Oak Park Real Estate & Estate Planning Blog

Considering the possibility of consumer bankruptcy can be stressful for many Americans, particularly given the varied bankruptcy myths in circulation. From unintentional misinformation provided by friends or family members to information that may be aimed at deceiving consumers on the internet, there are so many misconceptions about losing assets and personal property if you decide to file for bankruptcy. One frequent source of anxiety in this regard concerns technology assets that people have become accustomed to using—and often need for work or school—in their day-to-day lives, such as smartphones and laptop computers. You should know up front that Illinois bankruptcy exemptions exist that you can rely on to avoid having necessary property liquidated, including your smartphone or laptop. At the same time, we want to emphasize that asset liquidation might not even be an issue you have to consider based on the type of bankruptcy you are considering. Our Oak Park bankruptcy attorneys...

When you are considering the possibility of consumer bankruptcy , it is important to work with an Oak Park bankruptcy lawyer to ensure that the bankruptcy process goes smoothly and to identify any potential issues that may arise in your bankruptcy case. One such issue, depending upon your circumstances, is a loan or line of credit with a cosigner. If you do have a cosigner or a guarantor on any debt, it is critical to understand that your bankruptcy case could negatively impact your cosigner if you do not take certain steps in advance. As you likely know if you do have a cosigner or a guarantor, a cosigner is necessary in situations in which you cannot obtain a loan alone with your credit profile and history. Accordingly, in order to get the loan or line of credit, you might ask a family member with good credit to act as a cosigner for you. In such situations, you might be wondering if you are still eligible to file for bankruptcy. You can certainly file for bankruptcy and receive a...

During the COVID-19 pandemic, consumer bankruptcy filings have remained relatively low, and surprisingly low based on some expectations voiced by commentators. Yet many bankruptcy law experts and consumer protection advocates have worried that consumer bankruptcy filings would rise once the pandemic began to cease, unemployment benefits stopped coming, and Americans who lost their jobs were unable to find suitable or equal employment to the work they had been doing prior to the pandemic. It is possible that such a “spike” in consumer bankruptcy filings may soon occur, according to a recent article in Bloomberg Law , yet the article cites the end of the COVID-19 eviction ban as the likely reason for a rise in personal bankruptcies . Unpaid Rent May Lead to Bankruptcy Filings As the article argues, “an unprecedented amount of unpaid rent is making bankruptcy a more attractive option for millions of Americans grappling with paying their landlords as COVID-19 relief measures come to an...

When you are filing for Chapter 7 bankruptcy , you might come across information about reaffirmation or reaffirming secured debts. While you should be working with an experienced Oak Park bankruptcy attorney on your Chapter 7 bankruptcy case from the beginning to ensure that the process goes as smoothly as possible, you should certainly consult with a lawyer before you reaffirm any debt since a reaffirmation can affect your ability to get a fresh start financially once you receive a bankruptcy discharge . So, what does it mean to reaffirm debt in a Chapter 7 bankruptcy case? Debtors Can Reaffirm Secured Debt in Order to Keep Property After a Chapter 7 Bankruptcy Discharge In Chapter 7 bankruptcy cases, the goal is typically for the debtor to discharge all eligible debts in order to start anew financially. However, in some cases, the debtor might want to avoid having debt for certain secured property discharged—such as a motor vehicle or a home with a mortgage. In these cases, the deb...