Oak Park Real Estate & Estate Planning Blog

Many Oak Park residents have struggled with debt at one point or another, and many continue to face seemingly constant calls from debt collectors . In some cases, debt collectors may be violating the terms of the Fair Debt Collection Practices Act (FDCPA), even when debtors legitimately owe money, by harassing debtors, calling at odd hours, threatening or intimidating debtors, and using other unlawful tactics. In other situations, debt collectors engage in unlawful behavior by attempting to collect on debts that the person being targeted does not actually owe, or attempting to file claims to collect on debts that have been time-barred by the Illinois statute of limitations. When you already are struggling with debt and attempting to get on top of your monthly bills, having to deal with debt collectors can add enormous stress to your day-to-day life. A recent article in U.S. News & World Report provides some important tips for dealing with debt collectors. Understand Who is Att

If you are thinking about filing for consumer bankruptcy in Oak Park, Illinois , it is important to know what property you will be able to exempt if you are planning to file for liquidation bankruptcy. Many debtors choose to file for Chapter 7 bankruptcy , which is a liquidation bankruptcy. Given that this type of bankruptcy allows debtors to get a fresh start relatively quickly, it is often preferable. Assuming that you are eligible for Chapter 7 bankruptcy—you will need to be able to pass the “means test” in order to be eligible—all of your property that is not exempt will be liquidated in order to repay creditors. Running a quick internet search for bankruptcy exemptions is likely to result in information about both federal bankruptcy exemptions and state bankruptcy exemptions. We want to provide you with more information about how exemptions work in an Illinois bankruptcy and to be clear about the exemptions you can use: Illinois residents filing for bankruptcy must use Illin

Many consumers have a significant amount of debt that results in financial struggle and may lead to consumer bankruptcy . For numerous debtors, that debt is on credit cards and comes with high interest rates. For others, debt is tied more clearly to hospital bills, mortgages, student loans, and other costs. At the same time, however, it is important to recognize that all credit card debt is not tied to consumer purchases from retail establishments. Some consumers have credit card debt related to medical bills. According to a recent study conducted by the Consumer Bankruptcy Project and reported in a Truthout.org article , about two-thirds of all personal bankruptcies are tied to medical debt or debt from illness. What does the information from this study tell us? In short, the data implies that the Affordable Care Act (ACA) has not reduced medical debt significantly enough to lower the rate of medical debt bankruptcies. History of Medical Debt and Bankruptcy Prior to the passage

If an Oak Park resident files for consumer bankruptcy , as soon as the debtor files a bankruptcy petition, an automatic stay prevents creditors from continuing to attempt to collect on any debts that the debtor may owe. What happens to a creditor who continues to try to collect on debt even after learning that the debtor has filed for Chapter 7 or Chapter 13 bankruptcy ? Similarly, what happens to a creditor that continues to make efforts to collect on a debt once a bankruptcy case has been closed and the debtor’s debts are discharged? Do the answers to those questions change if the creditor did not realize that the debtor filed for bankruptcy or that the debt(s) had been discharged in a bankruptcy? These are the issues that the U.S. Supreme Court will be considering when it hears a case out of the Ninth Circuit Court of Appeals, Taggart v. Lorenzen . While the Ninth Circuit ruling can not yet impact debtors and creditors in Illinois, the U.S. Supreme Court’s decision in the case wi

Have you faced harassment from debt collectors ? Has a debt collector threatened to sue you to collect a debt owed, or have you received notice that a debt collector has filed a lawsuit against you? Dealing with debt collection companies can be extremely frustrating, especially when you are already experiencing significant anxiety surrounding the debt you owe. While there are federal protections for consumers under the Fair Debt Collection Practices Act (FDCPA), consumers do not always know about their rights or how to access them. New legislation in Illinois wants to take steps toward changing that. Recently introduced legislation, House Bill 281 , would require any lawsuits filed by debt collectors against consumers to contain clear information about the consumer’s rights among other things. We want to say more about this legislation and how it could help to protect consumer rights if it becomes law. How House Bill 281 Aims to Protect Illinois Consumers There are many ways in w