Oak Park Bankruptcy Lawyer Blog

If you are currently considering personal bankruptcy but have read news stories about some of the presidential candidates’ plans to amend U.S. bankruptcy laws so that they are more consumer-friendly, you may be wondering if it makes sense to wait until after the presidential election to file for Chapter 7 or Chapter 13 bankruptcy. While there is a possibility that U.S. bankruptcy laws could change depending upon who fills the role of U.S. president in the coming years and how Congress handles consumer advocate concerns about personal bankruptcy issues, any kind of changes to the law might not happen quickly enough for you to wait. In other words, if you are struggling with debt and are thinking about bankruptcy, it may be in your best interest to speak with an Oak Park bankruptcy lawyer sooner rather than later.

At the same time, it is important to understand recent news surrounding proposed changes to U.S. bankruptcy law and how they could affect consumers in the future. According to …

When an Oak Park consumer faces harassment or other unfair or deceptive practices from a debt collection company, that consumer might consider filing a claim under the Fair Debt Collection Practices Act (FDCPA). The FDCPA prohibits certain actions by debt collectors and gives consumers the ability to file a federal claim in situations where a debt collector violates the law. Yet one of the requirements to have standing to sue under the FDCPA (and other federal statutes) is that the consumer must have suffered an “injury in fact” under Article III of the U.S. Constitution. Without an “injury in fact,” the consumer’s complaint can be dismissed for lack of standing. A 2016 U.S. Supreme Court case, Spokeo, Inc. v. Robins (2016), made clear that a consumer must have suffered an injury that is “concrete” enough to be considered an “injury in fact.”

In applying Spokeo, several circuit courts have concluded that the consumer did have standing. However, a recent case out of the Sixth Circuit Co…

When you file for consumer bankruptcy, it is essential to have an experienced bankruptcy lawyer you can trust to assist with each stage of the process. The U.S. Bankruptcy Code is extremely complicated, and both Chapter 7 bankruptcy and Chapter 13 bankruptcy have a variety of complexities that can be difficult to navigate without the help of an attorney. A recent Illinois bankruptcy case emphasizes just how important it is to have an experienced and dedicated lawyer on your side throughout your bankruptcy case. In the case In re: Charles V. Cook, Sr., the U.S. Bankruptcy Court for the Northern District of Illinois found that the bankruptcy firm was liable for failing to disclose information in a consumer bankruptcy case.

At the Emerson Law Firm, we have years of experience providing experienced practiced representation to our clients in a wide variety of consumer protection matters. We want to discuss this recent case and to say more about how it underscores the need for an experienced…

Filing for personal bankruptcy is complicated under any circumstances, but the process can be more complex when you are self-employed. When a person is self-employed, it can be difficult to know what kind of documentation she or he might need in order to pass the “means test” for Chapter 7 bankruptcy, or to prove that the debtor has sufficient and regular income to file for Chapter 13 bankruptcy. These complications can become more significant when a self-employed person is also a small business owner. We want to discuss consumer bankruptcy for self-employed individuals, and to provide additional information about personal bankruptcy when you are self-employed and a small business owner.

Proof of Income for Chapter 7 or Chapter 13 Bankruptcy
In order to qualify for Chapter 7 bankruptcy under the U.S. Bankruptcy Code as an individual (as opposed to a business), you need to be able to show that you can pass the “means test.” In effect, passing the means test is evidence that a liquidation…

Consumer debt affects adults of all ages, from young adults to the elderly. When it comes to tracking personal bankruptcy filings, many older adults past the age of retirement are filing for bankruptcy, yet younger adults also file for consumer bankruptcy with some frequency. There may be a significant difference in the way that very young adults who are part of Generation Z manage their debts in comparison with adults of other generations, according to a recent article in Ladders. That article cites a Lending Point study that reports “Gen Z may be just getting into their credit-using years, but they are already showing significant differences in their credit profiles from the Millennials and GenXers that preceded them.”

In short, the article intimates that Generation Z adults may be on a trend to have less difficulty managing consumer debt, and thus ultimately could be less likely to file for bankruptcy than consumers in other generations.

Generation Z Consumers Have Higher Credit Scor…