Oak Park Real Estate & Estate Planning Blog

Struggling with debt is never easy, and many consumers throughout the Chicago area have made the decision to file for consumer bankruptcy . Yet reaching the conclusion that either Chapter 7 bankruptcy or Chapter 13 bankruptcy is the right option for you can be difficult. Many debtors do not know if they have other options available to them to avoid bankruptcy, or if they are even eligible for the type of bankruptcy they are considering. If you have questions about whether it is time to file for personal bankruptcy, you should always work with an experienced Oak Park bankruptcy lawyer on your case. In the meantime, however, the following are some questions you can ask yourself to determine whether filing for bankruptcy could be the right decision for you. Are Your Debts Dischargeable? The first question you will want to consider is whether you have the types of debts that are dischargeable in a consumer bankruptcy case. If your debts are not dischargeable, filing for personal bankrup...

When you are considering personal bankruptcy and some of your debt is tax debt, it is critical to understand that tax debt is not like other types of consumer debt when it comes to bankruptcy. To be sure, there are only specific circumstances in which you can be eligible to discharge tax debt, and only particular types of tax debt can be discharged in a consumer bankruptcy case. The following are three important things to know about tax debt and consumer bankruptcy. If you have additional questions or need assistance with your case, you should reach out to a Chicago consumer bankruptcy lawyer. 1. You Should Not Assume Your Tax Debt is Dischargeable in a Consumer Bankruptcy Case If you have tax debt and you are planning to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you should not assume that your tax debt will be dischargeable. As the Internal Revenue Service (IRS) explains, bankruptcy can be an option to discharge tax debt in some circumstances, but not all tax debt ...

If you are planning to file for Chapter 7 bankruptcy and you currently have a mortgage on a home, you likely have concerns about what will happen to your house. You might be considering bankruptcy in part because you have gotten behind on your mortgage payments and you are now facing foreclosure. Even if you are not facing foreclosure, you might be struggling to make mortgage payments and could be behind schedule by a couple of months. Combined with other consumer debt, you might be thinking that a liquidation bankruptcy is the best option to discharge your debts and to get a fresh start. What will happen to your home? Many people assume that anyone who owns a home and files for Chapter 7 bankruptcy will lose their home, and this is not automatically true. Indeed, the answer to that question depends on a handful of different questions and issues, and we want to give you an idea of where to get started. Is Your Home Going Into Foreclosure? One of the first questions you will want to c...

When you are making plans to file for consumer bankruptcy , and Chapter 7 bankruptcy in particular, we know that you likely have a wide variety of questions about how bankruptcy exemptions work. In any personal bankruptcy case, it is critical to work with an experienced Illinois bankruptcy lawyer who can ensure that you take advantage of the variety of bankruptcy exemptions that may be available to you. In the meantime, however, we want to provide you with some frequently asked questions, and helpful answers, about exemptions in Chicago-area bankruptcy cases. What are Bankruptcy Exemptions? Bankruptcy exemptions allow debtors to protect certain property in a bankruptcy case. Exempt assets will not be considered for liquidation in a Chapter 7 case or as part of the repayment terms in a Chapter 13 case, according to U.S. bankruptcy law . Can I Choose Between Federal and Illinois State Bankruptcy Exemptions? There are both federal and state exemptions, but Illinois is one of a number ...

If you are thinking about filing for bankruptcy but have some flexibility in terms of when you actually file, you may have a number of questions about timing your bankruptcy filing, and concerns about how the timing of your bankruptcy filing might impact your ability to have certain debts discharged. In some situations and for some debtors, it might make sense to file for bankruptcy as soon as possible to have the benefits of the automatic stay under the U.S. Bankruptcy Code , while for other debtors, it could make sense to wait a certain amount of time to file if you have relatively recent debts that you are hoping will be eligible for discharge. If you are looking for more information about timing your consumer bankruptcy filing , you should ask yourself the following questions to get a general idea of how bankruptcy timelines could impact your case. Most importantly, you should seek advice from an Oak Park bankruptcy lawyer who can help. Have You Recently Earned More Money Than ...