• What Does Elizabeth Warren Appointment to Banking Committee Mean for Chicago Bankruptcy?

    Elizabeth Warren (D) won the Massachusetts Senator election race over Republican incumbent Scott Brown in November, and many believe she would be a natural fit for the powerful Senate banking committee. Warren is an American bankruptcy law expert and a Harvard Law School professor. Warren certainly has outstanding credentials-she was named the 2009 Boston Globe’s Bostonian of the Year, and she was listed in Time Magazine’s 100 Most Influential People in the World in 2009 and 2010.

    Warren has a reputation for being a consumer advocate, standing up to banks and credit card companies. Warren is the first female senator in Massachusetts’ history.

    Many big banks are not fans of Warren and her policies. Warren is certainly qualified, and most believe that if she wants to serve on the committee she will be named to it.

    “The leadership and committee chairmen usually work together to try to accommodate incoming senators’ preferences, within reason,” one Senate Democratic aide told Reuters. “If Senator-Elect Warren indicates she’d like to serve on the banking committee, given her prominent work on those issues, she would certainly have a very good shot.”

    It is hard to speculate exactly what it would mean if Warren is named to the committee, but most experts believe she would continue to be a consumer advocate.

    Please visit our site for bankruptcy information , and contact our firm for a free consultation.

    Benjamin Brand Services- Chicago bankruptcy attorney .

  • Chapter 7 and Chapter 13 Bankruptcies

    Personal bankruptcy is a difficult process for someone to go through, but many people are scared because they simply do not know what the process is like and how it will affect their lives. Gathering information about bankruptcy and what it would mean for you and your family helps to aleviate some of the uneasiness.

    The two types of personal consumer bankruptcies are Chapter 7 bankruptcy and Chapter 13 bankruptcy. In a Chapter 7, the debtors are able to discharge all or part of their debt. In a Chapter 13, debtors agree to a payment plan to repay part of all of their debt.

    During a Chapter 7 bankruptcy, you will likely be required to liquidate assets and then turn them over to your creditors first. This includes money in your checking and savings accounts. Some of your assets may be exempt in the bankruptcy process for a Chapter 7-laws vary by state. Generally after you liquidate your non-exempt assets, they are divided between your creditors and the rest of your debt is discharged. However, in the majority of Chapter 7 bankruptcies, most of people’s assets are exempt and therefore do not need to be liquidated.

    In a Chapter 13 bankruptcy, individuals organize a payment plan to repay creditors. The individual will submit the plan to the court for approval and began making payments to the trustee, who then pays the creditors.

    Bankruptcy is different for each individual, and there are many variables in each case. Please contact our firm for a free consultation.

    Benjamin Brand Services- Chicago bankruptcy attorneys .