Joliet Attorneys | Will County Lawyers

Rebuilding Credit After Bankruptcy in Will County Illinois

Robert J. Hamilton — Wed, 11 Apr 2012 16:42:36 +0000

A common concern of Will County bankruptcy clients is about credit after bankruptcy. During a bankruptcy consultation at our Joliet bankruptcy office of Hamilton & Antonsen, Ltd. we remind clients that filing bankruptcy does have a negative impact on credit rating, but, equally as important to understand is that this drop in your credit rating is temporary. And you may actually have a chance to have a higher credit score faster than if you had not filed bankruptcy at all.

Credit is especially important in our current national financial situation. In order to obtain necessary purchases, such as homes and cars, a good credit rating is imperative. That said many clients understand that assuming a lower credit rating for an interim period in order to be relieved of many financial debts is necessary, and a temporary situation. It is also important to understand that rebuilding your credit after filing bankruptcy takes work and personal commitment from you.

What Happens to Credit Rating after Bankruptcy

Once you file bankruptcy, all debts discharged will be listed as bankruptcy, or BK, debts. These will remain on your credit report for several years – 10 years for a Chapter 7 Bankruptcyand 7 years for a Chapter 13 Bankruptcy. These ratings do not preclude you from qualifying for significant loans; however you may notice an impact to your terms.

For example, once some time has passed from filing bankruptcy about a year – you may qualify for a home or car loan, but your payment terms may not be as favorable as they were on purchases previous to filing bankruptcy. You may not be able to rent or lease, but you should still have access to student loans. Finally, you must understand your fiscal responsibility for these loans, as you will not be able to file another Chapter 7 bankruptcy for 8 years.

Ways to Rebuild Your Credit after Bankruptcy

With hundreds of bankruptcy clients Hamilton & Antonsen, Ltd. Of Will County, Illinois we can help you understand your options for rebuilding credit. In order to rebuild your credit after filing bankruptcy, some important items to consider include: open a savings account and add a little bit every week; ask a close friend or family member to name you on their credit card, but do not make any charges on the card; once you’ve saved enough to open a secured credit card, do so in your name only, making minimal purchases and paying off the balance each month; pay all bills on time and inform your bankruptcy trustee or creditor immediately if you will be unable to pay a bill; and finally monitor your credit rating and challenge any inappropriate debts.

During the duration of your Chapter 7 bankruptcy you may be required to get permission or a letter from your bankruptcy trustee giving you permission to obtain additional credit. Consult a knowledgeable Will County Bankruptcy Laywer to understand your options.

Call at 815.729.9220 or email us at info@halawoffices for more information.

Personal Injury Settlements In Will County Bankruptcy

Robert J. Hamilton — Mon, 09 Jan 2012 22:21:38 +0000

I’m always saddened when a Will County bankruptcy client who has been seriously injured faces financial issues in addition to health issues. Unfortunately, health and money problems frequently go hand in hand. In addition to dealing with mounting medical bills you may not be able to work. If you don’t work you don’t get paid, or you get paid a small portion of your previous earnings through disability insurance. In situations like these, your debt may grow until it far outweighs your assets. You may no longer be able to keep up with your bills. When financial problems become severe, you may need to file bankruptcy.
If you’ve filed a personal injury lawsuit but also need to file bankruptcy, you may wonder how this will impact your case. You may be under the erroneous impression that filing bankruptcy means that you lose every cent and possession you own. What you might not know is that there are certain “exemptions,” or property you are allowed to keep.
Depending upon your situation, you may be able to protect your lawsuit, or at least a portion of it. Depending upon the laws in your state, personal injury compensation may be exempt up to a certain amount. For example, in Illinois, personal injury compensation is exempt up to $15,000. You may receive additional personal injury revenue if in compensation for future earnings. Workers compensation benefits and death revenues for a person you depended upon may also be exempt.
When you file bankruptcy all of your assets, including your personal injury suit, become property of your bankruptcy estate. In order to claim an exemption, you must first list the asset. If the asset is not disclosed, you can’t exempt it.
There are a few other good reasons to include your personal injury case in your list of assets. First of all, it’s illegal not to. Second, if you fail to disclose your personal injury case in your bankruptcy filing, you can bet the insurance company’s attorney will try to get your case dismissed.
Chances are, your Joliet bankruptcy attorney and your Will County personal injury attorney will be two different individuals. In order to ensure the best outcome for both your bankruptcy and your personal injury suit, make sure that both attorneys are aware of the other situation. You can recover from both bankruptcy and injury, but it helps to have the right legal guidance

What are my rights in Will County if I am injured at work?

Robert J. Hamilton — Fri, 09 Dec 2011 19:10:41 +0000

Most Joliet workers who are injured in Will County are not aware of their rights. A good Joliet or Will County workers’ compensation lawyer can help, but read below first so you understand what you are entitled to. If you suffer a work-related injury you are entitled to:

Temporary Disability Payments: While off work due to an accident, your employer is obligated to pay you 67% of your weekly pay.
Your choice of Doctors: . You may see 2 doctors of your choice and your employer must pay all reasonable and necessary medical expenses of these doctors. If these two doctors of your choice refer you to other doctors, your employer must pay the bills from these doctors too.
Permanent disability benefit:. You are entitled to permanent disability benefits This represents a settlement for your permanent injuries. This permanent disability settlement is based on a formula taking into consideration the worker’s wages and body part(s) affected. It is vital to wait until your medical treatment has ceased and you are medically released by your doctor before accepting a settlement. If you settle too soon, you may not be settling for your “full” injury.
Vocational Rehabilitation Benefits: If you cannot return to you former job because of limitations caused by your work injury, you are entitled to assistance in finding subsequent employment. Vocational rehabilitation returns you to the employment market. Methods of this rehabilitation includes retraining in a manner that you acquire the skills necessary to return to gainful employment.

There are good local Will County workers’ comp attorneys who can help you get the compensation you and your family deserve. Hamilton and Antonsen is one example of a Will County workers’ comp law firm who can help win your case and get you maximum dollar for your injury. Once you hire the right lawyer, there isnt much else for you to do, but continue to follow your treatment and provide you attorney with the information he or she requests. Good luck! Contact Hamilton & Antonsen today.