Chicago Bankruptcy Lawyer Blog

It used to be that consumers had to watch out for frauds who wanted to steal their money by trying to scam them by letter or phone. Nowadays, consumers must be even more vigilant, what with the ever evolving digital world of mobile banking and other money related online transactions.

A recent ABC News article details how cybercriminals are using commonly used programs and websites like Facebook to steal money from consumers.

Some victims of cybercrime in Illinois have considered filing for bankruptcy in Chicago. These con games and bogus schemes strip people of their security -- and money -- sending them spiraling into a financial mess.

Even if a person is a victim of cybercrime, it can take a long time for him or her to recover. An experienced bankruptcy lawyer in Chicago can work with troubled consumers to ensure they evaluate all options before filing for bankruptcy.

Cybercriminals are becoming increasingly inventive on how to steal from consumers. While that may seem like a compliment to those committing illegal acts, it is a word of warning for everyone to do a better job of securing their funds.

The ABC News article states that hackers are using text messages and emails to obtain a person's phone number. They then plot a scheme whereby they assess and attempt to collect small fees from those stolen phone numbers, which can go unnoticed by the phone's owner.

Gone are the days when a thief would need a person's credit card number or identification to steal from them. They can now use malware and viruses to steal right from underneath a user's nose.

For those who use online sites to store credit cards, hackers can access that information, cost users and the websites big bucks if they pluck a few at a time. Consumers may not notice or they may be complacent enough not to go through customer service to fix it if the loss is small.

Hackers will use video or web links with outrageous headlines to try to get people to click, which can then lead them to the information they need to begin the hacking process. Android users, whose marketplace is more open than Apple users, may be at a heightened risk of hacking because people can create realistic-looking applications that are actually viruses.

To stay safe, follow these tips:

• Check to see what authorizations you are giving to a website, Facebook program or other online process.


• Don't bank online except through secure, official sites.


• Check phone bills regularly.


• Don't download applications from unknown sources.

The bottom line is this can be a major source of income for thieves. Corporations and consumers lose tens of millions of dollars per year on cybercrime, so it is critical to take proper steps to shield yourself against it.

Being a victim of cybercrime can send your finances into ruin. You may want to consider bankruptcy in Chicago to eliminate debts and get you back on your feet. Bankruptcy helps many people, but it isn't right for everyone. Consult with an experienced bankruptcy attorney to see if it may be the solution for you.

Continue reading "Cybercrime Can Lead Consumers into Chicago Bankruptcy" »

Getting a college degree is supposed to help you earn money - but lately, some students have been losing money thanks to a growing number of financial aid scams.

For many folks out of work or looking for a way to boost their current income, going back to school seems like a logical solution. Problem is, it can be an expensive one. Average college tuition in the U.S. is over $12,000 - not including room and board, books and other fees. As a result, most college students need some kind of financial help. And their desperation can make them extra susceptible to criminals, say Chicago bankruptcy attorneys.

Continue reading "Financial Aid Scams Take Advantage Of Chicago College Students" »

What better way to cheer yourself up while slogging away at work this week than by clicking on a cute holiday e-card from a dear friend? Just make sure you recognize the e-mail address, say Chicago bankruptcy attorneys.

Identity thieves have caught on to the popular e-card phenomenon. But instead of spreading holiday happiness, they're sending cards containing viruses and malware. So when you click on a card to download a snow scene, you might actually be installing malicious material on your computer - and risking the state of your finances and credit.

Continue reading "New Holiday Card Scam Targets Chicago Computer Users" »

We're struggling to scrape together the funds to pay the mortgage, buy groceries and put gas in our tank - so why are so many of us spending money on exercise machines, household cleaners and Snuggies?

Chalk it up to the infomercial phenomenon, say Chicago bankruptcy attorneys. Sales of "As Seen On TV" products are skyrocketing just as families are cutting back everywhere else. Why? Maybe because the products are pitched as a way to buy happiness. You might not be able to afford a nice vacation or new clothes, but for three small payments of $14.95, according to infomercial hosts, you can get rock-hard abs.

Continue reading "Chicago Shoppers Falling for Infomercials Despite Debt" »

If you're more worried about turkey, pies and grocery bills than your taxes this week, you're not alone. But there's a reason you might want to take time out from your hectic holiday schedule to check on your tax situation - especially if you're looking for ways to help lower debt, say Chicago bankruptcy attorneys.

Turns out that more than 100,000 Americans are eligible for a piece of a $164 million pie that the IRS is hoping to serve up this fall. That's the amount of tax refunds that couldn't be delivered this year due to incorrect addresses.

Continue reading "Didn't Get a Tax Refund This Year? Uncle Sam Might Be Looking For You" »

Score another one for the consumer. Debt settlement companies are no longer allowed to charge upfront fees, thanks to the Federal Trade Commission's attempt to clean up shady debt relief practices.

That must make debt settlement a good deal, right? Unfortunately, that's not the case. There's a reason that debt relief companies - or scams, as some might call them - may make your debt problems worse rather than better, say Chicago bankruptcy attorneys.

Continue reading "Why Chicago Debt Settlement Companies May Not Solve Your Debt Problems" »

Getting money for stuff you don't even use is a good feeling. As someone who regularly digs through her closet for old clothes and unwanted gifts to pawn on eBay or Craigslist, I know from experience. But there are some things that even I won't sell - including gold.

As I'm sure you've heard, gold prices have been on a remarkable upward climb - the metal was at more than $1,300 per ounce as of yesterday. But you may not want to go dumping your family's golden heirlooms to pay the bills just yet, say Chicago bankruptcy attorneys. According to a recent TODAY Show investigation, scams and rip-offs abound for consumers in today's gold market.

Continue reading "Why Cashing In On Gold's High Price May Not Be Such a Golden Opportunity" »

Sometimes our desire to save money makes us do costly things - like fall for the latest finance scam.

It seems that a growing number of customers are paying telemarketers big bucks to lower the interest rate on their credit card. In exchange for the money, the telemarketers - who usually claim to be from "credit card services" or something similar - offer to lobby the consumer's credit card issuer for a ridiculously low rate. Whether they actually do or not isn't certain, say Chicago bankruptcy attorneys. What is for sure, however, is that they're taking, on average, $600 or more from consumers already having difficulty paying credit card bills and a mortgage.

Continue reading "Chicago Consumers Falling for Card Services Credit Scam" »

As if it isn't hard enough on our finances to be headed for a possible double-dip recession, now we have to watch out for new recession-related scams, too.

The longer our economy is stalled, the more likely we are to face financial difficulties - from unemployment to foreclosure to inability to pay the bills. Unfortunately, scammers are acutely aware of this, say Chicago bankruptcy attorneys. And they're increasingly preying on our desperation for a quick fix to our money woes.

But there's good news. It's possible to identify nearly any scam , once you realize what most frauds have in common.

Continue reading "How Chicago Consumers Can Watch Out for Recession Related Scams " »

With everybody and their Grandma using social networking, posting personal information to sites like Facebook seems harmless. But that's just what criminals want us to think.

It's easy to be lulled into believing Facebook is just a place where we hang out with our friends - virtually, anyway. But in reality, we're hanging out with the 500 million other people who use the social networking tool, say Chicago bankruptcy attorneys. And thanks to laxer settings, a new program and a recent bug, those people have more access than ever to our personal information - jeopardizing our finances and even our safety.

Continue reading "Being Cautious on Social Networking Sites Can Help Chicago Residents Protect Finances" »

There are some places where debit cards are a better choice than credit. Those places aren't gas stations.

Thieves are increasingly stealing personal data with skimmer devices that they attach to gas pumps, according to Chicago bankruptcy lawyers. Since debit cards are linked to your bank account, criminals can record your PIN and then deduct money directly from your checking and savings accounts - adding insult to injury if you're one of millions of consumers already struggling to pay the bills and manage debt. And gas stations aren't the only places at risk - some scammers are starting to siphon personal information straight from ATMs.

So is there any safe way to use a debit card these days?

Continue reading "How Chicago Debit Card Users Can Avoid Scams at the Pump" »

There's a big difference between debt relief and debt relief. And no, that's not a typo.

You've probably heard the advertisements on the radio and read them on the Internet - so-called debt relief companies claim they can negotiate with your creditors in order to get your debt paid off. They promise you'll have a low monthly payment and freedom from debt in just a few years, or even a few months. How can you go wrong, right?

But just because a company has "debt relief" in its name or slogan, that doesn't mean they can get the job done.

Continue reading "Bankruptcy Can Sometimes Lower Debt When Chicago Debt Relief Companies Can't" »

By now most of us are savvy to the most popular phishing scams - you know, those phony e-mails we get claiming to be from some rich person overseas who wants to wire money to our account.

But scams are always evolving. It's not enough simply to watch out for a name we don't recognize or a suspicious e-mail. In fact, we even need to be vigilant when dealing with e-mails that look legit, according to Chicago bankruptcy attorneys. Scammers are increasingly posing as familiar institutions - for instance, our bank, credit card company or online brokerage account. And many customers are falling for it - and losing money in the process.

Continue reading "New Scams Aim to Steal Money From Accounts of Chicago Bank Customers" »

You know you need to keep an eye on how much money you're spending, but it's also important to check up on what you've spent. Why? Because those numbers might not add up.

Recently the Federal Trade Commission disrupted a massive credit card scam that allowed a ring of criminals to steal millions of dollars from right under the noses of millions of unsuspecting consumers for four years. The thievery might have ended sooner, except for the fact that most victims didn't even realize they were losing money. That's because the scammers were stealing it pennies at a time.

25 cents here and 50 cents there might not seem like much, but when too much debt has you struggling to make ends meet and living paycheck to paycheck, you shouldn't have to give up a cent of your hard-earned dollars.

Continue reading "Why Chicago Credit Card Users Should Keep Close Tabs on Credit Statements" »

If you've got too many debts to keep track of, consolidating them into one big bill makes sense, right?

In theory, yes. Reality, however, is another story.

If you're like most folks, you've probably heard debt consolidation companies claim they can lend you money to pay off your debts at a lower interest rate. But what you're hearing is only half the story. That's because a debt relief company that wants your business isn't going to tell you the truth - that signing up for their services can actually leave you in more debt than before.

Continue reading "Debt Consolidation Scams Can Actually Keep Chicago Consumers in Debt" »