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Author Archives: Robert J. Semrad

Is Your Small Business Considering Chapter 11 Debt Reorganization Due to the Pandemic?

With small businesses facing crushing losses due to pandemic-related closures, many are struggling to keep going. For some, low-interest loans and new tax credits will provide enough sustenance to survive the crisis, depending on how long the slowdown lasts. Others might find that reorganizing their debt load through Chapter 11 bankruptcy is the best option… Read More »

How the COVID-19 Pandemic Affects Your Pending Bankruptcy Proceeding

Every part of the country has been affected by the coronavirus. Like restaurants, arenas and other locations where people assemble for business or pleasure, most courts have been closed. If you are in the midst of a bankruptcy proceeding, your case might be delayed, handled telephonically or be otherwise disrupted due to the pandemic. Furthermore,… Read More »

Could the COVID-19 Pandemic Lead to the End of Medical Bankruptcy?

In the middle of an election year where healthcare is already a hotly debated issue, the COVID-19 pandemic has stirred further discussion about whether major changes are necessary. During the Democratic presidential primary, the concept of Medicare for All split the candidates. While the candidate who promoted that concept has since dropped out of the… Read More »

When Do Nasty Credit Calls Become Unlawfully Abusive?

If you’ve fallen behind in your bills, you’ve probably heard from your creditors. First, they send a notice through the mail, but if you don’t respond, you may get a phone call. Or two. Or hundreds. When the calls start, you’re probably embarrassed and apologetic. But then the calls continue. And the caller becomes nasty…. Read More »

Can a Bank Actually Garnish Your Paycheck?

If you’ve gotten behind on your credit card payments, you’ve got to be frustrated about the high late fees and the increased interest rate your bank has hit you with. But that may not be the worst of your troubles. Did you know that your bank could go straight to your employer and force them… Read More »

How Payday Lenders Thrive Off Your Misery

Since the housing crisis of 2008, the term “predatory lending” has become very familiar to American consumers. A predatory lender is someone who exploits consumers’ financial difficulties to trap them into loans that benefit the lender much more than the borrower. The telltale signs of a predatory loan are easy qualification standards and ultra-high interest… Read More »

How Credit Counselors Advocate for Banks

If you’ve accumulated a lot of credit card debt, you’ve probably had occasion to speak to your bank about it. Perhaps you asked them to forgive a late fee, or questioned why they raised your interest rate so impossibly high that you will never be able to pay off your balance. If you’ve had these… Read More »

How “Debt Resolution” Can Get You Deeper into Debt

You may have seen ads or received direct mail from a “debt resolution” service promising they can settle your credit card debt for a fraction of what you owe. That may sound like just the solution you need, until you discover how they intend to do it. They want you to challenge the banks to… Read More »

Illegal Repossession Tactics

Illinois law states the repossession of a car or truck is illegal if the consumer is not actually in default on the loan or if the creditor doesn’t have a valid security interest in the vehicle. But a valid repossession can become illegal if the repossessor used tactics that “breach the peace” when seizing the… Read More »

The Bank Bailout Means Taxpayers and Consumers Are On the Hook

The recent film The Big Short has focused America’s attention once again on the housing crisis of 2008 and the government bailout of the banks that followed. The price tag at the time was $700 billion to stabilize the banking industry. But as Forbes reported last year, the total government commitment (that is, the taxpayer obligation)… Read More »