Oak Park Real Estate & Estate Planning Blog

Many Chicago residents have thought about filing for consumer bankruptcy but worry they’ll never be able to buy a new home.  Are you thinking about a Chapter 7 bankruptcy or a Chapter 13 bankruptcy ?  You’ll be happy to know that it is indeed possible to obtain a mortgage loan after you’ve filed for bankruptcy.  While you will have to deal with a waiting period between filing for personal bankruptcy and seeking a new mortgage or refinance, there are many Americans who have been in your position and have successfully gotten a mortgage after financial setbacks. Filing for personal bankruptcy can be an effective choice to deal with debt, and Oak Park residents often are pleased to learn that their credit can recover relatively quickly after consumer bankruptcy.  The dedicated Oak Park bankruptcy attorneys at the Emerson Law Firm have years of experience assisting Chicago residents and can answer your questions today. Waiting Period for Home Loans After...

More Elderly Chicagoans Filing for Personal Bankruptcy Many retired Chicago residents wonder whether they should consider filing for bankruptcy .  According to a study from the University of Michigan Law School, the fastest-growing group of people who file for personal bankruptcies are those aged 65 and older.  While the number of Americans who filed for bankruptcy protection increased substantially during the earlier years of the economic downturn, filing for bankruptcy may not be “such a bad idea” for older adults today, according to an article in USA Today . For many seniors, expenses tend to rise as income decreases.  Most Oak Park residents who are living on pensions, retirement savings, and Social Security have growing medical costs and taxes that aren’t always covered by their incomes.  Accountants who have studied bankruptcy trends among the aging population have emphasized that “Social Security hasn’t had a cost-of-living adjustment in a lo...

What happens when your student loan co-signer declares bankruptcy ?  According to a recent article in Reuters , student loan borrowers can end up in default if one or more of their loans has been co-signed by a parent or other adult who decides to file for bankruptcy protection .  The same is also true if the co-signer dies while the student owes the debt.  And as most of us know, the students in these cases don’t usually have the option to file a Chapter 7 bankruptcy to contend with mounting student loan debt—student loans generally aren’t discharged during a bankruptcy proceeding. Bankruptcies involve many complex issues.  And as the recent Reuters article emphasizes, one person’s decision to declare bankruptcy can have significant consequences for other people with whom they have financial connections.  Do you have questions about consumer bankruptcy in the Chicago area?  The experienced Oak Park bankruptcy attorneys at the Emerson Law Fi...