Oak Park Real Estate & Estate Planning Blog

When you are considering filing for personal bankruptcy , it is extremely important to find an experienced bankruptcy lawyer who can represent you from start to finish in your bankruptcy case. Consumer bankruptcy law in the U.S. is extremely complicated, and it can be difficult for individuals to handle many aspects of a Chapter 7 or Chapter 13 bankruptcy filing on their own. Yet it is also important to work with a bankruptcy lawyer who has experience in the field, and who can ensure that your bankruptcy case is handled properly. Before you hire a bankruptcy lawyer, you should schedule a consultation to ask questions and to learn more about the attorney. When you do meet with a bankruptcy lawyer for a consultation, you should consider asking some of the following questions, which can provide you with essential information about the lawyer’s practice and the specifics of your own bankruptcy case. How Long Have You Been Handling Bankruptcy Cases in Illinois? You should ask any prospecti...

When you are considering filing for Chapter 7 or Chapter 13 bankruptcy in Oak Park, it is important to learn more about the bankruptcy process in general and the various steps you will need to go through in a liquidation or reorganization bankruptcy. Since U.S. bankruptcy law is quite complicated, it can be difficult to have a clear understanding of some of the terms that are used in discussing bankruptcy law and consumer cases. An important party in a bankruptcy case is the trustee, yet many debtors do not fully understand what a trustee is, or what role the trustee plays in a bankruptcy case. The trustee’s role will depend upon the type of bankruptcy, but in general, the trustee’s job is to administer the bankruptcy estate and to handle issues in the bankruptcy case. Our Oak Park bankruptcy lawyers can explain. Who is a Trustee? Bankruptcy trustees are neutral or impartial third parties who are responsible for the debtor’s assets and administering aspects of the bankruptcy case. The...

If you are considering consumer bankruptcy , it is important to make an appointment with an Oak Park bankruptcy attorney who can assess your situation and can provide you with more information about your eligibility for different types of bankruptcy. Given the complexity of U.S. bankruptcy law , it is essential to have a lawyer on your side throughout your case. Yet it is also important to gain more knowledge about the process and the specifics of your case. As such, it is important to know what questions you have about your bankruptcy case and to plan in advance to discuss those questions and any concerns you have with a bankruptcy lawyer. What questions or issues should you plan to discuss when you meet with a bankruptcy attorney about your case? We have a list of questions for you to consider. Am I Eligible for Chapter 7 or Chapter 13 Bankruptcy? You should plan to find out immediately about your eligibility for Chapter 7 or Chapter 13 bankruptcy. Depending upon your particular fin...

If you are struggling to manage debt and have been considering the possibility of filing for Chapter 7 or Chapter 13 bankruptcy for some time, you may be concerned that you will not be able to file during the coronavirus pandemic. Whether you have been thinking about bankruptcy for some time or recently have started to consider personal bankruptcy as an option, you should know that you can still move forward with your case while Illinois and the rest of the country (and the globe) seeks to manage the outbreak and to prevent the spread of the virus. To be sure, filing for consumer bankruptcy during the COVID-19 emergency does not look too different from a bankruptcy filing that occurs under normal circumstances. We want to tell you more about the steps of the bankruptcy process you should anticipate, and to clarify how the coronavirus pandemic could change some of the ways those steps are completed. Work Directly with a Bankruptcy Lawyer to File Your Case You do not need to worry ab...

When you make the decision to file for consumer bankruptcy , it can be confusing to understand what property is exempt and how your current assets will be handled in your bankruptcy case. There are also important distinctions between Chapter 7 bankruptcy and Chapter 13 bankruptcy , since the former is a “liquidation” bankruptcy in which all non-exempt assets are liquidated in order to repay creditors. One issue that can be especially unclear is how inheritances are handled in a bankruptcy case. For example, if you inherit property either before you file for bankruptcy or after you file your bankruptcy petition, will you be able to keep that property? The answer to this question can vary depending upon a number of different factors. We want to address some of those key factors for you below. Is the Inheritance Exempt? One of the first considerations is whether an inheritance would be exempt property under Illinois law . In Oak Park, debtors who are filing for bankruptcy are required...

In August, Congress passed several laws designed to amend current bankruptcy law in the U.S. in order to make it easier for certain people to file for bankruptcy . As an article in The Guardian explains, the legal changes will make it easier for certain individuals and small business owners alike to seek bankruptcy protection. If you are considering filing for Chapter 7 bankruptcy and currently receive veterans’ disability payments, you should learn more about recent changes to U.S. bankruptcy law. In addition to providing help for disabled veterans who want to seek bankruptcy protection, recent changes to the law also may be able to help some consumers who are also small business owners. We want to tell you more about these changes to the law and to discuss some ways in which they may be able to provide relief for consumers in Oak Park, Illinois. How the HAVEN Act Will Make it Easier for Disabled Veterans to File for Bankruptcy The first of the recent changes to the law is the Ho...

When you file for personal bankruptcy , whether you are filing for Chapter 7 or Chapter 13 bankruptcy (or in some cases Chapter 11 bankruptcy), it is important to understand that there are specific rules you must follow. Indeed, filing for consumer bankruptcy is a complicated process, and it is essential to provide all required documentation and to fill out schedules appropriately. Since consumer bankruptcy is so complex, it is always a good idea to work with an experienced bankruptcy lawyer to ensure that you follow all steps correctly. Yet it is also important to know that making an error on your materials is distinct from bankruptcy fraud. While a mistake in your filing can still prevent you from being eligible for a discharge, bankruptcy fraud typically results in much more serious consequences. We want to be clear about the differences between errors in your bankruptcy materials and bankruptcy fraud. What is Bankruptcy Fraud? Bankruptcy fraud can take many forms, and it typical...

Once you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy , can you apply and be approved for loans again? This is a common concern among individuals who file for consumer bankruptcy, and it is important to emphasize that filing for bankruptcy and receiving a discharge does not make it impossible to obtain credit again. According to a recent article in Consumer Affairs , having a bankruptcy discharge on your credit report could mean that a loan could end up costing a little bit more in terms of the interest rate, but a bankruptcy declaration does not mean that you will be unable to obtain credit. The article cites a recent study conducted by Lending Tree, which provides important data to consumers who are considering bankruptcy in Oak Park. Bankruptcy Might Add Costs But Will Not Prevent You from Getting a Loan There are many misconceptions about consumer bankruptcy. As the article explains, while bankruptcy can have some negative consequences, “it doesn’...

Are you familiar with Chapter 20 bankruptcy in Oak Park ? If you have not heard of Chapter 20 bankruptcy, you are not alone. It is not actually a chapter of bankruptcy relief under the U.S. Bankruptcy Code , but instead refers to a combination of Chapter 7 and Chapter 13 bankruptcy . When you add Chapter 7 and Chapter 13 together, in effect you end up with a “Chapter 20” bankruptcy. When consumers opt for Chapter 20 bankruptcy, they do not file for both Chapter 7 and Chapter 13 at the same time. Instead, debtors typically will file for Chapter 7 and then, almost immediately after receiving a discharge, will file for Chapter 13 bankruptcy. What are the benefits of Chapter 20 bankruptcy, and why would any individual consumers want to take this route? High Consumer Debts and Significant Secured Debt You Want to Keep can Make Chapter 20 Bankruptcy a Good Option Why would anyone file for Chapter 7 bankruptcy, receive a discharge, and then turn around and file for Chapt...

According to a recent news release from the Consumer Financial Protection Bureau (CFPB), about 40% of adults in the U.S. are struggling to make ends meet. In other words, a large percentage of Americans do not feel that they earn enough money each month to pay bills and to have the minimum money remaining for savings or for activities of daily living. While avoiding bankruptcy can be beneficial for some consumers, for many debtors, filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy can provide a fresh start or a way to get back on track. To better help consumers to understand their financial well-being, the CFPB has created an interactive tool. When so many consumers are struggling with bills and debt, when is it time to begin thinking about personal bankruptcy? CFPB Develops Interactive Tool to Help Consumers Many consumers need help managing their finances and figuring out when their debt may be insurmountable. With about 40% of adults indicating that ...

When debtors in Oak Park are thinking about filing for bankruptcy , they are most often considering either Chapter 7 bankruptcy or Chapter 13 bankruptcy. You may know that, in order to be eligible for Chapter 7 bankruptcy , you must pass what is known as a “means test.” The means test takes a look at your assets and income, along with other factors, to determine whether a liquidation bankruptcy is appropriate for your situation. Chapter 7 bankruptcy, unlike Chapter 13 bankruptcy, results in a discharge of most consumer debts once the bankruptcy has been completed. Typically, when a consumer cannot pass the means test, he or she will rely on Chapter 13 bankruptcy to help get back on track with debts and finances. However, many consumers do not know that there are also eligibility requirements for Chapter 13 bankruptcy. What happens if you have too much debt to file for Chapter 13 bankruptcy protection? Determining Eligibility for Chapter 13 Bankruptcy in Oak Park If...