Oak Park Real Estate & Estate Planning Blog

A recent case about a homeowner’s right of rescission recently went before the U.S. Supreme Court, and the Court found in favor of the homeowners. This particular case, Jesinoski v. Countrywide Home Loans , concerned homeowners with a mortgage through Countrywide Home Loans. Before three years elapsed on their loan, the homeowners decided to rescind the loan because of a disclosure violation . In making its ruling, the Court decided that the Truth in Lending Act only requires a consumer to give written notice of rescission within the required 3-year period, and it doesn’t require the consumer to file a lawsuit within that time period. This case is likely to have a positive impact on homeowners in Illinois and, indeed, consumers across the country. Facts of the Case in Jesinoski What makes the recent Supreme Court case important? In short, it makes clear that homeowners don’t need to file a lawsuit in order to cancel a loan. To understand how this works, let’s take a

A case that concerns bankruptcy lawyers’ fees is currently before the U.S. Supreme Court. In short, the Supreme Court will be deciding this question: does the Bankruptcy Code allow judges to award attorneys’ fees to advocates who successfully defend bankruptcy fee applications? The case could have significant consequences for debtors as well as the likelihood of bankruptcy attorneys taking future cases, according to a recent article from Reuters . Do you have questions about filing for consumer bankruptcy ? It’s always important to discuss your case with an experienced Chicago bankruptcy lawyer . Contact the Emerson Law Firm to learn more about how we can assist you. Bankruptcy Fee Applications In order to understand what the current bankruptcy fee issue is all about, you’ll need to have a basic understanding about how the law handles bankruptcy cases and attorneys’ fees. The Bankruptcy Code has specific compensation provisions for attorneys who handle bankruptcy

We’ve previously discussed common misconceptions about consumer bankruptcy , but many debtors in the Chicago area have additional questions about the effects of personal bankruptcy . For many Illinois debtors, filing for Chapter 7 or Chapter 13 bankruptcy can be a way to ease substantial financial burdens from medical bills and high credit card debt. However, each situation has its own nuances, and it’s very important to discuss your case with an experienced Oak Park bankruptcy attorney . Given the complexity of bankruptcy law, it’s not surprising that many misconceptions exist about filing for consumer bankruptcy. Here are some frequently asked questions: If I File for Personal Bankruptcy, Will All of My Debts Get Wiped Away? First of all, the answer to this question depends on the type of consumer bankruptcy for which you file. One the one hand, if you file for Chapter 7 bankruptcy, then you’ll be eligible to have most, if not all, of your debts discharged. If you

Financial commentators have cited student loan debt as one of the largest problems facing American consumers today. Unlike other forms of debt, student loans can be extremely difficult—although not impossible—to discharge when you file for consumer bankruptcy . And according to a recent article in Fox Business , debtors with significant student loans tend to be at a particular disadvantage since threats of wage garnishment and Social Security deductions result in “a decided lack of leverage when dealing with lenders and collectors.” Debt Collection Agencies and Student Loans Given the tremendous student loan debt problem in the country, it’s not surprising to learn that many of those debtors find that their accounts end up in the hands of debt collection businesses. Indeed, the country now has more student loan debt than it does credit card debt. And it’s important to note that the problem isn’t necessarily the amount of money that former students owe. Rather, the probl