Oak Park Real Estate & Estate Planning Blog

Are you thinking about filing for bankruptcy? Or have you recently filed for bankruptcy or received a discharge? The answer to these questions can become more complex when you are also thinking about your options for buying a house. Whether you are a first-time homebuyer or you have owned a home in the past—even if the house has been at risk of or has gone into foreclosure—the most important thing to know is that you can be eligible to buy a house after bankruptcy. To be clear, filing for bankruptcy and receiving a discharge does not mean that you will never be able to buy a house. While you will need to learn about certain waiting periods and rebuilding your credit, you should be hopeful about home ownership following your bankruptcy case. A recent article in House Digest discusses the ins and outs of buying a house after filing for bankruptcy, and our Oak Park bankruptcy lawyers want to provide you with more information. Know Bankruptcy Will Impact Your Credit But Will Not Prevent Y...

What have general consumer bankruptcy trends looked like over the past decade and a half since the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) in 2005? How have bankruptcy filings remained stagnant or shifted over time? The United States Courts recently published an analysis of consumer bankruptcy trends from 2005-2021, which highlights key information about how the bankruptcy process has unfolded for many Americans and how trends have changed over time or sometimes remained the same. Consumer bankruptcy refers to any non-business bankruptcy cases filed — typically under Chapter 7 or Chapter 13, but sometimes under Chapter 11, depending upon the debtor’s circumstances. The analysis emphasizes that consumer bankruptcy filings actually account for about 97% of all bankruptcy filings in the U.S., so it is especially important to gain a clearer understanding of these trends. Our Oak Park bankruptcy lawyers want to discuss the analysis with you in order...

What is consumer bankruptcy , and how does it work? How does consumer bankruptcy differ from other types of bankruptcy? And is consumer bankruptcy right for you if you are struggling with debt? In order to gain a clearer understanding of the overall consumer bankruptcy process and whether you should consider filing, it is important to learn more about the different aspects of consumer bankruptcy and the U.S. Bankruptcy Code . Our experienced Oak Park bankruptcy attorneys are here to provide you with more information, and we can speak with you today about your circumstances if you are considering the possibility of filing for bankruptcy. Consumer Bankruptcy is a Term Referring to Bankruptcy for Individuals The term “consumer bankruptcy” is used to refer to bankruptcy cases that are filed by individuals as opposed to businesses. Consumer bankruptcy can go by various terms, including “personal bankruptcy” and “individual bankruptcy.” While consumer bankruptcy is sometimes known as individ...

Consumers in Illinois and throughout the United States are routinely contacted by debt collectors attempting to recover money for various types of debts. In some cases, debt collectors are attempting to collect on legitimate debts, meaning debts that actually exist and which the consumer owes, and for which the statute of limitations has not run out. However, there are also debt collectors that try to collect on fraudulent debts, or that continue trying to collect on debts that have been discharged in bankruptcy , debts for which the statute of limitations has run, and debts that never belonged to that particular consumer in the first place. According to a recent news release from the Consumer Financial Protection Bureau (CFPB), the agency has reached a settlement with a “debt collection mill” that has been “bombarding consumers with junk lawsuits.” What should you know about the CFPB news, and what implications could it have for debtors in the Oak Park area? CFPB Sues for Illegal Deb...

For many people who are considering a personal bankruptcy case, there is a looming question: how can I keep my property? Indeed, many debtors thinking about bankruptcy wait too long to file because they are concerned about their assets being fully liquidated and losing most of their important property. It is important to know that there are multiple ways to keep your property when you file for bankruptcy — either through the type of bankruptcy you file for or by applying exemptions to your assets. Our Oak Park bankruptcy attorneys can explain in more detail. Determine Your Eligibility for Chapter 13 Bankruptcy The easiest way to keep your property — all of your property — in a bankruptcy case is by filing for Chapter 13 bankruptcy (or another type of reorganization bankruptcy). In a Chapter 13 bankruptcy, none of your assets are liquidated. Given that this is a type of reorganization bankruptcy, you will need to plan to make set monthly payments as part of a repayment plan to creditor...

In the New Year, you may be considering the possibility of filing for personal bankruptcy . As you may already know, the two most common types of personal bankruptcy are Chapter 7 bankruptcy cases and Chapter 13 bankruptcy cases. Both types of bankruptcy require the debtor to show eligibility, and the proof required to show a person’s eligibility for Chapter 7 will be much different from that required for a Chapter 13 case. In short, Chapter 7 requires the debtor to show that their income and assets are limited enough for liquidation bankruptcy to make sense. Differently, Chapter 13 bankruptcy requires the debtor to show that they have a regular income that is stable enough and of a high enough value for the debtor to reliably be able to make payments for three to five years in a reorganization bankruptcy. Both types of bankruptcy come with pros and cons. When it comes to the “pros,” what are the top benefits of bankruptcy in 2023? Our Oak Park bankruptcy attorneys have more informatio...