602	1951	2296	2502	8351
Ch11	10	10	11	47	78
Ch13	964	962	961	1124	4011
Total	2576	2923	3268	3673	12440
increase	35%	37%	29%	54%
from 2007

Here are recently published figures for bankruptcy filings for Chapter 7, Chapter 11, Chapter 13 in the Northern District of Illinois. (no chapter 12 cases were filed)
As you can see, the numbers have bounced back and increased significantly over last years figures. This can be associated with increased foreclosures, downturn in the economy, and the increasing unemployment rate.

interactuve chicago area foreclosure report

Crain's Chicago business recently posted a page where users can see what foreclosures have been filed in the area, searchable by zip code. Check out their interactive foreclosure report here.


Chapter 13 bankruptcy can stop foreclosure action up until the sale date. The Chapter 13 bankruptcy will be designed to cure your mortgage arrears over the next 3 to 5 years, while consolidating your other debt, by paying your secured debt off, and paying your unsecured debt from between 10% to 100% of the total.

Contact me for a free bankruptcy evaluation.

How long after chapter 13 can I get a mortgage?

I was recently asked the question in the title by a former client.

There is no official time frame that a chapter 13 debtor has to wait to get a mortgage after a discharge in chapter 13 (or after a chapter 7), it will be up to the lenders to qualify the purchaser. Since the mortgage lenders are going thru some rough patches, (even bankruptcy themselves!) a borrower may have to put a greater down payment down, (10-20%) or may have a higher interest rate. I would say perhaps within 6 months to a year should be the average time table to get a mortgage, but I do stress that it is up to the lenders to qualify the borrower based on their current financial situation. Start looking now, talk to a few lenders to see what time frames they say, and what type of requirements they will have so you can start to prepare. Remember, there is no official time frame that you have to wait after a bankruptcy case.
Good Luck.