• Chicago Bankruptcy Lawyer Supports Senator-Elect Warren

    Early reports indicate that Massachusetts Senator-Elect Elizabeth Warren is expected to be granted a seat on the Senate Banking Committee. Warren, a Harvard bankruptcy professor, is a consumer advocate who is has consistently been outspoken about big banks’ and credit card companies’ exploitative tactics.

    If appointed, Warren will have a hand in re-writing the Dodd-Frank Act as well as other significant financial legislation pieces. A final decision on the Senate Banking Committee appointments will not be made until the new session of Congress convenes.

    “We certainly plan to reach out to Senator-Elect Warren,” said James Ballentine, executive vice president of congressional relations and political affairs at the American Bankers Association. “That outreach will stretch beyond Dodd-Frank reforms, which is the corner many will try to paint her into.”

    It is great that a consumer advocate like Senator-Elect Warren will be appointed to such a prestigious position. Her experience and passion for fighting for the middle class will be a fresh of breath air for Congress.

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

    Benjamin Brand Services- Chicago bankruptcy attorney .

  • Q&A With A Chicago Bankruptcy Attorney

    Q:         I recently lost my job, and my wife has been out of work for almost a year. I believe I may need to file for bankruptcy , but I am worried about losing my home and vehicles. Is it possible to file for bankruptcy and keep both?

    A:     Great question-these are common questions for people that are considering filing bankruptcy. There are two different types of consumer bankruptcies-a Chapter 7 and a Chapter 13.

    In a Chapter 13 bankruptcy, you will organize a plan to repay some of your debts. You and your creditors will agree to a “financial reorganization,” which is supervised by a bankruptcy court. A Chapter 7 bankruptcy , on the other hand, is when an individual liquidates non-exempt assets to repay creditors. A Chapter 13 will allow you to keep your car and house, although both types will stop a foreclosure.

    A Chapter 13 bankruptcy can protect your house and car, but you need steady income. A Chapter 7 will wipe out your debt, but you may need to surrender you house, your car or both.

    Bankruptcies are different for each individual and family, seeing as how everyone has different circumstances and financial obligation. Please contact our firm for a free consultation if you are struggling with debt.

    Benjamin Brand Services- Chicago bankruptcy lawyer .