Illinois State Guide to Financial Rescue and Debt Relief - News by PLAZOO

TheLetterM: Requesting speedy deletion (CSD G11). (TW) {{db-spam}} {{dated prod|concern = Par ((WP:NOTMANUAL))|month = October|day = 26|year = 2009|time = 19:12|timestamp = 20091026191241}}  ILLINOIS STATE GUIDE TO FINANCIAL RESCUE & BANKRUPTCY Written and Published as an Educational Service by RICHARD FONFRIAS, J.D. Chicago’s Financial Rescue & Bankruptcy Lawyer Founder & Managing Partner FONFRIAS LAW GROUP, LLC  Creditor Lawsuit Defense  Credit Card Defense  Foreclosure Defense  debt Reduction & Settlement  Tax Reduction & Settlement  Bankruptcy Alternatives  Chapter 7 Bankruptcy  Chapter 11 Bankruptcy  Chapter 13 Bankruptcy  Credit Repair ________ 20 Costly Mistakes to Avoid When Thinking About Filing for Bankruptcy MISTAKE #1: Taking out a second mortgage against your home, often called a home equity loan. You can’t borrow your way out of debt. Many people hope to avoid bankruptcy by getting a home equity loan to pay off medical bills, credit card debt, and other obligations. And, not surprisingly, banks and other lenders make home equity loans sound attractive because they want to loan money. Later, people with home equity loans end up losing their home when they can no longer make the payments. If you’re late paying medical bills or credit cards, the creditor can harass you, take a judgment, and potentially garnish your wages -- and that’s about all. When you’re late paying a home equity loan, the bank can foreclose and throw you and your family out of the house. Don’t trade unsecured debts for a home equity loan. The odds are good that if you file for bankruptcy, you will get rid of your debts and still be able to keep your home. MISTAKE #2: Waiting until foreclosure or repossession to file for bankruptcy. Some people make payments for years, trying to pay off sky-high medical bills and credit card debt. Then, after a judgment is entered – or their car is repossessed -- or their home foreclosed -- they file for bankruptcy. You can avoid judgments, foreclosure and repossessions and still erase unsecured debt such as medical bills and credit card bills. Talk with the Fonfrias Law Group to avoid problems before they happen. MISTAKE #3: Making payments you can’t afford to make It’s this simple: Making payments you can’t afford to make is money down the drain. Coming up with a few dollars to keep bill collectors happy puts you under a lot of stress. This temporary fix quickly overwhelms you because there are not enough dollars to keep all your bill collectors happy. MISTAKE #4: Transferring assets out of your name to keep them away from creditors or remove them from bankruptcy. Some people think they can protect property like homes, cars, jewelry and cash by giving it to a family member just before they file for bankruptcy. But, in fact, the bankruptcy trustee can recover these assets and you could be in trouble if the trustee determines that you intended to deceive him or your creditors. There are restrictions on pre-filing transfers; speak to the Fonfrias Law Group before doing this. Transfers like this almost always backfire on you and for the relative or friend to whom you transferred property. What’s more, bankruptcy exemptions often protect property like your home, your car and your wedding rings. MISTAKE #5: Repaying over $600 to family, friends or business partners before filing for bankruptcy. These payments are “preferences” and a trustee may seize the money and give it to all of your creditors. Do not pay a relative or friend significant amounts of money (more than about $600) within the year prior to filing for bankruptcy. Under state law trustees can look back even further. MISTAKE #6: Trying to hide your assets. Some bankruptcy judges and trustees don’t have a sense of humor. Don’t assume you can get away with hiding prize collector cars or museum-quality oil paintings. The bankruptcy trustee may find out and you won’t like what happens next. MISTAKE #7: Borrowing money from relatives. Borrowing money from relatives puts a major strain on your relationship. And when you go through bankruptcy, you need the support of family members. What’s more, you can’t borrow your way out of debt. Unless you have a rich relative who will give you the money, it’s much smarter to talk with a lawyer about modifying debts or filing bankruptcy. MISTAKE #8: Using credit cards, and taking cash advances right before filing. Consumers figure if their debts are going to be erased, it doesn’t matter how much they charge on their credit cards. Not true. You should stop using credit cards immediately because debts for luxury goods bought with credit cards within 90 days of the filing date, and cash advances over $750 obtained within 70 days of the filing date, are not dischargeable. MISTAKE #9: Filing bankruptcy too soon. While it is usually better to file bankruptcy sooner, delaying may be to your advantage. For example, if you’re considering divorce -- expecting a large income tax refund -- working to repay debts to family members -- or if you have recently changed jobs, it might be better for you to wait. Make sure you talk with the Fonfrias Law Group to see if delaying your bankruptcy filing is in your best interests. MISTAKE #10: Withdrawing money from your retirement accounts to pay debts. Many people use their retirement savings to pay off credit cards, medical bills, and other unsecured debt. This is a bad idea. If you qualify for bankruptcy, these debts can be reduced or erased completely. What’s more, most pensions and retirement funds in qualified ERISA accounts are protected in bankruptcy. This means you may be able to erase your debts and keep your retirement account. Don’t empty your retirement account in a futile attempt to catch up on bills. MISTAKE #11: Reaffirming a mountain of debt. Sadly, all too often people reaffirm a loan or debt they could otherwise erase in bankruptcy. This may be done because the person feels a moral obligation to pay the bill. In other cases, the person wants to keep an asset, such as a car, on which they owe more than the asset’s value. The purpose of bankruptcy is to erase your debts and get a fresh start. It serves no practical purpose when you agree to pay debts that the law allows you to discharge in bankruptcy. MISTAKE #12: Neglecting to accurately list all of your creditors. Don’t guess about the creditors you list on your bankruptcy petition. Make sure you list all of your creditors. If you make a mistake, you may be able to correct your petition later. Although there is case law that states a bankruptcy discharge applies to all unscheduled debts. But if you try to hide something or mislead the court, the bankruptcy court may decide not to erase the debt. MISTAKE #13: Disregarding pending lawsuits. Some people assume that if they’re planning to file bankruptcy, they don’t have to respond to or appear in court for pending lawsuits. Not true. You need to respond to lawsuits and protect your rights and property until the bankruptcy court issues a stay, which bars lawsuits. MISTAKE #14: Filing bankruptcy when you expect a tax refund. The amount of your exemption for tax refunds is limited. Talk with your bankruptcy lawyer to discuss how to handle your tax refund. MISTAKE #15: Filing bankruptcy when someone owes you money. If you file bankruptcy when someone owes you money, the trustee will simply collect that money and pay it to your creditors. MISTAKE #16: Having a large amount of money in your bank account on the day you file for bankruptcy. If you have more than a minimal amount of money in your bank accounts on the day you file for bankruptcy, the money may not be exempt from creditors. MISTAKE #17: Filing for bankruptcy when you expect to receive an inheritance. If you inherit within 180 days of the date your petition is filed, the inheritance is property of your bankruptcy estate, and must be disclosed in your filing; the date of the relative’s death determines the timeframe. In Chapter 7 if the inheritance comes in the 180 days after you file, it will go to the trustee, less exemptions that might protect it. In a Chapter 13, the value of the inheritance will factor into your Chapter 13 plan payment. MISTAKE #18: Thinking that bankruptcy is your last resort. I suggest you look at bankruptcy as a financial planning decision rather than a personal failing. You have the right to a fresh financial start whenever you want it. You do not have to wait until you’ve spent your home’s equity or your pension before exerting your legal right to a fresh start. Think of it this way: If you cannot pay off all your debts (other than mortgages and cars) within three years, while living a modest lifestyle, then you should at least consider bankruptcy. MISTAKE #19: Withholding information from your lawyer. You might think that you have a good reason for concealing information from your attorney. You may think that your lawyer won’t understand your situation, or that by keeping quiet about an asset or an account, you’ll be able to keep it. When you don’t disclose everything, you tie your lawyer’s hands and create serious risks. You could lose assets, have your bankruptcy case dismissed, or even face criminal charges. Plus, your lawyer may withdraw from your case if you are not completely honest with him. Your lawyer can protect your rights and property only when he has all the facts. MISTAKE #20: Failing to attend your bankruptcy hearing. In most cases, you must attend one bankruptcy hearing. If you do not attend, the court could dismiss your bankruptcy, which means you lose that valuable legal protection and you go back to the same position you were in before the filing of bankruptcy. 11 Tragic Misconceptions About Bankruptcy MISCONCEPTION #1: Bankruptcy is dishonest. Not true. Most people honestly want to pay their bills, but sometimes things happen that make it impossible. These things include an unexpected lawsuit, judgment or income tax bill -- a fine that was considered excessive or in dispute -- and more. Bankruptcy is a legal right that is provided for in the United States Constitution. Bankruptcy is a right that protects honest people from harassment, lawsuits, wage garnishment and other creditor actions. Bankruptcy allows a fresh start. Many experts trace the roots of our bankruptcy laws to the Bible, which says: At the end of every seven years thou shalt make a release. And this is the manner of the release: every creditor shall release that which he has lent unto his neighbor and his brother; because the Lord’s release hath been proclaimed. (Deut. 15:1-2) Bankruptcy has been used by many of our nation’s largest companies like Texaco, America West Airlines, Macy’s, T.W.A., Pan Am, A. H. Robbins, Penn Central, Wards -- as well as famous people like Jerry Lewis, Kim Basinger, David Bowie, Anita Bryant, Natalie Cole, Mickey Rooney, Walt Disney, Tammy Wynette, Mick Fleetwood of Fleetwood Mac, Zsa Zsa Gabor, Isaac Hayes, Don Johnson, Abraham Lincoln, Donald Trump, MC Hammer, Marvin Gaye, Archie Griffin, Dorothy Hamill, Milton Hershey, Perez Hilton, Ronald Isley, LaToya Jackson, Thomas Jefferson, P.T. Barnum, Merle Haggard, Willie Nelson, Burt Reynolds, Larry King, Cyndi Lauper, Abraham Lincoln, and former Treasury Secretary John Connally. The same laws that are routinely used by corporate America, and the rich and famous, can pro-tect you, your family and your business. MISCONCEPTION #2: I will lose all my property in a bankruptcy case. Not so. The bankruptcy laws are designed to allow a fresh start. A fresh start would be impossible if you would lose all your property. The fact is that most people don’t lose anything in their bankruptcy. The bankruptcy law allows the State government to decide what property is protected for bankruptcy cases filed in its state. In Illinois, you are allowed to keep most personal and household property, equity in your home up to $15,000 per person, some equity in a car, most retirement plans, and many tools of the trade. MISCONCEPTION #3: I can’t own anything after bankruptcy. Not true. In Chapter 7 you can keep the property that is protected in the bankruptcy. A Chapter 13 or Chapter 11 allows you to keep your property and repay debts over time. Many people buy and refinance cars and homes after filing a bankruptcy. MISCONCEPTION #4: I will never be able to establish credit after a bankruptcy. Not true. Today, many stores and banks actively market to people who have filed bankruptcy. Mortgage companies do help applicants get new mortgages with a bankruptcy after two to three years. As a practical matter, you only file a bankruptcy when you can’t pay your bills. Because of that, your credit is probably already bad. A bankruptcy won’t make it any worse. Bankruptcy puts you in a better position to pay current bills and that should improve your chances of getting new credit. MISCONCEPTION #5: Bankruptcy gets rid of all debts. Not so. Although most consumer and business debts are wiped out in bankruptcy, some debts are not affected. Certain debts can’t be eliminated in bankruptcy. They include child support, alimony, fines, restitution, some taxes, loans obtained by fraud, student loans, debts due to a DUI, and debts resulting from “willful and malicious” harm. Some of these can be handled effectively in a Chapter 13 bankruptcy. MISCONCEPTION #6: I can protect my property by hiding it or giving it away before I file bankruptcy. No. It’s a crime to hide property. It’s also a crime to give property away without telling the Court in the bankruptcy filing. The trustee will seek to recover any property you wrongfully transferred prior to a bankruptcy filing. You could end up in jail by attempting to illegally hide or transfer property. MISCONCEPTION #7: I will lose my job if I file bankruptcy. Not true. The bankruptcy code prohibits an employer from discriminating based on a bankruptcy filing. In nearly 10 years of helping people in bankruptcy cases, I have never even heard of someone losing a job because of a bankruptcy filing. MISCONCEPTION #8: I filed a bankruptcy before, so I can’t file again. Incorrect. The law prohibits getting a chapter 7 discharge within 8 years of a previous chapter 7 discharge. But, even within the eight-year time period, a chapter 13 bankruptcy may be filed. Don’t hesitate to call me if you have filed a previous bankruptcy. You still have many options. MISCONCEPTION #9: I am not allowed to have a checking account if I file bankruptcy. Incorrect. No rule stops you from keeping or opening a bank account. Most people keep the account that they had and continue to use it without interruption. In other cases, it may be smart to close an existing account prior to filing bankruptcy. That’s because the bank involved may be a creditor in the bankruptcy. In general, if you do not owe any money to the bank where your account is, there is no reason to close the account. MISCONCEPTION #10: Taxes cannot be eliminated in bankruptcy. Wrong. Many taxes are eliminated in bankruptcy. There are several complex rules that apply. Eliminating taxes depends on how old the taxes are, when the returns were filed, and whether the taxes have been assessed, and the type of taxes. Both federal and state income taxes can be eliminated in bankruptcy. And even in cases where the taxes cannot be eliminated, it’s often possible to force a payment plan on the IRS and stop interest and penalties from being added. MISCONCEPTION #11: I must be broke to file bankruptcy. Not really. Although it would not make much sense to file bankruptcy when you are not in financial trouble, there is no requirement that a person be destitute. The bankruptcy code doesn’t require that you be unemployed, homeless, or own no property. In fact, you are able to file bankruptcy without losing your job, giving up your home, or having your property taken away. ________  “Do You Have Tax Problems?”  “I can help by  Removing IRS & State Tax Liens, Bank Levies & Wage Garnishments  Filing Late Tax Returns  Erasing Taxes Through Bankruptcy  Settling Back Taxes  Saving Your Home or Business from Seizure. And if you have a tax problem not listed here, or if you have a question, send your e-mail to thedebtexperts@gmail.com or call 312-969-0730. I’ll answer your question for free – Rich” 7 Shocking (and Costly!) Facts About Consumer Credit Counseling (NOTE: This information refers to credit counseling other than what is required for bankruptcy pre-filing credit counseling. Talk to the Fonfrias Law Group for approved agencies.) SHOCKING FACT #1: Credit counselors work for your creditors, not for you. A former Assistant Attorney General for the state of Texas said this about Consumer Credit Counseling Services: “I think that consumer credit counseling service is intrinsically deceptive. They’re funded or incorporated by the very people they are truly representing… not the consumer/debtor but the creditors trying to collect the money. I think they’re a con; they pitch themselves as serving the consumer’s best interest but they don’t. Their promotion practices are deceptive and the consumers are being grossly misled. If they were lawyers, they’d get disbarred! Representing one party and acting for the other? Come on! Think about it! If lawyers won’t get involved in an enterprise like Consumer Credit Counseling, you know it must be bad.” SHOCKING FACT #2: Credit counselors get paid by the credit industry to “help” you pay creditors. Your creditor counselor is being paid by the credit card companies. Interestingly enough, this is not a well-kept secret. information from the National Foundation for Credit Counselors reveals that up to 15 percent of each payment collected is paid to the Consumer Credit Counseling Services office. Although they describe this payment as a contribution from the creditor, in reality, it is a commission. The National Foundation for Credit Counselors’ materials state: “The majority of our funding comes from voluntary contributions from creditors who participate in our debt Management Plans.” SHOCKING FACT #3: Credit counselors’ nonprofit status does not mean they are not making money at your expense. Consumer Credit Counseling Services makes a point of describing themselves as a nonprofit organization. Most consumers don’t realize that nonprofit businesses operate to make a profit. Rather than distributing earnings to stockholders as dividends, the profits are paid to the employees and officers as salary or bonuses. They make money -- a lot of money! For example, Consumer Credit Counseling Services in the Greater Dallas area reportedly collected $103 million dollars in one year alone. And they got a big chunk of that as their commission! Most hospitals are nonprofit organizations too. A company’s nonprofit status has nothing to do with whether they are motivated to make money. As reported in the Washington Post, the Office of the Corporation Counsel said: “Consumers should not let down their guard just because a credit-counseling agency calls itself nonprofit. It is easy to set up a nonprofit counseling agency and use the counselors to sell the services of a related for-profit company.” SHOCKING FACT #4: Often, credit counselors cannot reduce interest charges on credit accounts. Many people believe that the credit counseling service can have finance charges reduced or waived. information from a Consumer Credit Counseling Service web site makes it clear that they cannot always do this. In fact, the majority of creditors will not waive finance charges. SHOCKING FACT #5: Consumer Credit Counseling will ruin your credit. What about your credit? The credit industry wants you to know that filing a bankruptcy can adversely affect your credit. The fact is, participating in a consumer credit counseling program can be just as bad, or even worse, than a bankruptcy. An important fact -- often overlooked -- is that you would not file a bankruptcy or participate in a Consumer Credit Counseling Services program unless you already had serious credit problems. Anyone who participates in a repayment plan through CCCS will have that fact reported on their credit. As a result, you can expect creditors to close all of your credit accounts. And you can expect to have a very hard time opening any new accounts. The result is pretty much the same as a bankruptcy, except a bankruptcy doesn’t cost as much or last as long. Believe it or not, signing up for a CCCS repayment program often gives you a lower credit score than if you had filed bankruptcy. David Butler, in his article The Complete Guide to Understanding Credit Ratings & Credit Reports, says this about Consumer Credit Counseling: “If you ever want to get a mortgage again in the next 7 years, avoid turning your debts over to Consumer Credit Counseling Services or any other debt management service. There used to be a time when this program really made sense, and it still ought to -- but now most lenders won’t touch you until the CCCS is off of your credit report. You’re almost better off doing a Chapter 13 bankruptcy, if you want to start getting credit reestablished anytime in the next 7 years.” SHOCKING FACT #6: In most cases, your credit rating is better 2 years after filing bankruptcy than it is 3 years after you enter a payment plan with Consumer Credit Counseling Services. The reason is simple. Immediately after a bankruptcy, which usually takes only a few months, you can start rebuilding your credit. One of the main reasons lenders look at Chapter 13 less harshly than a Chapter 7 is because in Chapter 13 you are repaying some of your debts. But when you enroll in a repayment plan with CCCS, you can’t do anything to reestablish your credit until you successfully complete the four- to five-year payment plan. Even worse, negative information about your repayment plan -- which CCCS puts on your credit report -- will haunt you for seven years after you complete the repayment plan. CCCS likes to call bankruptcy the “10-year mistake.” Clearly, they should call their own program the “12-year mistake.” SHOCKING FACT #7: The credit counselors’ stated goal is to help your creditors. The National Foundation for Credit Counselors, the organization that most Consumer Credit Counseling Services locations belong to, makes their mission clear. Their literature states: “NFCC is committed to developing, promoting and maintaining successful relationships with creditors. At NFCC we work with creditors -- one by one -- to develop policies to make your customer plans successful. Our nonprofit network of more than 1,300 locations returns close to $5 billion to creditors every year. NFCC member agencies help your customers avoid bankruptcy.” The bottom line is simple. The more you pay … the more Consumer Credit Counseling Services make. Whose side do you think they are on? ____________ “I have heard nothing but good things from people who have worked with Rich.” “Richard is someone I am really glad I know! He has been very reliable, has great attention to detail, great follow up and he’s very helpful. I have and will continue to recommend him to my friends and family, anytime. I have heard nothing but good things from people who have worked with Rich. He’s a pleasure to work with in any scenario.” Yahaira Toruno; Realtor & Investor, Mark Allen Realty 8 Eye-Opening Secrets That Reduce the Pain of Bankruptcy SECRET #1: Most people keep all their property. Illinois law allows you to keep your home, cars, furniture, appliances, employer sponsored retirement and other things you need to get a fresh start. While there are limits to the values of what you can keep, typically you are not required to give up anything. In general, fears of losing your property are exaggerated by the credit industry. SECRET #2: You don’t need to be broke to file for Chapter 7 bankruptcy. You can be employed, have a bank account and own property up to certain limits as of the date your bankruptcy case is filed. After your case is filed, you can buy and own whatever you want and your creditors cannot touch the assets. In fact, if you buy a lottery ticket after your Chapter 7 bankruptcy discharge and win, you may be able to keep the winnings unless other state laws place a limit on this. I read a story on a bankruptcy blog about a woman in Connecticut who bought a winning lottery ticket after she filed bankruptcy, spent the money, and the court let her discharge her debts. SECRET #3: You don’t have to owe a minimum amount of money to file for bankruptcy. Chapter 7 bankruptcy is designed for people who are unable to repay their existing debts. It is not designed for people who owe certain amounts. Your ability to file for Chapter 7 bankruptcy is based on your debt, assets and income. SECRET #4: You can get credit again after bankruptcy. True. The negative impact of bankruptcy on your credit is extremely exaggerated. It won’t be long before you’re getting credit card offers again. You should, however, refuse all offers of credit cards until you’ve put together a realistic savings plan. Once you have a savings plan in place and start to build your cash reserves, you will be able to start thinking about new credit. If you want to buy a home or car after bankruptcy, you will likely be pleased. I have seen many bankruptcy clients purchase a home within two years of filing an Illinois bankruptcy, but only after they have taken steps to establish their own financial stability. SECRET #5: No one from the court will tell your employer about your bankruptcy. The bankruptcy court does not notify your employer when your case is filed. Your payroll depart-ment may be contacted to stop a wage garnishment, but in most cases they are not told why. SECRET #6: Your spouse does not have to file for bankruptcy with you. It’s common for one spouse to have a large amount of debt in their name only. However, if spouses have debts they want to discharge for which they’re both liable, they should file together. Otherwise, the creditor will simply demand payment for the entire amount from the spouse who didn’t file. SECRET #7: Your immigration status will not change due to your bankruptcy. Many people worry that they will jeopardize their immigration status if they file for bankruptcy. This is not true. Generally your immigration status is not affected by filing for bankruptcy, but you should check with your immigration lawyer just to be sure. SECRET #8: If you file for bankruptcy, you’ll be in good company. No doubt, several of your friends and coworkers have filed for bankruptcy, but you may not know this because they don’t talk about it. Also, many famous people and big companies have filed for bankruptcy, including:  President Abraham Lincoln  Author Mark Twain  Automobile Manufacturer Henry Ford  Hall of Fame quarterback Johnny Unitas  Hollywood director Francis Ford Coppola  Television personality Larry King  Actor Mickey Rooney  Actor Burt Reynolds  Actress Kim Basinger  Entertainer Jerry Lee Lewis  Entertainer Wayne Newton  Entertainer M.C. Hammer  Continental Airlines  United Airlines  US Airways (twice). You have no reason to feel guilty about filing for bankruptcy, especially if you use it as an opportunity to provide for your and your family’s security. All of these people and companies -- and hundreds more whose names you’d recognize -- filed for bankruptcy. So while your financial problems seem serious, they aren’t the end of the world. Declaring bankruptcy is the first step toward a safe, secure financial future. Types of Bankruptcy -- and Frequently Asked Questions What is bankruptcy? Bankruptcy is legal protection from your creditors. Our founding fathers thought giving businesses and citizens a fresh start was so important that they wrote it into the United States Constitution in Article 1, Section 8. Chapter 7 Bankruptcy: Also called Straight or Liquidation Bankruptcy. The court appoints a Trustee who may liquidate or sell some of your assets to pay your creditors. Most of your debt will be erased, but you may choose to pay some creditors, usually to keep a car or home in which the creditor has a lien. Chapter 13 Bankruptcy: Also called debt Adjustment. Under this form of bankruptcy, most of your debts are reorganized into a single monthly payment. The payment will continue for 36 to 60 months. You do not have to repay all of your debt. You pay only as much as you can afford, but the minimum payment may be affected by property you want to keep. When you complete the payments, debt not paid is discharged. Chapter 11 Bankruptcy: Under federal bankruptcy laws, Chapter 11 governs how companies go out of business or recover from crippling debt. A bankrupt company must use Chapter 11 of the Bankruptcy Code to “reorganize” its business and try to become profitable again. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court. Which chapter of bankruptcy should I file? This depends on the amount you owe, the type of debt you have, and the amount of your assets and income. Your bankruptcy lawyer will explain which type of bankruptcy is best for your situation. What do I need to begin the bankruptcy process? The law requires credit counseling, a list of your past and present debts, completing the necessary forms and the filing fee. ________  “Do You Have a Bad Credit Score?”  “Before the bank turns down your loan application again, call me. I’ll help you fix your credit score by  Removing Errors in Credit Reports  Erasing Compliance Violations  Improving and Optimizing Your FICO Scores  Building New Credit  Managing Existing debt  Rehabilitating Defaulted Obligations. If you have questions -- or if you’d like me to help you, send your e-mail to thedebtexperts@gmail.com or call 312-969-0730.” – Rich NOTES 17 Important Reasons Clients Ask Rich Fonfrias to Rescue Them From Financial Disaster -- And Why We Hope You Will, Too! REASON #1: Personal Practice of Law. Rich opened his private practice in Chicago in 1997. As a sole practitioner, Rich provides his clients with the high level of skill and experience they want -- and the individual care and attention they deserve. REASON #2: Exclusively Financial Problems and Bankruptcy. Rich limits his law practice to representing clients who face devastating financial problems. REASON #3: Business Services: Financial Rescue and Bankruptcy. Rich provides the following legal services to businesses: Creditor Lawsuit Defense  Credit Card Defense  Foreclosure Defense  Stop Bank Account Seizures  Prevent Equipment Repossession  debt Elimination, Reduction, Negotiation, Restructuring and Settlement  Loan, Mortgage and Line of Credit Modifications  Review and Modification of Lease and Loan Contracts  Bankruptcy Alternatives  Chapter 7 Bankruptcy (Liquidation)  Chapter 11 Bankruptcy (Reorganization). REASON #4: Consumer Services: Financial Rescue and Bankruptcy. Rich provides the following legal services to individuals and families: Foreclosure Defense  Credit Card Defense  debt Defense  Wage Garnishment Defense  Creditor Lawsuit Defense  Prevent Bank Account Seizures  Prevent Car or Truck Repossession  Credit Card and Other debt Elimin-ation, Reduction and Settlement  Loan, Mortgage and Line of Credit Modifications  Bank-ruptcy Alternatives  Fonfrias Fresh-Start debt-Free Financial Plans  Chapter 7 Bankruptcy (Liquidation)  Chapter 11 Bankruptcy (Reorganization)  Chapter 13 Bankruptcy (Repayment). REASON #5: Credit Repair Services: Rich provides the following services to help clients repair and establish a good credit rating: Removing Credit Report Errors  Erasing Compliance Violations  Improving and Optimizing Your FICO Scores  Building New Credit  Managing Existing debt  Rehabilitating Defaulted Obligations. REASON #6: Solving Tax Problems: Rich provides the following services to help clients who owe taxes to state and federal agencies: Removing IRS and State Tax Liens, Bank Levies and Wage Garnishments  Filing Late Tax Returns  Erasing Taxes in Bankruptcy  Settling Back Taxes  Saving Your Home or Business From Seizure. REASON #7: Extensive Legal Experience. Rich has practiced law in the areas of financial rescue and bankruptcy for 12 years. REASON #8: Admitted to Major Courts. Rich is admitted to practice in all Illinois State Courts including the Illinois Supreme Court. In addition, he is admitted to practice in the United States District Court for the Northern, Central and Southern Districts of Illinois. REASON #9: Education: In 1990, Rich graduated from State University of New York at Stony Brook, where he earned a Bachelor of Arts Degree in Philosophy. In 1996, Rich graduated from Thomas M. Cooley Law School in Lansing, Michigan, where he earned his Juris Doctor Degree and a position on the Dean’s List. REASON #10: Bar Association Memberships. Rich is a member of the Illinois State Bar Association and the National Association of Consumer Bankruptcy Attorneys. REASON #11: Seminars and Workshops. On request, Rich presents seminars on preventing and solving financial problems for consumers, business owners and executives, as well as civic and professional groups. REASON #12: Client Services Guarantee. Rich has dedicated his law practice to providing the highest level of personal service to his clients. He provides clients and prospective clients with a copy of his Client Services Guarantee, in which he guarantees the quality of service you will receive. REASON #13: Clients Are Family Members. One reason Rich gets excellent results for his clients is because he works as hard for them as he would for someone in his own family. REASON #14: Client Communication. The key to Rich’s successful career has been the quality of his relationships with clients. Effective communication helps clients understand their problems and the solutions Rich can provide. Rich’s primary focus is to listen to clients and evaluate their individual needs so he can provide them with the most effective, constructive solutions. REASON #15: Long-Time Friend and Neighbor. Rich and his wife have lived in the Chicago area for over 10 years. REASON #16: Educational Focus. Rich is committed to helping his clients make informed, intelligent decisions. He shows his commitment, in part, by providing in-depth educational information in writing and on his web site. REASON #17: Free Consultation. Rich gladly offers an initial consultation for both businesses and individuals without cost or obligation. You’re Invited to Call or E-mail. “If you have questions about bankruptcy, foreclosure, credit card debt, loans, tax liens or other financial problems, please don’t hesitate to call. I’ll be glad to answer your questions and help you in every way. Please don’t delay. In most cases, the sooner you call me, the more I can help you. So please send your e-mail today to thedebtexperts@gmail.com or call 312-969-0730.” -- Rich RICHARD FONFRIAS, J.D. Chicago’s Financial Rescue & Bankruptcy Lawyer Founder & Managing Partner FONFRIAS LAW GROUP, LLC First National Plaza  70 West Madison Street, Suite 1400  Chicago, Illinois 60602 Telephone 312-969-0730  Facsimile 312-624-7954 E-mail thedebtexperts@gmail.com Hundreds of clients have hired Rich Fonfrias -- Chicago’s Financial Rescue & Bankruptcy Lawyer -- over the past 13 years partly because of Rich Fonfrias’s 12-Part Client Services Guarantee When you hire me, I promise you will receive... PROMISE #1: Close Personal Attention. I promise I will answer all your questions, meet with you as often as you wish, and do everything possible to treat you the way I like to be treated when I’m the client. PROMISE #2: Prompt Return Calls. I promise I will make every effort to return your phone calls promptly. If I am tied up and can’t return your call, one of my staff members will call and set a time for a telephone appointment. PROMISE #3: Quick Response to Your Requests. Whenever you need something from my office, please don’t hesitate to call. If I’m not available at that moment, feel free to ask my legal assistant or secretary to help you. If they cannot fulfill your request, I’ll handle it for you as soon as I’m available. PROMISE #4: Confidential information. I promise everything I do for you will be confidential. No one will have access to your confidential information other than employees in my office who are working on your case. PROMISE #5: Convenient Appointments. I promise I will set appointments when they are convenient for you. And, when necessary, I will be happy to meet you at your home or office. PROMISE #6: Fair, Reasonable Fees. When you hire my services, you are not paying for a penthouse suite of offices or a huge support staff of secretaries and assistants. I keep close watch on my overhead and regularly monitor my fees to make sure they are fair and reasonable for both of us. The best lawyer-client relationship is when both you and I are happy. I promise to work with you to that end. PROMISE #7: Free Telephone Conferences. I do not charge for telephone calls, either before I accept your claim or while I am working on your case. You’re welcome to call me whenever you have a question, problem or concern. PROMISE #8: Current Knowledge. I work hard to maintain the highest level of knowledge in my practice areas. I eagerly attend continuing education classes, seminars and workshops so you get the best possible representation. PROMISE #9: Competent Services. The seminars and workshops I attend allow me to provide you with the latest legal information, most effective techniques, and most efficient methods so you receive the full legal protection the law allows. PROMISE #10: Aggressive Representation. I have extensive experience representing individuals and companies facing serious financial problems. So regardless of what your case requires, I can handle everything for you. PROMISE #11: Value in Every Respect. My goal is to make sure you feel the value you receive from me is always greater than the fee you pay. So while I can’t guarantee my fees will always be low, I can guarantee they will always be fair. I want you to receive more value from me than any other lawyer you know. And I’ll work hard to make sure you do. PROMISE #12: More Than You Expect. If you think of some way I can provide you with better service, or better meet your needs, please tell me how. Even though we work together on your financial matters, still, I’m not a mind reader. If you have something troubling you -- or if you have a concern or a problem -- please discuss it with me. If I can help you, I will. And if I can’t help you, I may know someone who can. A good lawyer-client relationship deals with all types of problems, not just legal problems. So if something crosses your mind and you want my input, I’ll be happy to help. Read What Clients & Colleagues Say About Respected Attorney RICHARD FONFRIAS, J.D. Chicago’s Financial Rescue & Bankruptcy Lawyer “Rich is a reliable, hardworking guy who pays great attention to detail.” “Rich is very thorough and pays great attention to detail. He’s a reliable, hardworking guy who will still be working long after everyone else has turned the lights off and gone home. Rich has a great personality and works well with people. Plus, he’s a terrific lawyer. He and I have been long-time friends and I have also been his client. I would certainly refer him to anyone who wants to solve financial problems.” Duane Jones; South Holland, Illinois “Rich used words I understood and took time to explain everything to me.” “What I appreciated most about Rich was that he spoke in language I could understand. I was in unfamiliar territory and Rich took time to explain what this is, what that means -- all in language I understood. Also, Rich has great followup skills. Many people in business have good intentions about following up, but often don’t. It really says something about a lawyer when he takes the time to followup. It means he’s going to get the job done. Rich has always been accessible and returned my phone calls. Plus he knows the complicated laws very well. Rich will not miss one number or letter. You’ll never find a typo. He really knows his specialty and I would absolutely refer friends to him.” Lora Boffa; Bloomingdale, Illinois “Richard is reliable, returns calls promptly, and a good person.” “Richard is reliable and a team player. He is able to explain complex concepts in a way an aver-age person would understand. While efficiently handling a heavy bankruptcy caseload, he returned clients’ calls promptly. Finally, Richard is a good person and a good friend.” Bankruptcy Attorney, Name Withheld by Request; Chicago, Illinois 13 Tough Questions to Ask Before You Hire a Financial Rescue & Bankruptcy Lawyer QUESTION #1: What percentage of your practice is devoted exclusively to solving financial problems and bankruptcy? QUESTION #2: How long have you been helping clients with their financial problems and bankruptcy? QUESTION #3: Which debts can be discharged through bankruptcy -- and which cannot? QUESTION #4: If bankruptcy isn’t appropriate in my case, do you offer services that are alternatives to bankruptcy? QUESTION #5: What percentage of your clients file for bankruptcy? And what percentage of your clients use bankruptcy alternatives? QUESTION #6: Have you represented clients in situations similar to mine? QUESTION #7: If I can’t come to your office, will you come to my office or home? QUESTION #8: What do you charge for your services and how do you determine the amount of your fee? QUESTION #9: Are you a member of the National Association of Consumer Bankruptcy Attorneys? QUESTION #10: Do you present free educational seminars so I can learn more about financial solutions and bankruptcy? QUESTION #11: Will you discuss my financial problems with me over the telephone? QUESTION #12: Will you evaluate my case for me without cost or obligation? QUESTION #13: Will you send me free educational information to help me understand my financial problems and how you can help me solve them?  18 Nearby Offices So You Save Time and Gas  Main Office: 70 W Madison St, Suite 1400, Chicago 4320 Winfield Rd, Suite 200, Warrenville 8770 W Bryn Mawr Ave, Suite 1300, Chicago 350 S Northwest Highway, Suite 300, Park Ridge 5600 N River Rd, Suite 800, Chicago 100 Illinois St, Suite 200, St. Charles 500 Lake Cook Rd, 3rd Floor, Deerfield 1821 Walden Office Square, Schaumburg 3333 Warrenville Rd, Suite 200, Lisle 10 N. Martingale Rd, Suite 400, Schaumburg 707 Skokie Blvd, Northbrook 1450 E American Ln, Suite 1400, Schaumburg One Northbrook Place, Suite 200 5 Revere Dr, Northbrook One Lincoln Centre, 15th Floor 18 West 140 Butterfield Rd, Oakbrook Terrace Oak Brook Pointe, Suite 500 700 Commerce Dr, Oak Brook Corporate Center, Suite 1200 1600 Golf Rd, Rolling Meadows RICHARD FONFRIAS, J.D. Chicago’s Financial Rescue & Bankruptcy Lawyer Business Services  Creditor Lawsuit Defense  Credit Card Defense  Foreclosure Defense  Stop Bank Account Seizures  Prevent Equipment Repossession  debt Elimination, Reduction, Negotiation, Restructuring & Settlement  Loan, Mortgage & Line of Credit Modifications  Review & Modification of Lease & Loan Contracts  Bankruptcy Alternatives  Chapter 7 Bankruptcy (Liquidation)  Chapter 11 Bankruptcy (Reorganization) Consumer Services  Creditor Lawsuit Defense  Credit Card Defense  Foreclosure Defense  debt Defense  Wage Garnishment Defense  Prevent Bank Account Seizures  Prevent Car or Truck Repos-session  Credit Card & Other debt Elimination, Reduction Negotiation, Restructuring & Settlement  Loan, Mortgage & Line of Credit Modifications  Bankruptcy Alternatives  Fonfrias Fresh-Start debt-Free Financial Plans  Chapter 7 Bankruptcy (Liquidation)  Chapter 11 Bankruptcy ( Reorganization)  Chapter 13 Bankruptcy (Repayment) Credit Repair  Removing Mistakes in Credit Reports  Erasing Compliance Violations  Improving & Optimizing Your FICO Scores  Building New Credit  Managing Existing debt  Rehabili-tating Defaulted Obligations Solving Tax Problems  Removing IRS & State Tax Liens, Bank Levies & Wage Garnishments  Filing Late Tax Returns  Erasing Taxes Through Bankruptcy  Settling Back Taxes  Saving Your Home or Business from Seizure. You’re Invited to Call or E-mail. “If you have questions about bankruptcy, foreclosure, credit card debt, loans, tax liens or other financial problems, please don’t hesitate to call. I’ll be glad to answer your questions and help you in every way. Please don’t delay. In most cases, the sooner you call me, the more I can help you. So please send your e-mail today to thedebtexperts@gmail.com or call 312-969-0730.” -- Rich RICHARD FONFRIAS, J.D. Chicago’s Financial Rescue & Bankruptcy Lawyer Founder & Managing Partner FONFRIAS LAW GROUP, LLC First National Plaza  70 West Madison Street, Suite 1400  Chicago, Illinois 60602 Telephone 312-969-0730  Facsimile 312-624-7954 E-mail thedebtexperts@gmail.com MEET RICHARD FONFRIAS, J.D. Rich Fonfrias is a respected Financial Rescue and Bankruptcy Lawyer based in Chicago, Illinois. He has practiced law for 13 years and has in-depth experience helping families and business owners overcome serious financial problems. Rich represents clients in all types of financial emergencies, including creditor lawsuit defense -- credit card defense -- foreclosure defense -- debt elimination, reduction and settlement -- tax elimination, reduction and settlement -- and loan and mortgage modifications, as well as chapter 7, 11 and 13 bankruptcies. In 1990, Rich graduated from State University of New York at Stony Brook, where he earned a Bachelor of Arts Degree in Philosophy. In 1996, he graduated from Thomas M. Cooley Law School in Lansing, Michigan, where he earned his Juris Doctor Degree and a position on the Dean’s List. Rich is a member of the Illinois State Bar Asso-ciation and the National Association of Consumer Bankruptcy Attorneys. He is admitted to practice before all Illinois State Courts including the Illinois Supreme Court. In addition, Rich is admitted to practice before the United States District Court for the Northern District of Illinois. Rich regularly attends Continuing Legal Education programs sponsored by the National Associa-tion of Consumer Bankruptcy Attorneys. Rich is a member of the Chicagoland Chamber of Commerce. On request, he presents seminars on preventing and solving financial problems for consumers and business owners. His hobbies include playing the guitar, cooking, cycling, the theatre and skiing. You’re Invited to Call, E-mail, or visit www.chicagomoneylawyer.com “If you have questions about bankruptcy, foreclosure, credit card debt, loan modifications, tax liens or other financial problems, please send your e-mail today to thedebtexperts@gmail.com or call 312-969-0730.” -- Rich RICHARD FONFRIAS, J.D. Chicago’s Financial Rescue & Bankruptcy Lawyer Founder & Managing Partner FONFRIAS LAW GROUP, LLC First National Plaza  70 West Madison Street, Suite 1400  Chicago, Illinois 60602 Telephone 312-969-0730  Facsimile 312-624-7954 E-mail thedebtexperts@gmail.com {{Userspace draft|date=October 2009}} '''New article name''' is == References ==  {{Reflist}} == External links == * (http://www.example.com example.com)  ((Category:Articles created via the Article Wizard))