Oak Park Real Estate & Estate Planning Blog

If you are a recent immigrant to the Chicago area and do not have residency status, what are your rights with regard to personal bankruptcy ? More specifically, are Chapter 7 bankruptcy and Chapter 13 bankruptcy options that are only available to U.S. citizens? If you are permitted to seek consumer bankruptcy protection as an immigrant, can a potential bankruptcy discharge impact your immigration status? These are all important questions, and it is always essential to speak with an experienced Oak Park bankruptcy lawyer before you make any plans to file for bankruptcy. Bankruptcy laws are quite complicated, even if know that you are eligible to file for bankruptcy. When there are additional issues compounding the complexity of your case, such as immigration matters, it is particularly important to seek advice from a legal advocate. Who May Be a Debtor According to the U.S. Bankruptcy Code? To gain a better understanding to the questions we presented above, it is fi...

Have you recently received harassing phone calls from debt collectors, or have you been contacted by debt collection companies that attempt to get you to pay debts you do not actually owe? For many Oak Park, Illinois residents, there are reasons to file complaints about debt collectors , and Illinoisans are not alone. According to a recent report from ACA News International , the rates of debt collection complaints have been rising steadily since August 2016. What kinds of complaints have consumers lodged about debt collectors? What should you do if you receive phone calls or other forms of contact from debt collectors that are illegal under the Fair Debt Collection Practices Act (FDCPA)? Consumer Financial Protection Bureau Receives Increase Number of Complaints Concerning Unfair Debt Collection Practices On November 29 of this year, the Consumer Financial Protection Bureau (CFPB) released a snapshot of its most recent log of consumer complaints regarding debt colle...

It is important for residents of the Chicago area to know that they have rights as consumers , even when they have difficulty paying bills and when they accrue debt. Yet commentators have voiced concerns that the Consumer Financial Protection Bureau (CFPB), the watchdog agency that helps to protect consumers at the federal level, may be on a “collision course” with the U.S. Department of Justice under Trump. As a recent article in American Banker points out, the ability for the CFPB to continue operating independently may depend upon whether it is able to appeal the decision from the D.C. Circuit Court back in October and “may hinge on whether the Justice Department allows it to move the case forward.” As the article clarifies, “with President-elect Donald Trump due to take the reins of Justice in January, there are growing doubts that the CFPB can prevail.” What do you need to know about the future of the CFPB and consumer protection initiatives under Trump? How the ...

Married couples often have separate finances, yet at the same time, they tend to share a home, furniture, and motor vehicles. What happens when only one spouse plans to file for personal bankruptcy ? Is it possible for only one spouse in a marriage to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy? In the event that only one spouse files for liquidation bankruptcy, how will the bankruptcy court handle joint assets? These are just some of the questions that spouses have when only one of them is considering consumer bankruptcy . To help you learn more about what is at stake and what might happen in such a situation, we will run through some key points. Individual (Separate) Property Versus Marital Generally speaking, when only one spouse considers filing for personal bankruptcy, it is often because she or he has individual, or separate, debts that she or he cannot manage. In other words, if the debts were marital debts, it is more likely that the spouses would be p...

Are you thinking about filing for consumer bankruptcy in Chicago ? It is important to understand the requirements for credit counseling and debtor education prior to filing for personal bankruptcy . A recent Illinois case clarified a question about pre-bankruptcy credit counseling requirements for an incarcerated debtor. According to an article in Bloomberg BNA , the court decision, which came down last month, made clear that “incarceration doesn’t exempt a debtor from the requirement of completing a credit counseling and financial management course prior to bankruptcy.” What else should you know about pre-bankruptcy credit counseling and the impact of the recent Illinois decision? Credit Counseling and Debtor Education Before You File for Bankruptcy If you are going to file for bankruptcy in Illinois, you will need to go through approved credit counseling and debtor education, as a fact sheet from the FTC explains. What are these counseling and debtor education requi...

Whether you are shopping for holiday gifts in Chicago or planning holiday travel to visit family or friends out of state, this can be one of the most expensive times of the year. Every year, Illinois residents spend thousands of dollars to buy Christmas presents, Hanukkah gifts, and other presents during the holiday season. In addition, many people also purchase plane tickets and pay for hotels during December, either as part of a family vacation or as a holiday necessity to spend time with loved ones. For many people, the amount of money they spend in December can lead to debt problems in the new year, and in some cases can lead Illinoisans to consider personal bankruptcy. No matter how you look at the numbers, if you participate in the holiday season, you are likely to spend more money than you normally are accustomed to doing at other times of the year. A recent article from U.S. News & World Report provides some important tips for individuals and families alike to...