Oak Park Real Estate & Estate Planning Blog

If you are currently thinking about personal bankruptcy , or if you have been doing some initial research into the consumer bankruptcy process, you will likely have come across the term “liquidation bankruptcy.” Understanding the distinctions among so many different bankruptcy terms can be difficult, and there are many overlapping terms that are used to describe different types of bankruptcy or bankruptcy processes. It is important to understand what liquidation means when it comes to consumer bankruptcy, but it is also important to know that there are types of consumer bankruptcies that do not involve any kind of liquidation. Our Oak Park consumer bankruptcy attorneys can give you more information about liquidation and the consumer bankruptcy process. Liquidation Refers to the Trustee Liquidating Non-Exempt Assets What does liquidation mean in a bankruptcy case? In short, in the consumer bankruptcy context, liquidation refers to the bankruptcy trustee liquidating non-exempt assets. Ac...

Struggling with debt is one of the most stressful experiences in a person’s life, and it can be difficult to know what options may be available to you. If you are unable to pay your bills and debts are piling up, you might be considering consumer bankruptcy. If so, you might know that there are different types of personal bankruptcy and that individuals most often file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. These are very different types of bankruptcy, so it is important to understand the differences. Chapter 13 bankruptcy is a kind of reorganization bankruptcy that is commonly known as a wage earner’s plan, while Chapter 7 bankruptcy is a kind of liquidation bankruptcy. Is liquidation bankruptcy right for you? Before you make any decisions about filing for bankruptcy, you should discuss your specific circumstances with a bankruptcy lawyer in Oak Park. In the meantime, if you are wondering if liquidation bankruptcy is right for you, consider the following questions. Do You...

If you are considering the possibility of filing for consumer bankruptcy , you are probably wondering how your bankruptcy filing will affect your property. Indeed, many consumers are worried that filing for bankruptcy will mean that they will lose all of their assets, or that all of their property will be liquidated. This is not how consumer bankruptcy works, and our Oak Park bankruptcy attorneys want to make sure you have the information you need. The following are three key things to know about asset liquidation in personal bankruptcy cases. 1. Assets are Only Liquidated in Chapter 7 Bankruptcy Cases First, you should know that assets will only be liquidated in a Chapter 7 bankruptcy case if you are an individual or married couple filing for bankruptcy. In Chapter 13 bankruptcy cases, assets are not liquidated. Instead, in a Chapter 13 case, the debtor creates an approved repayment plan through which she or he repays debts over a period of three to five years and is able to get caug...

When people think about consumer bankruptcy , they often think about liquidation bankruptcy, or a type of bankruptcy in which non-exempt assets are liquidated and remaining eligible debts are discharged. Yet there are many misconceptions about liquidation bankruptcy out there, and it is important to understand key aspects of liquidation bankruptcy if you are thinking about your options. The following are five things to know about liquidation bankruptcy. If you have follow up questions or need assistance with your case, an Oak Park bankruptcy attorney at our firm can help. 1. Consumer Liquidation Bankruptcies are Chapter 7 Bankruptcies Anytime a consumer is talking about the possibility of filing for liquidation bankruptcy, they are likely referring to Chapter 7 bankruptcy. Chapter 7 bankruptcy is the most common type of liquidation bankruptcy for both consumers and businesses, and it is the type of bankruptcy you should anticipate if you are thinking about a liquidation bankruptcy. ...

Considering the possibility of consumer bankruptcy can be stressful for many Americans, particularly given the varied bankruptcy myths in circulation. From unintentional misinformation provided by friends or family members to information that may be aimed at deceiving consumers on the internet, there are so many misconceptions about losing assets and personal property if you decide to file for bankruptcy. One frequent source of anxiety in this regard concerns technology assets that people have become accustomed to using—and often need for work or school—in their day-to-day lives, such as smartphones and laptop computers. You should know up front that Illinois bankruptcy exemptions exist that you can rely on to avoid having necessary property liquidated, including your smartphone or laptop. At the same time, we want to emphasize that asset liquidation might not even be an issue you have to consider based on the type of bankruptcy you are considering. Our Oak Park bankruptcy attorneys...

If you are considering bankruptcy protection , it is important to know that filing for Chapter 7 bankruptcy in the Chicago area can help you to get a fresh start financially. It is equally valuable to understand some of the limitations of bankruptcy, too. According to a recent article in TheStreet.com , there are some pitfalls when it comes to choosing Chapter 7 bankruptcy, and consumers and small business owners should be sure that they understand the consequences of bankruptcy before they file. What do you need to know before you seriously consider Chapter 7 bankruptcy? We can help you to better understand the potential limitations of liquidation bankruptcy as they are discussed in the article. Co-Signers are Impacted When You Seek Bankruptcy Protection While you may be able to have an unsecure debt discharged for which you had a co-signer, that co-signer likely will remain responsible for all or part of that debt. Specific Exemptions in Illinois Gen...