The Legal Blog
Grand Opening of Schneider & Stone's Naperville Office
Posted June 8, 2010 by inIn our committment to offering quality service to all of our clients, Schneider & Stone is proud to announce that it is has opened its Naperville office. We continue to offer the same calliber of representation for all of our clients' legal issues and are now conveniently located in Naperville. The Naperville location will allow us easier access to the DuPage, Kane, and Will County Circuit and Federal Courts.
Continue readingMortgage Modification
Posted May 28, 2010 by inBE CAREFUL, MORTGAGE MODIFICATION APPLICANTS CAN END UP IN FORECLOSURE!!!
Recently, the big mortgage lenders are trying to show that they are sympathetic to struggling homeowners by offering loan modifications. In defense of the banks, the modification programs are offered in good faith. The reality is that the execution of these programs is so bad that the so called "mortgage modification" ends up accelerating the foreclosure process making it almost impossible to keep a home without filing for bankruptcy.
The process goes somthing like this...
Continue readingPaying your debts pre Bankruptcy
Posted May 13, 2010 by inWhen you are considering filing for Chapter 7, Chapter 11, or Chapter 13 bankruptcy, the banruptcy code prohibits you from paying any of your debts without a good reason...basically, you cannot pay them. But, as with any valid rule, there are exceptions that should be considered by any potential Chapter 7, Chapter 11, or Chapter 13 bankruptcy filer. I will discuss a few of those exceptions:
Exception 1
Continue readingThe Battle of the Forms
Posted April 25, 2010 by inIf your customers send purchase orders when they buy your product, you may be agreeing to contract terms you don’t even know about. The scariest part… you might have your own term sheet you send along with your product, and still be agreeing to different terms in the final contract. And if you are the one sending the purchase order… you aren’t really any better off. Welcome to the battle of the forms.
Continue readingReceipts
Posted March 23, 2010 by inHere is a good habit you can get into today that will solve a lot of potential problems as you go through life, particularly in business and business litigation. Always get a receipt; always give an invoice.
Continue readingQuickest way to raise your credit score!
Posted March 15, 2010 by inThe most common question I am asked by a client considering filing for Chapter 7, Chapter 13 or Chapter 11 bankruptcy is "what will bankruptcy do to my credit score?" Before I get a chance to answer, the client usually answers the question themselves by saying something like "oh, I'm sure my credit score will be in the low 300's." These clients are always shocked when I tell them that they are not only wrong, but the opposite is true. In most cases, a bankruptcy filing will make a credit score go up, not down.
Continue readingBankrutpcy Exemptions
Posted February 26, 2010 by inOne of the most common fears of my clients upon deciding to file for Chapter 7 bankruptcy is that they will lose all of their property. While this fear is a valid feeling, the truth could not be further away. 99% of Chapter 7 bankruptcy filers are able to get a full discharge of their debts and not lose a single item of property: there are three reasons for this:
Reason 1: You do not own the property.
Continue readingForeclosure vs. Bankruptcy: Which one is better?
Posted February 3, 2010 by inI recently ran across a question on a legal forum in which a person asked "why should I file for bankruptcy when my house is in foreclosure and that is my only debt?" She clarified that she had consulted a lawyer and he told her that foreclosure and bankruptcy led to the same result and that she should not bother with a bankruptcy filing.
This is the worst advice this woman could have been given! There is a world of difference between bankruptcy and foreclosure.
Let me explain the differences between foreclosure and bankruptcy.
FORECLOSURE
Continue readingThe CAN SPAM Act
Posted January 24, 2010 by inThe thing to do in marketing these days is move online. Every year, more and more businesses are launching websites and turning from expensive paper mail campaigns to cheaper email advertising. Customers, for their part, have gotten increasingly frustrated with the amount of junk in their inboxes, and Congress has listened. Before you click that send button, make sure you are aware of the CAN-SPAM Act of 2003.
Continue readingProposing a 0% Chapter 13 Bankruptcy Plan
Posted January 17, 2010 by inIn a normal Chapter 13 Bankruptcy, the goal is to propose a plan to repay your debts over a period of 3-5 years. This type of plan can be used to save your home from foreclosure, or just pay down debts interest free. The typical Chapter 13 Bankruptcy Plan contains, among other items, payment to general unsecured creditors of anywhere between 10%-100% of the entire debt. But what happens if the Debtor has so much priority tax debt that the Chapter 13 Bankruptcy Plan payments will not be able to pay back all of the priority claim, let alone provide anything for the other unsecured creditors?
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