Oak Park Real Estate & Estate Planning Blog

If you have been considering consumer bankruptcy in Illinois , or if you have been following discussions about potential changes to the consumer bankruptcy process, you may know that a bill was proposed in 2020 that aimed to change how consumer bankruptcy works. The bill will streamline the process and eradicate some of the current distinctions between Chapter 7 and Chapter 13 bankruptcy. According to a recent article in Bloomberg , Democrats in Congress have reintroduced a bankruptcy bill “that would radically alter how individuals file bankruptcy.” The article underscores that, in introducing the Consumer Bankruptcy Reform Act of 2022 , Senator Elizabeth Warren and Representative Jerrold Nadler are hoping to obtain support for this type of legislation after the 2020 bill “failed to gain traction.” What do you need to know about the newly proposed legislation and how it could potentially impact the consumer bankruptcy process? Key Aims of the Proposed Legislation The consumer bankrupt...

Are you planning to file for consumer bankruptcy in Oak Park ? If you are filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy in the near future, you may have done some preliminary research into any steps you will need to take in order to prepare for your bankruptcy case. You might have come across information about credit counseling, and you may be wondering if this is necessary or if you should consider attending credit counseling. Given that consumer bankruptcy cases have numerous and varied requirements, it is essential to work with an Oak Park consumer bankruptcy attorney who can advise you of all requirements for your bankruptcy case and can ensure that you take all necessary steps in order to be eligible to have your debts discharged. More specifically, a lawyer can explain that credit counseling is not optional but rather necessary, and it is not the only finance class that you must take in order to have your debts discharged. You Must Complete Credit Counseling Before You...

Will high inflation rates result in increased consumer bankruptcy filings in Oak Park and throughout Illinois? According to a recent article in Forbes , “the price for goods and services has increased 7.9% from the same time last year,” which means Americans are experiencing “the highest inflation rate since January 1982.” As a result, many households in the U.S. are struggling financially. The cost of groceries has increased, the cost of gas, electricity, and other utilities has risen sharply, and other expenses have gone up. As the article underscores, “forty percent of adults say their families are worse off financially now than prior to the pandemic,” and many households are struggling financially. Ultimately, inflation could mean that more consumers file for bankruptcy. What do you need to consider? Take Steps to Avoid Additional Costs Whether inflation has resulted in a struggle to pay your bills or has merely resulted in increased concern over finances in the future, it is impo...

When you are considering personal bankruptcy and doing preliminary research into the process, you are likely to come across a series of terms related to the end of a bankruptcy case. These terms are all distinct from one another, but their meanings likely are not obvious to a consumer who is seeking to learn more about personal bankruptcy and how different types of bankruptcy processes work. While there is a wide range of consumer bankruptcy terms that can be complex and may require an explanation from a dedicated bankruptcy lawyer, our firm wants to focus on three terms that are commonly used to describe the end of a bankruptcy case -- closure, dismissal, and conversion. What does it mean for a bankruptcy case to be closed, and how does that process differ from a bankruptcy dismissal or conversion? Our Oak Park bankruptcy attorneys can provide you with more information. Closing a Bankruptcy Case When a bankruptcy case is closed, or when there is a reference to the closing of a bankru...

When you are thinking about consumer bankruptcy , you may know that the automatic stay is one of the most powerful tools in a personal bankruptcy case. The automatic stay is an injunction that applies as soon as you file for bankruptcy, and it stops debt collectors and creditors from continuing to take any actions against you designed to collect on the debts you owe. This means a creditor cannot call you to try to collect the debt once the automatic stay applies, and a creditor cannot file a lawsuit against you, garnish your wages, or initiate or move forward on home foreclosure. In short, the automatic stay stops creditors and debt collectors from collecting the debt you owe. Yet you might be wondering: how long will the automatic stay remain in effect? And can the automatic stay permanently stop debt collectors from taking action against you? Our Oak Park bankruptcy attorneys have information to help you. Automatic Stay Will Remain in Effect Until Your Bankruptcy Case is Closed How l...