Oak Park Real Estate & Estate Planning Blog

Bankruptcy misconceptions are plentiful, whether you are looking for information on websites or speaking to friends and family members about your financial situation. We often speak with consumers who are under the assumption that a Chapter 7 bankruptcy case will result in the loss of all of their property, and that they could lose eligibility for certain government benefits they receive. Many debtors also have incorrect information about the differences between Chapter 7 and Chapter 13 bankruptcy, and they assume that any kind of consumer bankruptcy involves a liquidation of assets. For debtors who currently receive disability benefits, it is critical to understand how the consumer bankruptcy process will—and will not—affect your disability payments. Our experienced Oak Park bankruptcy lawyers can tell you more. Disability Benefits and Eligibility for Bankruptcy Some types of disability benefits will count toward your income when you are determining your eligibility for bankruptcy...

The COVID-19 pandemic has resulted in millions of job losses across the country, and residents of Oak Park and other parts of Chicagoland have been affected in devastating ways. Even before the pandemic, many Illinois residents were struggling with debt, and the coronavirus emergency has worsened many difficult financial situations for individuals and families alike. As COVID-19 relief measures begin ending and jobs still remain somewhat scarce, many people are considering the possibility of filing for personal bankruptcy . Yet many of these debtors are unemployed and want to know whether they can for consumer bankruptcy despite being unemployed. Whether or not unemployment will affect your eligibility for bankruptcy will depend upon the type of bankruptcy you want to file. Let our experienced Oak Park consumer bankruptcy lawyers say more. Differences Between Chapter 7 and Chapter 13 Bankruptcy To determine whether or not being unemployed could affect your bankruptcy case under curr...

Anyone who is filing for consumer bankruptcy likely has concerns about their assets and wants to learn more about asset protection in a consumer bankruptcy. Whenever you are planning to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy in Illinois, you should speak with a bankruptcy lawyer about your case since there are so many intricacies of U.S. bankruptcy law . At the same time, you can educate yourself about some methods and options for asset protection if you are considering bankruptcy, and to understand how the different types of personal bankruptcy can affect the overall need for asset protection strategies. Chapter 13 Bankruptcy May Not Require Asset Protection Strategies If you are considering the possibility of filing for Chapter 13 bankruptcy, you should understand that this is a type of reorganization bankruptcy. As such, assets are not liquidated in order to repay creditors. Instead, the debtor will reorganize debts and will develop a repayment plan that will la...

Whenever a consumer is considering the possibility of filing for bankruptcy , there are many misconceptions and myths that are available on the internet and that can, often, seem like truths. Given the complexities of U.S. bankruptcy law , and the difficulty in determining whether or not you are getting the correct and accurate information you need, it is critical to work with an experienced Oak Park bankruptcy attorney who has handled cases similar to your own and can help to ensure that your bankruptcy case goes as smoothly as possible. For now, we want to help dispel some common bankruptcy fictions and to replace those with facts that can help guide you as you plan for personal bankruptcy . Fiction: You Will Lose Everything You Own if You File for Bankruptcy Fact: You will not lose everything you own if you file for bankruptcy, and in fact, filing for bankruptcy may not result in any of your assets being liquidated. If you file for Chapter 7 bankruptcy, all non-exempt assets will...

Filing for personal bankruptcy is an extremely complex process, and it is essential for anyone considering it to speak with an experienced bankruptcy lawyer about the different types of bankruptcy and their effects. For small business owners in the Oak Park area, the prospect of filing for consumer bankruptcy can raise many questions and concerns about how a personal Chapter 7 or Chapter 13 bankruptcy filing will affect the business. If you are wondering about the risk of losing your small business if you file for personal bankruptcy, there is no simple answer to the question based on existing bankruptcy law . Rather, the answer will depend upon a few key factors, including the type of business structure you are using for your small business and the type of bankruptcy you are considering. How is Your Small Business Structured? When you are considering whether a personal bankruptcy filing could result in you losing your small business or being forced to close the doors of your small ...

At the beginning of the COVID-19 pandemic, economic experts and commentators started to predict that a wave of bankruptcy filings would come months later as a result of job losses and business closures. By and large, that consumer bankruptcy wave has not come, largely due to government relief and stimulus plans that have allowed debtors to continue paying their bills even if their jobs have not returned. While the possibility of a coming bankruptcy wave is still looming when government relief ends, it is important to know that not all Americans have been able to stay afloat during the pandemic. Certain populations and demographics have been disproportionately affected financially by the pandemic and have in fact been filing for personal bankruptcy at much higher rates compared to others. According to a recent article in Yahoo! Finance , Black women have been filing for consumer bankruptcy at much higher rates than other consumers, suggesting that structural racism and sexism may b...