Oak Park Real Estate & Estate Planning Blog

Whether you recently retired or you have been retired for quite some time, there are a variety of reasons that you may be struggling to pay off debt. For some retirees, planning ahead for retirement did not take into account all of the expenditures that would occur during retirement, and credit card debt can rise. For many people in retirement, unexpected medical bills can result in a significant amount of medical debt that may feel almost impossible to manage on a fixed retirement income. If you are in a situation where you are retired but you do not know how you can manage your debt, you might be thinking about the possibility of consumer bankruptcy. Should retirees file for bankruptcy ? There is no single answer to that question, and it will be important to consider the particular facts of your case with an Oak Park bankruptcy lawyer . In the meantime, the following are some factors that you should consider when deciding whether you may want to file for personal bankruptcy in retire...

Debtors in Illinois have a variety of rights under the Fair Debt Collection Practices Act (FDCPA) whether they are considering a bankruptcy filing or are taking steps to get debt under control without filing for bankruptcy. The FDCPA also provides protections to debtors who have filed for bankruptcy in the past. Our Oak Park consumer protection lawyers want to provide you with more information about your rights as a debtor and the protections that are available to you under federal law. The following are five things you should know about your rights under the FDCPA. 1. Debt Collectors Cannot Contact You at Inconvenient Times and Places The Fair Debt Collection Practices Act prohibits creditors and debt collectors from calling you at inconvenient times, such as before 8:00 a.m. or after 9:00 p.m. In addition, the FDCPA prohibits debt collectors from calling you at your place of employment as soon as you ask that you not be contacted at the place you work. If a debt collector contacts...

Whether you are considering the possibility of consumer bankruptcy or you have already made the decision to file, it is important to understand how your debts will be treated in a bankruptcy case. As such, you may be wondering if all debts are treated the same in a personal bankruptcy case, or if certain debts are handled differently. Generally speaking, debts in a bankruptcy case can be categorized as secured debt, priority unsecured debt, and non-priority unsecured debt. In addition, you should know that student loans are handled a bit differently in bankruptcy cases, and there are also types of debt that are ineligible for discharge. Our Oak Park bankruptcy lawyers have more information to explain the types of debts in bankruptcy cases and how they are handled. Secured Debt, Priority Unsecured Debt, and Non-Priority Unsecured Debt First, it is important to understand the differences between secured and unsecured debt. Secured debt is debt for which there is collateral, which means...

If you are planning to file for bankruptcy in Oak Park , you may already know about the importance of bankruptcy exemptions. For debtors who are planning to file for Chapter 7 bankruptcy, the significance of bankruptcy exemptions can be quite obvious: any property that is exempt through Illinois’s bankruptcy exemptions will not be liquidated as part of the bankruptcy case, and the debtor can keep that property while receiving a discharge of eligible debt. To be sure, many people assume that a Chapter 7 bankruptcy results in the loss of all property or assets, but this is a common bankruptcy myth. Bankruptcy exemptions available under Illinois law allow debtors to keep a wide range of assets, from equity in a home or motor vehicle to pensions and retirement accounts. Yet you might be wondering what role bankruptcy exemptions play in a Chapter 13 bankruptcy case, or if you need to consider the exemptions at all since you did not think Chapter 13 bankruptcy involved the liquidation of an...

Are some student loan companies attempting to collect debt that has been discharged in consumer bankruptcy cases? According to a recent article in Business Insider , the Consumer Financial Protection Bureau (CFPB) reported that “student loan companies have been accused of violating discharge orders and unlawfully collecting debt,” which should put consumers on alert if they have received a debt discharge through bankruptcy. To be clear, discharged debt is not owed, and creditors cannot attempt to collect it. What else do you need to know? Our Oak Park bankruptcy lawyers have information to help. Learning More About Student Loan Companies Attempting to Collect Discharged Debt The recent report from the CFPB underscored that student loan debt can in fact be discharged in bankruptcy despite the frequently repeated misconception that student loan debt cannot be discharged. To be clear, while student loan debt can be more difficult to discharge than some other types of consumer debt, it c...

While federal student loan payments remain paused, many consumers may not be thinking about how their financial circumstances will be affected once those student loan payments resume. Yet it is important to consider federal student loan payments in relation to the rest of your debt, especially if you are struggling to make payments on medical debt, credit cards, and your car or mortgage payment. Moreover, consumers with private student loans have not had their payments paused, and many are struggling to make those regular student loan payments. Can consumers with federal or private student loans get those student loans discharged in bankruptcy ? The following are some of the top things you should know about student loans and consumer bankruptcy . Student Loans are Not One of the Types of Non-Dischargeable Debts Many people have misconceptions about student loan debt and the bankruptcy process. Indeed, many consumers mistakenly assume that student loans are one of the types of debts tha...

There are many small business owners in Oak Park and throughout the Chicago area. Yet running a small business can be extremely difficult and complicated, especially a business in a field or industry that has been struggling since the start of the pandemic. In most circumstances, small business owners who are having difficulty repaying business debts are also struggling with their debts and finances as consumers, and they may be considering bankruptcy. If a consumer owns a small business and wants to file for bankruptcy , what does that consumer need to know? Our Oak Park bankruptcy lawyers have some information and tips to help. Consumers Who File for Bankruptcy and Own Sole Proprietorships Will Also be Filing for Business Bankruptcy If you are planning to file for bankruptcy because of your consumer debt, or you are planning to file for bankruptcy largely because of your business debt, the distinction will not matter too much under U.S. bankruptcy law if your business is structured ...