Oak Park Real Estate & Estate Planning Blog

Filing for consumer bankruptcy is a complex process, and there are many intricate requirements that can make it difficult to determine your eligibility for Chapter 7 bankruptcy, for example, or whether a certain type of debt will actually be dischargeable in your bankruptcy case. No matter what, it is important to remember that many personal bankruptcy myths exist that can cloud your thinking when it comes to filing for consumer bankruptcy. We want to dispel more of those myths by returning to information provided by the American Bankruptcy Institute (ABI), U.S. News & World Report , and NerdWallet . After you have learned more about bankruptcy myths, it is time to seek advice from an experienced Oak Park bankruptcy lawyer. Myth: You Will Lose All of Your Belongings Bankruptcy exemptions in Illinois allow you to exempt a wide variety of assets if you are filing for a Chapter 7 liquidation bankruptcy. You can exempt a certain amount of equity in your home, equity in your moto...

Anyone who is considering personal bankruptcy has likely done some internet searches for information about personal bankruptcies under Chapter 7 and Chapter 13. While there is certainly helpful information available about consumer bankruptcy , from eligibility for certain types of bankruptcy to types of dischargeable debt, there are also a lot of misconceptions out there. There are many myths out there about bankruptcy, and you need to be able to discern what is factual and what is not. We want to dispel some common consumer bankruptcy myths for you and to provide you with the information you need as you are considering your options for managing debt. We have gathered information for you from the American Bankruptcy Institute (ABI), U.S. News & World Report , and NerdWallet to help you learn more about what is true and what is false in terms of personal bankruptcy. Myth: Your Credit Will be Ruined Forever Many people who are thinking about Chapter 7 or Chapter 13 bankruptcy...

While many consumers worry about the aftermath of filing for personal bankruptcy , it is critical for you to know that you can start improving your credit almost immediately after you receive a bankruptcy discharge. For many debtors in Illinois and across the country, Chapter 7 bankruptcy can allow for a fresh financial start, while Chapter 13 bankruptcy can allow for debt reorganization and can, in many cases, allow homeowners to avoid bankruptcy. Yet many debtors hold off on filing for bankruptcy because they assume it will be difficult to rebuild credit after a consumer bankruptcy. We want to emphasize that you can rebuild your credit after filing for bankruptcy, and the following are some key steps to get you started. If you have additional questions or need assistance with your bankruptcy filing, you should seek advice from an experienced Oak Park consumer bankruptcy attorney. Apply for a Retail Credit Card or a Secured Credit Card In order to rebuild your credit after a consum...

If you are having difficulty managing your debt and are considering consumer bankruptcy, you may be wondering whether Chapter 7 bankruptcy is better for you than Chapter 13, or vice versa. Many debtors think that it can be possible to choose between Chapter 7 and Chapter 13 bankruptcy , but this is not often the case. A debtor who is eligible for Chapter 7 bankruptcy likely will not be eligible for Chapter 13 bankruptcy, and vice versa. Ultimately, Chapter 7 bankruptcy could better meet your needs than Chapter 13 bankruptcy, but that alone does not mean that you will be eligible to file for Chapter 7 bankruptcy. We will explain more below, but if you have questions, you should get in touch with an experienced Oak Park bankruptcy attorney to discuss your options. Chapter 7 Being Preferable Does Not Mean That You are Eligible You might be thinking that you would prefer to file for Chapter 7 bankruptcy because you can receive a discharge of your debts relatively quickly, and you can ge...

During this time of economic downturn and massive unemployment, many Oak Park, IL residents and Americans across the country are wondering if consumer bankruptcy is the right choice for them. Yet, as a recent article in NerdWallet underscores, debtors everywhere often fear bankruptcy, and it can prevent those debtors from seeking the relief they need to move forward. As that article underscores, there are so many myths about bankruptcy that drive debtors’ fears and worries about filing for bankruptcy , when Chapter 7 or Chapter 13 bankruptcy could benefit individuals and families who are struggling with debt. The following are just some of the reasons that you should not fear bankruptcy and should get in touch with an Oak Park bankruptcy attorney to learn more about your options for filing. You Should Know That You Will Not Lose All of Your Property If you are considering Chapter 7 bankruptcy, which is a form of liquidation bankruptcy, you should know that all of your assets will ...

Consumers in Oak Park, Illinois and across the country are struggling during the coronavirus pandemic. Many have lost their jobs, and some are considering the possibility of consumer bankruptcy . When you are already struggling with substantial debt, enduring abusive debt collection practices can be devastating. Debt collectors are required to abide by the federal Fair Debt Collection Practices Act (FDCPA), but many debt collectors violate federal law. According to a recent news release from the Federal Trade Commission (FTC), the FTC in conjunction with “more than 50 federal and state law enforcement partners,” initiated a “law enforcement and outreach initiative to protect consumers from phantom debt collection and abusive and threatening debt collection practices.” Taking Enforcement Actions Through Operation Corrupt Collector The newest initiative from the FTC and its partners is called Operation Corrupt Collector, and it “includes five FTC law enforcement actions,” which incl...