Oak Park Real Estate & Estate Planning Blog

One of the common misconceptions about Chapter 7 bankruptcy is that it doesn’t allow for the discharge of tax liability.  While it can be difficult to wipe out tax debt by filing for bankruptcy, it’s not impossible.  Indeed, debtors who meet specific requirements when it comes to bankruptcy and tax liability may be able to discharge those debts. However, it’s important to keep in mind that bankruptcy law itself is quite complex, and the laws governing tax debt and bankruptcy are even more complicated.  As a result, it will be extremely important to have an experienced Chicago bankruptcy lawyer who can examine the details of your financial situation.  At the Emerson Law Firm, we have been assisting consumers in the Chicago area for years, and we can take a look at your case today.  Filing for personal bankruptcy may be a solution to discharging your income tax liability. How Do I Know If My Tax Liability is Dischargeable? First of all, gettin...

When you’re in serious debt and make the decision to file for bankruptcy , it’s essential that you report all of your assets.  Last summer, we told you about the dangers of failing to report assets during a bankruptcy proceeding.  Now, a recent press release from the Federal Bureau of Investigation (FBI) reported that an Illinois couple pleaded guilty to bankruptcy fraud early last month. Bankruptcy fraud carries serious criminal penalties and fines.  In fact, each count of bankruptcy fraud, according to the FBI, is “punishable by not more than five years’ imprisonment and/or a $250,000 fine.”  When you make the decision to file for consumer bankruptcy, it is extremely important to have an experienced Chicago bankruptcy attorney who can help you with this process.  Bankruptcy law can be complicated and confusing, but one of the dedicated bankruptcy lawyers at the Emerson Law Firm can help. Details of the Bankruptcy Fraud in Eldorado, IL On...

According to an article from the Federal Trade Commission (FTC), many Americans who are planning to file for consumer bankruptcy don’t have all the relevant facts.  Are you considering Chapter 7 bankruptcy or Chapter 13 bankruptcy?  First thing’s first: you will need to have an experienced Chicago bankruptcy lawyer who can help you navigate the complexities of bankruptcy law.  In addition, it’s very important that you understand the steps you’ll need to take in order to be eligible for bankruptcy protection.  The FTC outlines the need-to-know basics in its article, and these quick facts will be essential to debtors throughout the Chicago area. Getting Credit Counseling The first step in filing for bankruptcy actually needs to happen before you file.  In other words, you’ll need to get credit counseling before you file for bankruptcy.  And once you’ve completed credit counseling, you’ll have to file a certificate of completion at the time yo...

Consumer bankruptcy often comes with many misconceptions, including that a debtor will lose all of her property when she files for an Illinois Chapter 7 bankruptcy .  Whether you’re filing for Chapter 7 or Chapter 13 bankruptcy in Illinois , our state has a set of exemptions that allow you to retain certain property when you file for bankruptcy.  While many Chicago residents are most concerned about the homestead exemption, which allows you to keep a certain value from your home, it’s also very important to understand how bankruptcy will affect your benefits and pensions.   Can you protect pensions and benefits in bankruptcy?  In short, the answer is yes.  However, you should keep in mind that bankruptcy proceedings can be quite complicated, and it’s essential to have an experienced Oak Park bankruptcy lawyer on your side.  The Emerson Law Firm has years of experience assisting Chicago residents with consumer bankruptcies and can answer your ques...

Could Bankruptcy Protect the Pensions of Small-Town Illinois Employees? Personal bankruptcy can have a significant impact on the financial life of an individual and her family.  At the same time, however, different types of bankruptcy can also have a tremendous impact upon consumers in Oak Park and other areas around Chicago.  As small towns just outside this massive city find themselves unable to meet the high costs of employee pensions, bankruptcy protection seems to be the only solution, according to a recent article in Bloomberg Businessweek .  Will towns like Rockford be permitted to seek court protection in order to save the pensions of police officers, firefighters, and other local government employees? According to Larry Morrissey, the mayor of Rockford, bankruptcy “might save his city of 151,000 from ‘the slow death’ of pension costs.”  He explains that “bankruptcy is designed to avert that kind of a slow, perpetual indentured servitude for i...