Oak Park Real Estate & Estate Planning Blog

When you are planning to file for consumer bankruptcy in Illinois, it is equally important to understand the steps that you should and should not take. There are many things you can do in advance of your bankruptcy case and during the proceeding that ultimately can harm your case, and it is important to know what you should avoid. Our experienced Oak Park consumer bankruptcy attorneys have information for you about some of the common mistakes that are made in consumer bankruptcy cases that you should avoid. Mistake #1: Providing Inaccurate Information About Your Assets You must disclose all assets when you file for consumer bankruptcy, even assets that you believe will be exempt under the Illinois bankruptcy exemptions . If you intentionally fail to provide the bankruptcy court with full and accurate information about your assets, including accurate information about their value, you could be putting your bankruptcy discharge at risk and could ultimately face allegations of bankruptc

Many debtors who file for consumer bankruptcy do so, at least in part, as a result of insurmountable medical debt. For those debtors, Chapter 7 bankruptcy offers a way to have most medical debt discharged and to get a fresh financial start in order to begin rebuilding credit. If medical debt were no longer reported by credit bureaus and it did not affect a consumer’s eligibility for loans and other forms of credit, would overall rates of personal bankruptcy decline? According to an article in The New York Times , the Consumer Financial Protection Bureau (CFPB) is considering the possibility of banning medical debt from consumer credit reports. What else do you need to know about this proposal and how it could affect consumer debt and bankruptcy filings? Medical Debt is Harming Consumers Even before the start of the COVID-19 pandemic, consumers struggled with many different types of consumer debt, including substantial medical bills. Even with health insurance, an unexpected medical em

Bankruptcy exemptions are important in both Chapter 7 and Chapter 13 consumer bankruptcy cases. While you might already know about some bankruptcy exemptions in Illinois such as the homestead exemption or automobile exemption, there are a wide range of bankruptcy exemptions that could be applicable to your case. Our Oak Park bankruptcy lawyers want to provide you with more information about some of the less common bankruptcy exemptions that exist in Illinois that could help with your case. How Bankruptcy Exemptions Work in Consumer Cases Before we discuss some of the less common bankruptcy exemptions that are important for you to know and consider, we want to make sure you understand how these exemptions work. In a Chapter 7 bankruptcy case involving consumer debt, exemptions allow the individual or married couple filing for bankruptcy to exempt certain assets from liquidation. Since Chapter 7 bankruptcy is a type of liquidation bankruptcy, all non-exempt assets will be liquidated so

Medical debt is a serious problem in Illinois and across the country, and consumers routinely struggle with bills from health care. Even with health insurance, consumers still routinely pay extensive costs for even routine health care, and unexpected medical events can result in thousands of dollars of medical debt that they were not expecting. Indeed, as a result of medical debt, many Americans ultimately file for consumer bankruptcy. A recent report from the Consumer Financial Protection Bureau (CFPB) emphasizes there are numerous issues to consider when it comes to medical debt in the United States, including the way in which debt is incurred and managed by health care systems. If you have questions about handling medical debt, or if you want to learn more about filing for consumer bankruptcy, one of our experienced Oak Park consumer protection attorneys can provide you with more information. In the meantime, we want to provide you with more information about the CFPB report. Med

If you are considering consumer bankruptcy , it is important to make an appointment with an Oak Park bankruptcy attorney who can assess your situation and can provide you with more information about your eligibility for different types of bankruptcy. Given the complexity of U.S. bankruptcy law , it is essential to have a lawyer on your side throughout your case. Yet it is also important to gain more knowledge about the process and the specifics of your case. As such, it is important to know what questions you have about your bankruptcy case and to plan in advance to discuss those questions and any concerns you have with a bankruptcy lawyer. What questions or issues should you plan to discuss when you meet with a bankruptcy attorney about your case? We have a list of questions for you to consider. Am I Eligible for Chapter 7 or Chapter 13 Bankruptcy? You should plan to find out immediately about your eligibility for Chapter 7 or Chapter 13 bankruptcy. Depending upon your particular fin