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Showing posts from January, 2019

New Article Profiles Sandra Emerson

While some lawyers join large, established firms, Sandra Emerson decided to start her own law firm, and that decision has allowed her to develop close relationships with many of her clients. In fact, Emerson still works with some of the clients she first met after starting her small practice in Oak Park in 2000, according to a new article in Leading Lawyers . The article profiles Emerson and the ways in which her practice has grown to help individuals and families in the near west suburbs over the last nearly two decades with real estate closings , foreclosure defense , and other consumer protection concerns. Growing a Real Estate Practice to Help Consumers with Debt Collection and Bankruptcy When Emerson started the Emerson Law Firm in 2000, she focused largely on real estate issues. However, as the article discusses, Emerson’s practice shifted in some ways around 2008. At the beginning of the real estate market crash, Emerson started helping clients who were facing forecl

Consumer Debt During a Government Shutdown

Struggling with debt can be both frustrating and discouraging, especially when it feels as though you are not making any headway despite the fact that you continue to make payments on high-interest credit cards and other debt. Trying to deal with debt can be even more difficult for government employees during a government shutdown. While some government employees have savings to cover financial setbacks resulting from a government shutdown during which they do not receive a regular paycheck, that simply is not the case for most workers. According to a recent report from CNBC , a majority of government employees live paycheck-to-paycheck. Accordingly, not only will government employees who already are struggling with debt find themselves in a more distressing situation with a shutdown, but even employees without significant debt may find themselves in debt as a result of the shutdown. Given the length of the recent shutdown, we want to take a closer look at how a government shutdown—i

Why are Consumer Bankruptcy Filings on the Decline?

For many Oak Park residents, learning that a friend or family member has made the decision to file for consumer bankruptcy is interpreted as a sign of economic struggle. When debt becomes overwhelming, consumers may file for Chapter 7 bankruptcy if they can pass the “means test,” or for Chapter 13 bankruptcy if they are able to stick to a repayment plan that still permits a discharge of debts once the multi-year repayment plan period ends. In other words, hearing that people are filing for bankruptcy typically is construed as a signal that the bankruptcy filer is having financial difficulties. Accordingly, learning that fewer Americans are filing for Chapter 7 or Chapter 13 bankruptcy often is construed as a sign of financial improvement. However, according to a recent article in MarketWatch, a decline in bankruptcy filings might not always be a good thing. Lowest Bankruptcy Filing Rates in a Decade According to the article, U.S. Supreme Court Chief Justice John Rober

Recent Bankruptcy Case Questions Constructive Fraudulent Transfers

A recent consumer bankruptcy case questions whether constructive fraudulent transfers can include payments made for college tuition and other related expenses. In other words, the bankruptcy trustee sought to expand the definition of a constructive fraudulent transfer in a Chapter 7 bankruptcy case involving a husband and wife. While the case occurred outside Illinois, it could be persuasive for Illinois bankruptcy courts, and it could end up resulting in a broader assessment of what constitutes a constructive fraudulent transfer in consumer bankruptcy cases more generally. We will say more about constructive fraudulent transfers, the facts of the case, and the implications of the bankruptcy court’s decision. What is a Constructive Fraudulent Transfer? Under the U.S. Bankruptcy Code , a fraudulent transfer of property refers to the gift or sale of property within two years prior to a bankruptcy either intentionally to avoid paying creditors or having the asset l

Learning About Fraudulent Conveyances in Personal Bankruptcy

When a debtor in Oak Park files for personal bankruptcy , she or he will need to provide clear documentation of financials, including assets, income, and other information. In addition, the debtor will be required to provide information about any recent property transfers made, including gifts and sales of property. The debtor must disclose any transfers that have been made in the last two years prior to filing for bankruptcy . All of this information is contained in a specific bankruptcy form known as Your Statement of Financial Affairs for Individuals Filing for Bankruptcy . If a bankruptcy trustee suspects that a fraudulent transfer has been made, the trustee can attempt to recover that fraudulent transfer. The topic of fraudulent transfers—also known as fraudulent conveyances—can be confusing. We want to provide you with more information about the types of fraudulent transfers and the ways in which they can occur. Two Different Types of Fraudulent Transfers Under the U.S.