Loop Bankruptcy -A Service of Lake Law

07/01/2013

Most debt settlements are rip-offs. See David Leibowitz' comments about this at lawyers.com.
http://bit.ly/13hVYIg

Drowning in debt? There are plenty of businesses out there that say they want to help, but consumer beware: Many debt relief companies would just as soon pocket whatever little cash a debtor has left and run, in lieu of actually resolving the problem with the creditors.

06/27/2013

Today, we are filing a complaint in support of a single mom from Will County against Bank of America in United States District Court in Illinois alleging among other things that their employees lied to borrowers seeking mortgage modifications.

Lakelaw stands up for its clients.

http://rt.com/usa/foreclosure-america-employees-bank-946/

Employees of Bank of America say they were encouraged to lie to customers and were even rewarded for foreclosing on homes, staffers of the financial giant claim in new court documents.

06/27/2013

Lakelaw just negotiated a great loan modification with Chase for a lovely Lake County couple in their 80s. Their interest rate will be under 3.625% for the rest of their lives and they will be able to stay in their home as long as they want. Our clients are overjoyed and so are we. Big hat tip to our admin Shawna Bestwick for all her hard work on this matter.

06/27/2013

Changes in Federal Rules for same-sex couples.
http://on.wsj.com/10ZWZDy

Thousands of married gay couples stand to be treated just like their heterosexual counterparts when it comes to federal taxes, immigration, bankruptcy, student aid and other matters after the Supreme Court strikes down the Defense of Marriage Act.

06/22/2013

How a Chapter 9 bankruptcy could affect Detroit pensions, health care.
http://on.freep.com/11SScxF

Questions about Detroit emergency manager Kevyn Orr's plan to pursue 'significant' cuts to pensions and to reduce the city's spending on retiree health care were front-and-center at a meeting Thursday between Orr and city union leaders.

06/20/2013

When you borrow from a credit union for a house or car, your bank account there frequently is security for your loan. Think about keeping your savings and checking of important money someplace else.

06/20/2013

Have you heard about the Bank of America HAMP litigation. People all over the US are suing them for slow-walking loan mods with the idea to force people to foreclosure. We can handle this sort of case.

06/20/2013

Have you thought of using a "debt settlement" firm to resolve your credit card debts. Think again. The Illinois Attorney Registration and Disciplinary Commission thinks that two of Legal Helpers Debt Resolution's lead attorneys should be disciplined for the way they handled "debt settlements."

06/19/2013

Student Loans and Universities.
http://huff.to/11ZvXtT

University endowments and teachers’ pension funds are among big investors in Sallie Mae, the private lender that has been generating enormous profits thanks to soaring student debt and the climbing cost of education, a Huffington Post review of financial documents has revealed. The previously unrepo...

06/19/2013

Why is it important to consult with a bankruptcy attorney before filing for bankruptcy? Because rumors spread quickly. Sometimes these rumors are spread by people who try to take advantage of people in need.
http://bit.ly/12Vnyej

The scam was perhaps as crafty as it was criminal.A Chicago man was arrested Thursday for soliciting payoffs from drivers whose vehicles had been impounded by the city. The scheme involved filing...

06/19/2013

Check out my article on Asset Protection for Doctors in AAOS Now.
http://www.aaos.org/news/aaosnow/jun13/managing4.asp

I frequently counsel physicians and other high net worth individuals who are facing substantial legal claims. These might be professional liability claims, but the following circumstances could just as easily lead to a legal claim:

06/19/2013

Check out our comments on payday loans by seniors.
http://tinyurl.com/l5e5zyw

Payday loans may be an especially bad choice for elderly adults, many of whom have limited budgets and fixed incomes. Learn what makes these loans so dangerous.