Oak Park Real Estate & Estate Planning Blog

When people think about consumer bankruptcy , they often think about liquidation bankruptcy, or a type of bankruptcy in which non-exempt assets are liquidated and remaining eligible debts are discharged. Yet there are many misconceptions about liquidation bankruptcy out there, and it is important to understand key aspects of liquidation bankruptcy if you are thinking about your options. The following are five things to know about liquidation bankruptcy. If you have follow up questions or need assistance with your case, an Oak Park bankruptcy attorney at our firm can help. 1. Consumer Liquidation Bankruptcies are Chapter 7 Bankruptcies Anytime a consumer is talking about the possibility of filing for liquidation bankruptcy, they are likely referring to Chapter 7 bankruptcy. Chapter 7 bankruptcy is the most common type of liquidation bankruptcy for both consumers and businesses, and it is the type of bankruptcy you should anticipate if you are thinking about a liquidation bankruptcy. ...

Are you thinking about filing for Chapter 7 or Chapter 13 bankruptcy , and are you wondering about types of debt you have and whether they are dischargeable? While there are some types of debt that are not dischargeable in consumer bankruptcy cases, there are many forms of commonly held debt that can be discharged in your bankruptcy case. If you have questions, you should always seek advice from a bankruptcy lawyer who can help you. In the meantime, the following are examples of some of the most common types of debt that are dischargeable in personal bankruptcy cases under the U.S. Bankruptcy Code . Credit Card Debt Did you know that more than 191 million Americans currently have credit cards and that millions of households are currently carrying tens of thousands of dollars in credit card debt? According to Debt.org, credit card debt is one of the most common forms of consumer debt, and it is nearly always dischargeable in a bankruptcy case. While there are some exceptions when a ...

When you are considering consumer bankruptcy , our experienced Oak Park bankruptcy attorneys know that you probably have a wide variety of questions about the bankruptcy process. Indeed, we often work with clients in the early stages of bankruptcy planning who want to know more about bankruptcy exemptions, types of assets they will be able to retain if they file for bankruptcy, and how different types of personal bankruptcy affect both debts and assets. One question we frequently receive from debtors concerns the bankruptcy process in relation to staying in your home or your condo. So, if you file for bankruptcy, can you keep your house? The answer to that question will depend upon several different factors, and we want to provide you with some of the key information you will need to answer that question for yourself. Ultimately, you should seek advice from a bankruptcy attorney who can assess the particular facts of your case to determine whether or not you are likely to be able to...

When you are planning to file for consumer bankruptcy —either Chapter 7 bankruptcy or Chapter 13 bankruptcy—there are a number of steps you will need to take to prepare for your bankruptcy case. At the same time, it is important to know that there are actions you should not take as you are getting ready to file for bankruptcy for various reasons. In some situations, actions taken prior to a bankruptcy filing can be construed as a fraud, and you can risk your ability to receive a bankruptcy discharge, not to mention the risk of criminal charges. Differently, some actions that you might take concerning your money could result in otherwise exempt assets being liquidated in your Chapter 7 case. Anytime you are thinking about bankruptcy, you should work with an experienced bankruptcy lawyer to ensure that you put yourself in the best possible position to get back on track with your financial life and make the most of your bankruptcy case. In the meantime, you should be aware of the follo...

When you are struggling with consumer debt, it can be difficult to know if personal bankruptcy is an option for you and, if so, whether it is the best solution to get a handle on your debt. While the best way to think through the bankruptcy process and its implications for you is to speak with an experienced Oak Park bankruptcy attorney , you can also ask yourself a number of questions as you consider whether it is time to get in touch with a bankruptcy lawyer about moving forward with a Chapter 7 bankruptcy or Chapter 13 bankruptcy case. The following are some questions to ask yourself as you think about the possibility of filing for consumer bankruptcy. Are You Eligible for Bankruptcy? Before you begin thinking seriously about bankruptcy, it is essential to determine whether you are eligible to file for personal bankruptcy. There are two types of bankruptcy that are most common for consumers: Chapter 7 bankruptcy and Chapter 13 bankruptcy. To qualify for Chapter 7 bankruptcy, the ...