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What are My Options if I am Unable to Make My Chapter 13 Payments?

When debtors in the Oak Park area file for Chapter 13 bankruptcy , they create a repayment plan that lasts for a period of three to five years. During that time, the debtor will make regular payments to the Chapter 13 bankruptcy trustee, who will then pay creditors. Once the debtor completes the terms of the repayment plan, remaining eligible debts can be discharged. However, during that period of three to five years, a debtor’s circumstances can change. For example, a debtor might get laid off from their job and may be unable to find work. Or, the debtor might suffer a workplace injury or be diagnosed with a debilitating disease that prevents that debtor from returning to work in a meaningful capacity and earning a regular income that will allow that debtor to continue making Chapter 13 plan payments. In short, circumstances can change, and a debtor might struggle to make regular payments. If you are currently making payments as part of a Chapter 13 plan but a change in circumstances
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What is a Bankruptcy Trustee?

When you are considering filing for Chapter 7 or Chapter 13 bankruptcy in Oak Park, it is important to learn more about the bankruptcy process in general and the various steps you will need to go through in a liquidation or reorganization bankruptcy. Since U.S. bankruptcy law is quite complicated, it can be difficult to have a clear understanding of some of the terms that are used in discussing bankruptcy law and consumer cases. An important party in a bankruptcy case is the trustee, yet many debtors do not fully understand what a trustee is, or what role the trustee plays in a bankruptcy case. The trustee’s role will depend upon the type of bankruptcy, but in general, the trustee’s job is to administer the bankruptcy estate and to handle issues in the bankruptcy case. Our Oak Park bankruptcy lawyers can explain. Who is a Trustee? Bankruptcy trustees are neutral or impartial third parties who are responsible for the debtor’s assets and administering aspects of the bankruptcy case. The
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Child Support and Bankruptcy: What You Should Know

Whether you owe child support and are considering filing for bankruptcy in Illinois , or you receive child support and are concerned about how your bankruptcy case will affect the child support payments you receive, it is important to learn more about child support and bankruptcy. Generally speaking, child support payments are usually exempt in bankruptcy cases for the party receiving child support, and child support debts cannot be discharged in a bankruptcy case. Yet there is more you should know, and if your bankruptcy case involves child support in any way, it is important to seek advice from a bankruptcy lawyer in Oak Park as soon as you can. The following are some of the key things you should know about child support and bankruptcy. Child Support Debt Cannot be Discharged in a Consumer Bankruptcy Case Child support, along with any other kind of family support debt, is not dischargeable in a bankruptcy case. Accordingly, whether you owe child support or you are concerned about an
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Should I File for Bankruptcy if a Creditor Has Threatened to Sue Me?

Anyone who is struggling with debt can experience significant stress and anxiety upon receiving a phone call or written notice from a creditor or debt collector that threatens to sue if the debt is not paid. For many consumers in the Oak Park area, the possibility of facing a lawsuit over debt can be scary, and it is difficult to know what steps you should take. You might be wondering: should I file for bankruptcy if a creditor has threatened to sue me? In answering that question, it will be essential to consider the specific facts of your case and whether bankruptcy is the right option for you. In many cases, bankruptcy can be beneficial if you are facing a lawsuit from a creditor. Our Oak Park bankruptcy lawyers can explain in more detail, and we can also speak with you about your circumstances to help you determine the best path forward. Creditors Cannot Make Threats When Trying to Collect Debts While the threat of legal action can be unnerving, it is important to know that there a
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Should Retirees File for Bankruptcy?

Whether you recently retired or you have been retired for quite some time, there are a variety of reasons that you may be struggling to pay off debt. For some retirees, planning ahead for retirement did not take into account all of the expenditures that would occur during retirement, and credit card debt can rise. For many people in retirement, unexpected medical bills can result in a significant amount of medical debt that may feel almost impossible to manage on a fixed retirement income. If you are in a situation where you are retired but you do not know how you can manage your debt, you might be thinking about the possibility of consumer bankruptcy. Should retirees file for bankruptcy ? There is no single answer to that question, and it will be important to consider the particular facts of your case with an Oak Park bankruptcy lawyer . In the meantime, the following are some factors that you should consider when deciding whether you may want to file for personal bankruptcy in retire
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Five Things to Know About Your Rights Under the FDCPA

Debtors in Illinois have a variety of rights under the Fair Debt Collection Practices Act (FDCPA) whether they are considering a bankruptcy filing or are taking steps to get debt under control without filing for bankruptcy. The FDCPA also provides protections to debtors who have filed for bankruptcy in the past. Our Oak Park consumer protection lawyers want to provide you with more information about your rights as a debtor and the protections that are available to you under federal law. The following are five things you should know about your rights under the FDCPA. 1. Debt Collectors Cannot Contact You at Inconvenient Times and Places The Fair Debt Collection Practices Act prohibits creditors and debt collectors from calling you at inconvenient times, such as before 8:00 a.m. or after 9:00 p.m. In addition, the FDCPA prohibits debt collectors from calling you at your place of employment as soon as you ask that you not be contacted at the place you work. If a debt collector contacts
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Are All Debts Treated the Same in a Consumer Bankruptcy Case?

Whether you are considering the possibility of consumer bankruptcy or you have already made the decision to file, it is important to understand how your debts will be treated in a bankruptcy case. As such, you may be wondering if all debts are treated the same in a personal bankruptcy case, or if certain debts are handled differently. Generally speaking, debts in a bankruptcy case can be categorized as secured debt, priority unsecured debt, and non-priority unsecured debt. In addition, you should know that student loans are handled a bit differently in bankruptcy cases, and there are also types of debt that are ineligible for discharge. Our Oak Park bankruptcy lawyers have more information to explain the types of debts in bankruptcy cases and how they are handled. Secured Debt, Priority Unsecured Debt, and Non-Priority Unsecured Debt First, it is important to understand the differences between secured and unsecured debt. Secured debt is debt for which there is collateral, which means
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