Oak Park Real Estate & Estate Planning Blog

Consumers in the Oak Park area who are considering filing for Chapter 13 bankruptcy but have a significant amount of debt should be relieved to know that President Biden recently signed into law the Bankruptcy Threshold Adjustment and Technical Corrections Act . The bill specifically provides additional protections to small businesses and individuals filing for Chapter 11 or Chapter 13 bankruptcy. While the changes to the law are not permanent, they will provide additional protections to debtors for the next two years. What do you need to know about the newly passed legislation? Our Oak Park consumer bankruptcy attorneys can provide you with more information. Language of the Bankruptcy Threshold Adjustment and Technical Corrections Act The Act was introduced by Senator Chuck Grassley in March 2022, and President Biden signed it into law on June 21, 2022. According to the language of the Act, it specifically “modifies provisions related to small business reorganization bankruptcies and...

Debtors in Illinois consider personal bankruptcy for many different reasons, including medical debt, student loan debt, credit card debt, and other types of debt. If you have a substantial amount of credit card debt and are thinking about the possibility of filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy in Oak Park, you should know that you are not alone. Credit card debt is a common form of debt that results in bankruptcy filings in Illinois and across the country, and it is routinely discharged in consumer bankruptcy cases. If you have credit card debt and are thinking about bankruptcy, the following are some of the key things you should know. Consumers Owe Billions in Credit Card Debt According to a recent study conducted by WalletHub, credit card debt in America is climbing. Indeed, “consumers added a total of $86.2 billion in new credit card debt to their tab during 2021, capped off by a $73.1 billion increase during the fourth quarter alone.” In the first quarter of 2...

Are you thinking about filing for consumer bankruptcy in the Oak Park area? If so, you are likely speaking with close friends or family members about the process, and you are likely searching for information about personal bankruptcy on the internet. In your discussions and web browsing research, you have likely come across information about debts that are non-dischargeable, or debts that fall into the category of “exceptions to discharge” under U.S. bankruptcy law . It is important to keep in mind that the most common types are usually dischargeable in a bankruptcy case, but it is nonetheless essential to determine whether you will be able to have your debts discharged in your bankruptcy case. What are exceptions to discharge? The following are five things you should know. 1. Exceptions to Discharge Means Non-Dischargeable Debts Under the U.S. Bankruptcy Code, the term “exceptions to discharge” refers to debts that are non-dischargeable in a bankruptcy case. The law lists 19 exceptio...

Filing for consumer bankruptcy can be an extremely complicated process, especially when you are trying to determine which of your assets are likely to be exempt under Illinois law. As you may already know, Illinois bankruptcy exemptions allow debtors to keep property (i.e., exempt property will not be liquidated) in a Chapter 7 bankruptcy case, and exemptions determine which assets must be included in a debtor’s repayment plan in a Chapter 13 bankruptcy case. Most bankruptcy exemptions were written into the law quite some time ago, so they do not specifically account for new kinds of digital assets like cryptocurrency or non-fungible tokens (NFTs). If you own cryptocurrency, NFTs, or other types of digital assets, what do you need to consider if you are thinking about filing for bankruptcy? Understand What Types of Assets are Digital Before we discuss some of the questions you might have about bankruptcy exemptions and digital assets, it is important to understand what kinds of asset...

When you are considering filing for personal bankruptcy , it is extremely important to find an experienced bankruptcy lawyer who can represent you from start to finish in your bankruptcy case. Consumer bankruptcy law in the U.S. is extremely complicated, and it can be difficult for individuals to handle many aspects of a Chapter 7 or Chapter 13 bankruptcy filing on their own. Yet it is also important to work with a bankruptcy lawyer who has experience in the field, and who can ensure that your bankruptcy case is handled properly. Before you hire a bankruptcy lawyer, you should schedule a consultation to ask questions and to learn more about the attorney. When you do meet with a bankruptcy lawyer for a consultation, you should consider asking some of the following questions, which can provide you with essential information about the lawyer’s practice and the specifics of your own bankruptcy case. How Long Have You Been Handling Bankruptcy Cases in Illinois? You should ask any prospecti...