Oak Park Real Estate & Estate Planning Blog

Veterans, like many other Americans, are struggling with debt during the coronavirus pandemic. According to a recent article in Military.com , President Biden announced that he has asked the Department of Veterans Affairs to pause debt collection from veterans in an executive order. That executive order, according to the article, “will help approximately 2 million veterans [to] maintain their financial footing” during this difficult period for many veterans across the country. The pause on debt collections applies to “federal collections on overpayments and debts.” If you are a veteran, it is important to understand how the executive order benefits you, and when those benefits may come to an end. Executive Order to Help Struggling Veterans During the Pandemic During the COVID-19 pandemic, people across the U.S. are struggling with job loss and medical debt due to COVID-19 infections. Veterans, too, are struggling. In the executive order signed last month, President Biden did the fol...

The COVID-19 pandemic has resulted in millions of job losses, which in turn has left millions of Americans unable to pay their bills and mortgages. In some cases, struggling debtors are also dealing with long-term health problems as a result of the coronavirus on top of substantial medical debt. For many of these debtors, there are questions and concerns about how to handle the debt they are facing and whether it is possible to discharge medical debt from COVID-19 hospital stays and doctor’s appointments through consumer bankruptcy . In most cases, medical debt is dischargeable in Chapter 7 and Chapter 13 bankruptcy cases. If you have questions about discharging medical debt related to COVID-19 in a personal bankruptcy case, you should seek advice from one of the experienced Oak Park consumer bankruptcy attorneys at our firm. COVID-19 is Resulting in Medical Debt for Consumers When a person is diagnosed with COVID-19 and has a moderate or severe case of the virus, hospitalization ma...

If you are considering filing for Chapter 7 bankruptcy , you may already know that Chapter 7 is a type of liquidation bankruptcy. What this means is that the bankruptcy trustee will liquidate (i.e., sell) all of your non-exempt assets in order to repay creditors so that you can be eligible for a debt discharge. When people hear about the liquidation process in a Chapter 7 bankruptcy, they can get worried about whether they will lose assets that they need for their daily lives, from a motor vehicle to get to work to a cell phone to communicate with others both personally and professionally. As such, you might be wondering if your cell phone will need to be liquidated as part of your Chapter 7 bankruptcy case . Generally speaking, most people who are going through a Chapter 7 bankruptcy will be able to use one of the Illinois bankruptcy exemptions in order to keep their smartphone. However, it is important to learn more about how this will work. Your Smartphone Might be a High-Value As...

You might have debt that is several years old or even older, and you might have forgotten that you even owe the debt. Or, perhaps you have been worrying about the debt for years and concerned that you could face consequences if you do not pay. Either way, it is critical to understand when a consumer debt collector can—and cannot—file a lawsuit against you for old debt. Generally speaking, debts have a statute of limitations according to Illinois law , and once that statute of limitations runs out, the debtor collector cannot file a lawsuit against you. However, there are other reasons that a debt collector cannot seek a judgment against you by filing a claim, and there are also exceptions to the statute of limitations rule concerning time-barred debt. We want to give you a few questions to consider when it comes to determining whether a debt collector can sue you to obtain unpaid debt. Ultimately, you should seek advice from our Oak Park consumer protection lawyers who can assess ...

Although the COVID-19 pandemic has resulted in millions of job losses, and individuals and families alike taking on unexpected debt to pay for medical care and necessities, consumer bankruptcy filings are not on the rise. Indeed, according to a recent article in DSNews , as of January 2021, bankruptcy filings reached their lowest point, number-wise, in 15 years. Bankruptcy filings have not been this low since February 2006, prior to the recession and the foreclosure crisis. The new data reported by DSNews comes from Epiq, which recently released its January 2021 bankruptcy data. Bankruptcy rates have been gradually declining, and the most recent figures represent a 6% decrease in filings from December 2020. We want to discuss the recent data with you and to say more about personal bankruptcy filings during the coronavirus pandemic. Fewer Americans Are Filing for Consumer Bankruptcy The key takeaway from the recent DSNews article is that fewer Americans are filing for consumer bank...