Oak Park Real Estate & Estate Planning Blog

Many debtors who are struggling with overwhelming debt start looking into options for a liquidation bankruptcy in which their non-exempt assets will be liquidated and they can receive a relatively quick discharge that comes with the ability to get a fresh start financially. However, given that debtors must pass the “means test” in order to prove that they are eligible for Chapter 7 bankruptcy, many debtors realize that they cannot file for a liquidation bankruptcy under U.S. bankruptcy law since they earn a steady paycheck or earn a decent salary. For those debtors, Chapter 13 may be the only bankruptcy option. At first, you might have concerns about whether Chapter 13 bankruptcy is really what you are seeking, and you might be wondering, “What is Chapter 13 bankruptcy good for?” We want to emphasize that Chapter 13 bankruptcy is a powerful tool for debtors in Oak Park, Illinois and across the country, and it can help you to obtain the financial relief you are seeking. The follow...

Does the bankruptcy process discriminate against certain types of consumers? Even if the bankruptcy process itself is not inherently discriminatory, does it ultimately have discriminatory effects on some individuals and communities? According to a recent article in the Wall Street Journal , a new study says that “Black people out of all bankruptcy filers are twice as likely on average to file for a more costly type of personal bankruptcy than debtors of other races.” What are the reasons for the disparity, and what can be done to make the consumer bankruptcy process a more egalitarian one? Researchers Find Bias in Consumer Bankruptcy The idea that there is bias in the consumer bankruptcy process is not a new idea. Researchers have been exploring this idea for about a decade. A 2012 article in The New York Times argued that “Blacks are about twice as likely as whites to wind up in the more onerous and costly form of consumer bankruptcy as they try to dig out from their debts.” No...

When you are filing for personal bankruptcy in Oak Park , one of the last things you want to happen is for an unwanted surprise to pop up in your case. To be sure, any surprises in bankruptcy cases typically mean that there is a problem with your bankruptcy filing, and your bankruptcy discharge ultimately could be at risk. When you work with an experienced Oak park bankruptcy lawyer on your case, you can help to reduce—and often prevent entirely—the risk of an unwanted surprise coming up when you are planning for a bankruptcy discharge. In the meantime, we want to give you some tips for avoiding unwanted surprises in your bankruptcy case. Do Not Try to Handle Your Bankruptcy Case on Your Own Bankruptcy law is extremely complicated, and the U.S. Bankruptcy Code can be incredibly difficult to understand if you do not have experience handling bankruptcy cases. Whether you are planning to file for Chapter 7 or Chapter 13 bankruptcy, it is much more likely that an unwanted and unexpect...

If you do not already know that the federal Fair Debt Collection Practices Act (FDCPA) provides protections for consumers who are facing debt collection , now you know. The FDCPA prohibits various types of behavior and debt collection strategies by creditors and debt collection companies, including lying to consumers about debts they owe, making certain kinds of threats when contacting debtors, and even contacting debtors at odd hours of the day. These are just a few examples of some of the protections provided through the FDCPA. Yet the FDCPA does not explicitly address debt collection methods via social media, and the federal government recently changed the rules pertaining to social media use and debt collection strategies. As a report from ABC News explains, you still have rights under the FDCPA when it comes to debt collection methods and strategies, but you may not be able to prevent debt collectors from using social media or other forms of electronic communication to reach ...

Over the past several months or even years, you might have been considering your options for consumer bankruptcy . Perhaps you have looked into options for Chapter 7 bankruptcy and Chapter 13 bankruptcy, and you feel certain that personal bankruptcy is the best option for you to get a handle on your debt and to rebuild your finances. Maybe you are planning to file for a liquidation bankruptcy under Chapter 7, or you are hoping to file for Chapter 13 bankruptcy because you want to rely on the automatic stay to prevent foreclosure on your home. Or, perhaps you do not know for certain which chapter of bankruptcy is right for you. If you want to file for bankruptcy, it is critical to seek advice from an Oak Park bankruptcy attorney since everyone has a distinct set of facts in their case. However, we can provide you with more information about the basic steps you will need to take once you determine that you want to move forward with a bankruptcy filing. Hire a Bankruptcy Lawyer to Assi...