Oak Park Real Estate & Estate Planning Blog

Struggling with debt is one of the most stressful experiences in a person’s life, and it can be difficult to know what options may be available to you. If you are unable to pay your bills and debts are piling up, you might be considering consumer bankruptcy. If so, you might know that there are different types of personal bankruptcy and that individuals most often file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. These are very different types of bankruptcy, so it is important to understand the differences. Chapter 13 bankruptcy is a kind of reorganization bankruptcy that is commonly known as a wage earner’s plan, while Chapter 7 bankruptcy is a kind of liquidation bankruptcy. Is liquidation bankruptcy right for you? Before you make any decisions about filing for bankruptcy, you should discuss your specific circumstances with a bankruptcy lawyer in Oak Park. In the meantime, if you are wondering if liquidation bankruptcy is right for you, consider the following questions. Do You

Since the beginning of the COVID-19 pandemic and over the last couple of years, more Americans have faced significant medical bills due to pandemic-related illnesses and other health issues. For many of those consumers, including the ones with health insurance, their medical debt has become substantial, and many are dealing with relentless debt collectors who are seeking payments for costly hospital and treatment bills. For example, a recent NPR report discussed the crippling nature of medical debt and reported that cancer patients in particular are likely to file for bankruptcy . Indeed, a study conducted by the Kaiser Family Foundation (KFF) and reported in that article found that about 25% of cancer patients have filed for bankruptcy, and about two-thirds have struggled to pay for basic needs as a result of medical debt. A recent article in Consumer Reports explains that consumers can take steps to “fight back” when they are contacted by debt collectors over medical bills. Our Oak

When you are struggling to pay your bills and your debts are piling up, you may be wondering if now is the right time for you to file for consumer bankruptcy . There are many different myths and misconceptions concerning the bankruptcy process. As such, you may be concerned about filing and wondering if you should hold out for as long as possible. In most situations where personal bankruptcy is most likely inevitable, waiting to file for bankruptcy can be more harmful in the long run. However, in some cases, you may want to wait to file for bankruptcy based on your circumstances. Whenever you are considering bankruptcy, you should seek advice from an Oak Park consumer bankruptcy attorney. In the meantime, ask yourself the following questions to determine whether it could be the right time to begin the bankruptcy process with assistance from an experienced attorney. Do You Qualify for Consumer Bankruptcy? The first question you will want to consider is whether you currently qualify unde

You may be aware that relatively recent changes to federal regulations have resulted in the ability for debt collectors to contact consumers in a new manner: through text messaging. In 2020, the Consumer Financial Protection Bureau (CFPB) finalized amendments to Regulation F . With those new amendments, debt collectors have been permitted to make contact with consumers through electronic communications, including texting. Yet it is essential to know that the amendments to Regulation F do not exclude text messages or other forms of communication by debt collectors from the Fair Debt Collection Practices Act (FDCPA). To be sure, if a debt collector engages in texting in a manner that violates the FDCPA, the affected debtor may be able to file a claim. In addition, debtors may have options to opt out of receiving text messages from debt collectors. Our experienced Oak Park consumer protection lawyers can provide you with more information. Amendments to Regulation F Allow Debt Collectors

If you are thinking about filing for Chapter 7 bankruptcy , you likely know that this is a type of liquidation bankruptcy. What this means is that all non-exempt assets will be liquidated, and the money obtained from the liquidation of those assets will be used to repay creditors in order of their priority. Chapter 13 bankruptcy does not involve the liquidation of a debtor’s assets. When you are planning to file for Chapter 7 bankruptcy, you may be wondering: what property will I be able to keep if I file for liquidation bankruptcy? The good news is that Illinois law contains a variety of bankruptcy exemptions that can allow debtors to retain a wide range of assets even during and after a Chapter 7 bankruptcy case. Consider the following information from our Oak Park bankruptcy attorneys. You Will Need to Use Illinois’s Bankruptcy Exemptions The first thing to know when you are learning about which assets of yours will qualify for exemptions in your Oak Park bankruptcy case is that deb

When a consumer wants to file for reorganization bankruptcy , that consumer will typically file for Chapter 13 bankruptcy. Yet Chapter 11 bankruptcy is also a type of reorganization bankruptcy, and in certain situations, consumers file for Chapter 11 instead of Chapter 13. In most cases, the reason that a consumer will file for Chapter 11 bankruptcy instead of Chapter 13 bankruptcy is the debt limit. Relatively recent changes to the Chapter 13 debt limits have resulted in an increase in the debt limits, thereby making it easier for consumers to qualify for Chapter 13 bankruptcy based on the amount of their debt. However, circumstances certainly may arise in which a consumer is ineligible for Chapter 13 bankruptcy due to the amount of debt they owe. Under such circumstances, the consumer will usually file for Chapter 11 bankruptcy. Our Oak Park consumer bankruptcy attorneys can provide you with more information. Understanding Debt Limits in Chapter 13 Bankruptcy Cases What are debt limi