Oak Park Real Estate & Estate Planning Blog

When you are planning to file for personal bankruptcy , it is important to understand how various bankruptcy exemptions in Illinois will apply to or impact your bankruptcy case. As you might already know, in a Chapter 7 bankruptcy case, all non-exempt assets will be liquidated so that creditors can be repaid and so that the debtor can receive a bankruptcy discharge. The debtor will be able to keep all exempt assets in a liquidation bankruptcy. In a Chapter 13 bankruptcy, exemptions are not used to determine which assets a debtor can keep since property is not liquidated. Rather, in a Chapter 13 bankruptcy case, exempt property does not count toward the total amount that the debtor must repay through a repayment plan. When you are researching bankruptcy exemptions, you might have come across an exemption described as a “tools of the trade” exemption. What is this exemption, and how does it work? Understanding the “Tools of the Trade” Bankruptcy Exemption Both the federal bankruptcy exem

When a consumer owes debt to a creditor, or when the debt has been turned over or sold to a debt collector, the consumer will likely be contacted about the debt. It is important for consumers to know that they have certain protections under the Fair Debt Collection Practices Act (FDCPA), and that debt collectors cannot take certain actions or engage in particular behaviors according to the law. In order for a consumer to understand when they are being treated fairly (and when they are not), it is necessary to have an understanding of how the consumer debt collection process works. Debt Collectors are Permitted to Contact You But Must Comply With the FDCPA The Fair Debt Collection Practices Act (FDCPA) governs consumer debt collection practices. Under the FDCPA, debt collectors are permitted to contact consumers to try to collect debts, but there are certain restrictions, and some practices are unlawful. Consumers should know their rights under the FDCPA. Certain Debt Collection Pract

Filing for consumer bankruptcy can come with multiple benefits and protections for homeowners and renters, including those who are facing foreclosure or eviction. The automatic stay initially protects debtors from foreclosure or eviction as soon as you file for bankruptcy, and in some cases, filing for bankruptcy can permanently stop a foreclosure or eviction, allowing you to remain in your home. Our Oak Park consumer bankruptcy attorneys can provide you with more information about how bankruptcy impacts foreclosures and evictions in different types of bankruptcy cases. Automatic Stay Temporarily Stops Foreclosure and Eviction Regardless of the Type of Bankruptcy Whether you are filing for Chapter 7 bankruptcy in Illinois or Chapter 13 bankruptcy , or even if you are filing for Chapter 11 bankruptcy as a consumer, the automatic stay will stop all creditor actions against you for the time being. What this means is that, if you are facing foreclosure or eviction, as soon as you file fo

The process of filing for personal bankruptcy is extremely complicated, and the U.S. Bankruptcy Code has many complexities that can be difficult for a consumer to understand with certainty. As such, it is important to have an experienced Oak Park bankruptcy attorney on your side from the very start of your case. At the same time, it is important to learn as much as you can about the consumer bankruptcy process. The following are some of the key terms that are used in consumer bankruptcy cases that can help you to understand more about the processes for different types of personal bankruptcy. Automatic Stay The automatic stay is an injunction that takes effect as soon as a person (or entity) files for bankruptcy. The injunction prevents creditors from continuing to take any debt collect actions against you (such as moving forward with an existing lawsuit) or initiating any new debt collect actions. The automatic stay applies to Chapter 7 and Chapter 13 bankruptcy cases, and to Chapter

Debt collectors often attempt to charge extra fees when collecting debts from consumers , particularly when the consumer seeks to make a payment online or to make payments in other specific ways that the company says will incur a fee. According to a recent news release from the Consumer Financial Protection Bureau (CFPB), the CFPB has “issued an advisory opinion affirming that federal law often prohibits debt collectors from charging ‘pay-to-pay’ fees,” which are often known as “convenience fees.” As the CFPB clarified, these pay-to-pay fees, or convenience fees, “are imposed on consumers who want to make a payment in a particular way, such as online or by phone.” The advisory opinion is part of a longer focus by the CFPB to address “junk fees” that affect consumers. What do you need to know about the CFPB’s advisory opinion and any effects it could have? Details of the Advisory Opinion According to the news release, the CFPB’s recent advisory opinion is based on language in the Fair

If you are considering filing for personal bankruptcy in Illinois, it is important to discuss your circumstances with an Oak Park bankruptcy lawyer to ensure that bankruptcy is the right course of action for you. To be sure, you should give significant thought to filing for bankruptcy before you actually do so since making changes to your case can be complicated. Yet you may be wondering if it will be possible to change your mind once you file a bankruptcy petition. It will depend upon what you mean by changing your mind, but in short, you may be able to have your case dismissed or to convert your bankruptcy case to a different chapter. Asking to Have Your Bankruptcy Case Dismissed After You Have Filed Once you have filed for bankruptcy, can you ask the bankruptcy court to dismiss your case so that you do not go through with the bankruptcy? Generally speaking, it is possible to have the bankruptcy court dismiss your case if you no longer want to go through with the bankruptcy. However