Oak Park Real Estate & Estate Planning Blog

If you are thinking about filing for bankruptcy in the Oak Park area, it is important to know that certain kinds of debts cannot be discharged in a bankruptcy case. Under U.S. bankruptcy law, these are known as non-dischargeable debts, or exceptions to discharge. There are certain types of debts that have long been identified clearly as non-dischargeable debts, while there are misconceptions about other types of debts that may or may not be dischargeable. As an article in CNBC discusses, the U.S. Supreme Court recently issued a ruling in the case of Bartenwerfer v. Buckley , which clarifies that debts incurred due to another party’s fraud cannot be discharged in an individual’s bankruptcy case. Our Oak Park bankruptcy attorneys can explain the Court’s recent ruling and provide you with additional information on dischargeable and non-dischargeable debts. Supreme Court Says Debt Incurred Due to Another’s Fraud is Non-Dischargeable The recent Bartenwerfer case involved a debtor attempti...

If you have student loan debt and have been following recent news concerning the Biden administration’s policy guidance for the U.S. Department of Justice (DOJ) and the memo issued by the DOJ about discharging student loans in bankruptcy , you probably know already that the process of discharging student loan debt in bankruptcy is supposed to be changed soon. While the “undue hardship” requirements to discharge student loans in bankruptcy will not change, the DOJ plans to streamline parts of the bankruptcy process so that more student loans are likely to be discharged in a personal bankruptcy case. According to a recent article in Forbes , the DOJ has “updated a key application form under [the] new process,” which suggests that bankruptcy filers could soon be able to have their student loan debt discharged in bankruptcy without many of the procedural difficulties that existed previously. What does this news from Forbes about the application form involve? Our Oak Park bankruptcy attorne...

When consumer debt rises, rates of consumer bankruptcy filings frequently will follow — especially when Americans are taking on more debt than their income and assets will allow them to repay. According to a recent report from CNBC , consumer debt has now reached an all-time high, and delinquencies are also rising. As consumer debt and delinquencies go up, foreclosure and bankruptcy rate increases certainly could follow. Our Oak Park consumer protection lawyers want to discuss the data with you and provide you with more information about how bankruptcy can allow you to discharge common types of consumer debt. New Record High for Consumer Debt Combined with Rise in Delinquencies Consumer debt has now reached an all-time high, as CNBC reports. Indeed, by the end of 2022, “debt across all categories totaled $16.9 trillion, up about $1.3 trillion from a year ago.” Mortgage debt increased while refinancing rates declined. Mortgage delinquency rates also rose, suggesting that more foreclosu...

Consumer bankruptcy in the U.S. can be filed by an individual or by a married couple according to U.S. bankruptcy law . Yet it is important to know that, even if you or your spouse are considering personal bankruptcy, the other spouse is not required to file for bankruptcy in a joint petition. At the same time, if spouses are married, even if they are separated, one spouse’s bankruptcy could have a major impact on the other spouse’s current and future finances. What do you need to know if your spouse or your ex is considering bankruptcy? Our Oak Park bankruptcy attorneys have more information for you. If You are Already Divorced, You Do Not Need to Consider Your Ex’s Bankruptcy If your divorce has already been finalized, it does not matter if your ex-spouse is filing for bankruptcy as far as your personal financial situation goes. In other words, your ex-spouse’s decision to file for bankruptcy will not impact your current assets or debts. At the same time, if your ex-spouse does file...

What documents do you need to have if you are filing for Chapter 7 bankruptcy in the Oak Park area? The best way to ensure that you have all required documents and that you are taking all necessary steps for a smooth bankruptcy process is to work with an experienced bankruptcy attorney in Oak Park on your case. In the meantime, however, it is also important to gain an understanding of what is involved in the bankruptcy process, and what information you will need to have in order to ultimately be eligible for a bankruptcy discharge. Take a look at the following checklist to get an idea of the types of materials, documents, and evidence you will need to have a successful Chapter 7 bankruptcy case. Documents to Start Your Bankruptcy Case What do you need in order to initiate your Chapter 7 bankruptcy case in Illinois? According to U.S. bankruptcy law , you will need to do the following in order to get your Chapter 7 bankruptcy case started: File your Voluntary Petition for Chapter 7 bank...