Oak Park Real Estate & Estate Planning Blog

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...

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...

According to a recent article in The New York Times , the Trump administration has “called for the neutering of many of the central provisions of the Dodd-Frank Act,” which could result in the Consumer Financial Protection Bureau (CFPB) losing much of the power it currently has to prevent abusive debt collection practices , and to provide other consumer protection measures. Specifically, the Treasury Department recently released a report that contended the CFPB has engaged in “regulatory overreach” and that its director should be removed. What else was in this report, and what is the future of the CFPB under the Trump administration? Treasury Department Seeks to Roll Back Consumer Protections Under Dodd-Frank What are some of the specific ways in which the Treasury Department wants to roll back consumer protections and the role of the CFPB? Most immediately, as the article clarifies, the Treasury Department report “recommended greater exemptions from the so-called Vo...

When the Federal Trade Commission (FTC) files lawsuits against companies offering payday loans or other debt relief or assistance programs, do consumers in Chicago ever see any of the funds that come from the settlements? According to a recent report from Legal News Line , the FTC recently indicated that it plans to provide more than 145,000 consumers with almost $20 million in compensation from the company One Technologies LP and two of its partner companies. FTC Lawsuit for Fraudulent Debt and Credit Assistance Programs Why is the FTC returning more than $20 million to hundreds of thousands of consumers that had a connection to One Technologies LP? As the article explains, the organization and its partner companies “ran an online scheme that attempted to convince consumers that it provided ‘free’ credit score access.” The FTC indicated that the defendants not only took an initial fee from consumers who signed up for those services, but the defendants also charged consu...

While signs continue to point toward economic recovery, many Americans still are dealing with the aftermath of the crisis when it comes to maintaining and repairing credit reports, dealing with debt collection issues, and trying to secure new loans.  Some borrowers, however, might be more likely than others to find themselves unable to obtain a mortgage in the current climate, even if they have always made timely payments and have stayed on top of their debts.  In short, according to a recent report in the Wall Street Journal’s Market Watch , student loan debts are “stopping first-timers from buying homes.”  And for many Illinois residents, these are high debts that are tough to eradicate. As you may know, student loan debts are among the only debts that cannot be discharged in bankruptcy . If you are looking for ways to discharge other current debts you may possess, speaking with one of our Illinois consumer lawyers can help you find a path towards relief. ...

In early March, Illinois and the rest of the country will find itself in National Consumer Protection Week . In “recognition” of this week, Illinois Attorney General Lisa Madigan issues a press release that summarizes an annual “top ten list of consumer complaints .” Last year, the Consumer Protection Division received more than 26,000 complaints from Illinois residents. We’ll have to wait a couple of weeks to have a clear idea about the number and type of complaints from 2013. In the meantime, if you have questions about consumer fraud or debt harassment, you shouldn’t hesitate to speak to an experienced Illinois consumer protection lawyer . Illinois Debt Top Ten For the past five years, consumer debt was the number one complaint among Illinois residents, and that didn’t change last year. According to Madigan, the many consumer debt complaints “reinforce the financial challenges that continue to plague Illinois residents amid economic uncertainty.” What kin...