Oak Park Real Estate & Estate Planning Blog

Are you being contacted by debt collectors about debt you incurred many years ago or debts you do not even remember incurring? Or are you concerned about facing legal action over an older debt you have never repaid? These are issues that worry many debtors, especially when they are facing financial problems and are dealing with economic stressors. If you do have old debt, it is important to understand what a creditor or debt collector can do and what they cannot do. In addition, it is important to understand your options for dealing with old debt. Our Oak Park consumer protection attorneys can provide you with more information about older debt and can assist you with your options for resolving debt through bankruptcy or holding a debt collector accountable for deceptive practices that are prohibited under the Fair Debt Collection Practices Act (FDCPA). Debt Might Not Be Yours When you receive calls or text messages from debt collectors about old debt that you do not even remember inc...

Anyone struggling significantly with debt may be thinking about filing for bankruptcy in Illinois . Generally speaking, bankruptcy is an essential tool for debtors who need to get a fresh start or who need to reorganize debt and prevent foreclosure. Yet, in some cases, there may be important reasons to delay a bankruptcy filing. If you are considering bankruptcy, what are the circumstances under which you should potentially delay your filing? Consider some of the following situations, which our Oak Park bankruptcy attorneys can discuss with you in more detail. You are Not Eligible for the Type of Bankruptcy Protection You are Seeking One of the most common reasons to delay a bankruptcy filing is that you are not eligible for the type of bankruptcy you were planning to file. This is particularly important for debtors who want to file for Chapter 13 bankruptcy in order to stop foreclosure and remain in their homes. There are very different eligibility requirements for Chapter 7 and Chapt...

If you are struggling to repay debts you owe, and creditors are contacting you, you may be worried about the types of actions that creditors or debt collectors can take against you in order to recover the money you owe. You might be wondering, specifically, if you can be forced to file for bankruptcy. Involuntary consumer bankruptcies are not common, but they can happen under some circumstances. Our Oak Park bankruptcy lawyers can provide you with more information about involuntary bankruptcy, as well as details about your rights as a consumer under the Fair Debt Collection Practices Act (FDCPA) and other laws. Understanding How Involuntary Bankruptcy Works It is rare, but individuals can be forced to file for bankruptcy in limited circumstances through an involuntary bankruptcy petition. According to the U.S. Bankruptcy Code: “An involuntary case may be commenced only under Chapter 7 or 11 of this title, and only against a person, except a farmer, family farmer, or a corporation is n...

Sometimes in bankruptcy cases, you will hear about something known as the “absolute priority rule.” Sometimes the absolute priority rule is known as “liquidation preference” in some bankruptcy cases, and it may not necessarily affect or make a difference in your specific bankruptcy case. However, it is important to know what the absolute priority rule is and how it works. Our Oak Park bankruptcy lawyers can provide you with more information about the absolute priority rule, and we can begin working with you today on your bankruptcy case. U.S. Bankruptcy Code and the Absolute Priority Rule The absolute priority rule, in short, refers to the priority order of creditors and shareholders in a bankruptcy case. In other words, it is a rule concerning the order in which particular classes or categories of creditors must be repaid in a bankruptcy case. It can be applicable in some liquidation bankruptcy cases, as well as in some reorganization bankruptcies. The terms of the absolute priority ...

Are you self-employed and considering the possibility of filing for personal bankruptcy in Illinois? Our experienced Oak Park bankruptcy lawyers know that you are likely to have many questions and concerns about the bankruptcy process, including your eligibility to seek bankruptcy protection without W-2s or more common ways of showing your average wages and general income. In short, self-employed people can be eligible to file for both Chapter 7 and Chapter 13 bankruptcy in Illinois, but there are some important things that you need to know. Proving Your Self-Employment Income Bankruptcy cases can be slightly more complicated for individuals who are self-employed because they do not have the same type of documentation concerning their regular income and the income they have earned in recent years. Under U.S. bankruptcy law , when a self-employed person wants to file for bankruptcy, they will need to ensure that they have sufficient information and documentation to prove their income. ...

Are you thinking about filing for Chapter 13 bankruptcy ? You may know that Chapter 13 bankruptcy is one of two common types of bankruptcy for individuals or consumers, and it is a form of reorganization bankruptcy. What that means is that none of your assets will be liquidated in the bankruptcy process. Rather, Chapter 13 bankruptcy will allow you to reorganize your debts. If you want to file for Chapter 13 bankruptcy, one of the eligibility requirements involves showing that you do not have more debt than is permitted for this type of bankruptcy. In terms of Chapter 13 debt limits, there is good news for potential filers with a significant amount of debt: a recent change to the law means that the Chapter 13 debt limits have increased for at least two years, and that increase could be extended into the future. What should you know about Chapter 13 bankruptcy and the increase in debt limits? Consider the following information from our Oak Park bankruptcy lawyers. What is Chapter 13 Ban...