New Illinois Power of Attorney for Health Care Effective July 1, 2011

Attached is the New Illinois Power of Attorney for Health Care Form.   This form is unedited and is exactly as formatted and presented in the Illinois Statute.

Illinois Power of Attorney for Health Care Form Effective 7-1-2011

For assistance in filling out this form please call NLO Nelson Law Office at 877-GO-GO-NLO or EMAIL NLO

"Cramming Down your Auto Loan" How to Lower Your Interest Rate and Increase the Amount of time to Pay Off your Car!

How to lower the interest rate on your auto loan.  How to increase the amount of time to pay off your auto loan.  How to lower your payments.  It's all a part of filing a Chapter 13 Bankruptcy and properly modifying your loan in the bankruptcy plan.

Here's how it works:

If your car was purchased more the 910 days in the past and the current loan was used to purchase it...oftentimes referred to as a "purchase money loan" you are allowed to both reduce the total loan balance to the appraised value of the car on the date of filing your bankruptcy  PLUS you can also reduce the Interest rate the Till rate.  The Till rate is :

PRIME RATE (Click Here for Today's Prime Rate)  +  RISK FACTOR  (1-3%)

TILL v. SCS CREDIT CORPORATION, 124 S. Ct. 1951, 158 L. Ed. 2d 787, 541 U.S. 465 (S.Ct., 2004)
To Read More about Till Case, Click the Attached link: 
TILL v. SCS CREDIT CORPORATION

Example:

Jeff's 2002 Mitsubishi Galant is worth $2400.00.  Jeff's automobile loan is with Wells Fargo.  The loan balance at the time of filing his Chapter 13 bankruptcy was $5500.00.  The interest rate on this his loan was 22%.  He had 24 payments left on his loan.  Jeff's attorney modified the loan as follows in his bankruptcy plan:

Balance to pay off:  $2400.00   (This is the current appraised value of the auto)
Interest Rate of  Loan:  6.25%      (Current Prime Rate of 3.25% plus maximum risk factor of 3% from the Till case.)

What is my auto loan is only 30 days old?

No problem, you can still modify the interest rate down to the Till rate  of Prime Rate + Risk Factor BUT YOU CANNOT reduce the loan balance amount.


In this example, Jeff's 2002 Mitsubishi Galant is still worth $2400.00.  Jeff's automobile loan is still with Wells Fargo.  But the loan is only 30 days old and the balance is $5500.00.  The interest rate is 22%.  Jeff still has only 24 payments to go, but the loan is only 30 days old.  In this case:

Balance to pay off stays at $5500.00
Interest Rate of the Loan goes to:  6.25% (Current Prime Rate of 3.25% plus maximum risk factor of 3% from the Till case).

Summary:

Chapter 13 Bankruptcy offers the ability to modify an automobile loan by either reducing the interest rate to Prime Rate Plus a Risk Factor or both reducing the interest rate AND reducing the loan payoff amount to the appraised value of the automobile depending on whether the auto loan is 910 days or older.  The Till case is a watershed case that has been followed for years in providing for this treatment of the interest rate.  However, the Bankruptcy Act of 2005 added the 910 day rule.


For more information about Chapter 13 Bankruptcy in Illinois, please call NLO Nelson Law Office at 877-GO-GO-NLO (877-464-6656) or email NLO Nelson Law Office Information

Do You Need to Attach a Summary of the Chicago Residential Landlord Tenant Ordinance to Your Tenant's Lease

Do you need to attach a summary of the Chicago Residential Landlord Tenant Ordinance (RLTO) to your residential tenant lease?

Answer:  Yes & No

You DO NOT need to attach a summary if you as a landlord are not subject to the Chicago RLTO.  You are NOT subject to the RLTO if your rental building is six units or less AND is owner-occupied.

You DO need to attach a summary if you are subject to the Chicago RLTO.  All landlords who rent buildings that are NOT owner-occupied ARE subject to the RLTO regardless of whether it is six units or just one unit.  For example if you own a 1 bedroom condominium in Chicago and rent it out but reside in your own home, the rental unit is not owner-occupied and subject to the RLTO.  However, if you own a six flat and live in one of the units, this rental building is an owner-occupied building and NOT subject to the RLTO.

In a nutshell; if you building is six units or less, occupied by you as an owner, your building is not subject to the RLTO and the summary of the RLTO is not required.  The RLTO in general is geared towards regulating non owner-occupied rental buildings with any number of units.  Any time you are an absentee landlord, you are covered under all the provision of the RLTO with some small exceptions - see the RLTO code below.

If you are subject to the Chicago RLTO, please click on the attached link for a copy of the summary required to be attached to your residential lease.  Chicago RLTO Summary

To view a copy of the Chicago Residential Landlord Tenant Ordinance, please click on the attached link:  Chicago RLTO Ordinance

Has it been a while since you tuned up your rental operation?  As a landlord, please consider calling NLO Nelson Law Office to set up a consultation for a leasing and landlord tune-up.  Call 877-464-6656 or click info@nelsonlawoffice.com to email our office for more information.

Free Credit Report - This is the actual free credit report - not the scam to charge you money for a "free" credit report

Links to the Actual Government Regulated Free Credit Report

Information about the Free Credit Report

Where to Order your Free Annual Credit Report

The Government Mandates that every U.S. Citizen is entitled a  free (that's right - free) annual credit report.  This report is the same report that banks and other credit providers use, however, it does not include your credit score which is a separate service that you must pay for.  Be advised that your credit score usually not really necessary to find out because it is the actual information in the report that needs to be analyzed. 

As an advocate for consumer credit rights, I recommend choosing the "pure" free credit report and receiving it via U.S. Mail.   The electronic credit report is often difficult to save as a readable file and often turns into a trick to get you to have to order a non-free report later.  If you must order the report via electronic format, be sure to save the report on your hard drive or print out right away so that you have it for later use.

For more information about credit reports, debt relief and other legal services, please email NLO Nelson law Office at info@nelsonlawoffice.com or Call 877-GO-GO-NLO (877-464-6656)