Oak Park Real Estate & Estate Planning Blog

When you are thinking about filing for consumer bankruptcy or looking into your options, it can be difficult to know which information is essential to your case, and what bankruptcy myths you could be encountering from friends or family members, or from internet searches. Our experienced Oak Park bankruptcy lawyers want to give you the information you need as you consider the possibility of Chapter 7 or Chapter 13 bankruptcy. The following are some of the top things to know about consumer bankruptcy in the New Year. Consumer Bankruptcy Can Help You to Get Back on Track Financially Consumer bankruptcy under any chapter can help you to get back on track financially, whether that involves a relatively quick discharge of debts through Chapter 7 bankruptcy or a longer repayment plan after which debts can be discharged under Chapter 13 bankruptcy. Chapter 7 and Chapter 13 are Two Different Types of Consumer Bankruptcy Both Chapter 7 and Chapter 13 are types of consumer bankruptcy, and th

If you are struggling with debt, you might be considering the possibility of filing for bankruptcy . Yet you might not understand the differences between Chapter 7 and Chapter 13 bankruptcy, and you may be much more familiar with how Chapter 7 bankruptcy works. Indeed, many Americans think of Chapter 7 bankruptcy—a liquidation bankruptcy—when they imagine the bankruptcy process. However, Chapter 13 bankruptcy works much differently, and it has many benefits for debtors who are eligible. Our Oak Park bankruptcy lawyers are here to tell you more. Eligibility as a Wage Earner You might have heard that you will need to pass the “means test” in order to be eligible for consumer bankruptcy and that you cannot have assets or substantial earnings in order to file. It is critical to understand that these requirements only apply to Chapter 7 bankruptcy and not to Chapter 13 bankruptcy. To qualify for Chapter 13 bankruptcy under the U.S. Bankruptcy Code , you will need to show that you have a

During the holiday season and in the weeks and months that follow, many Americans struggle with debt. Consumer debt can be extremely difficult to manage, especially when your income and assets are insufficient to allow you to get out of debt. Making the minimum monthly payments on credit cards and other bills can lead to increasingly more debt and more anxiety. Consumer bankruptcy may be able to help. If you are considering consumer bankruptcy, one of our dedicated Oak Park bankruptcy lawyers can speak with you today about your circumstances and your eligibility for Chapter 7 or Chapter 13 bankruptcy. In the meantime, the following are some of the top benefits of Chapter 7 and Chapter 13 bankruptcy. Debt Collectors and Debt Lawsuits Must Stop One of the great benefits of consumer bankruptcy that applies as soon as you file your bankruptcy petition is the automatic stay . Under U.S. bankruptcy law, the automatic stay prevents any additional action from being taken to collect your d

The holiday season can be a joyful time of the year, but it is also traditionally a time in which consumers amass a significant amount of debt. For consumers who are already struggling with debt, charging gifts on credit cards and spending extensive amounts of money on holiday parties, dinners, and décor can be overwhelming, especially when the holiday season comes to an end and the debt remains. If you were already considering consumer bankruptcy before you took on additional debt over the holidays, you might assume that it makes sense to get started on your bankruptcy case in the early days of the New Year. Yet filing for consumer bankruptcy so soon after you have incurred a substantial amount of debt can actually be a problem. Our Oak Park bankruptcy lawyers can assist you with any questions you have about the consumer bankruptcy process or filing for bankruptcy during or after the holidays. In the meantime, the following are some things you should know about personal bankruptcy

When you are struggling with debt, you might be considering personal bankruptcy as an option, but you also may be thinking about debt settlement. Debt settlement is often depicted as an alternative to bankruptcy that can allow struggling consumers to deal with debt without having to go through the bankruptcy process. Yet debt settlement is not always so straightforward, and bankruptcy is not nearly as devastating to your financial record or credit as you might think. Our Oak Park bankruptcy attorneys can provide you with more information about debt settlement and bankruptcy, and we can help you to find the best solution to your debt problems. Debt Reduction Versus Debt Elimination A debt settlement is a particular kind of agreement that a consumer enters into with one or more creditors in order to reduce the amount of debt the consumer owes, and to repay a smaller portion of the money borrowed. Differently, in both Chapter 7 and Chapter 13 bankruptcy, remaining eligible debt at the

When you are being contacted by debt collectors, regardless of whether or not you owe the debt the collector is seeking, it is essential to know that you have rights as a consumer. Indeed, the Fair Debt Collection Practices Act (FDCPA) provides numerous protections to consumers, including protections against harassment from debt collectors, fraudulent or deceptive debt collection practices, and contact at odd hours of the day or at your place of employment. However, new rules that have been approved by the Consumer Financial Protection Bureau (CFPB) allow debt collectors to make more forms of contact. Those rules recently took effect, according to an NPR report . Our Oak Park consumer protection attorneys want to say more about the rules, what you should expect, and how to get help if you are facing unfair debt collection practices. Debt Collectors Can Make Contact through Social Media and Other Sources Have you noticed a new follower on Instagram, or a new friend request on Faceb