Oak Park Real Estate & Estate Planning Blog

Are you planning to file for consumer bankruptcy in Oak Park ? If you are filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy in the near future, you may have done some preliminary research into any steps you will need to take in order to prepare for your bankruptcy case. You might have come across information about credit counseling, and you may be wondering if this is necessary or if you should consider attending credit counseling. Given that consumer bankruptcy cases have numerous and varied requirements, it is essential to work with an Oak Park consumer bankruptcy attorney who can advise you of all requirements for your bankruptcy case and can ensure that you take all necessary steps in order to be eligible to have your debts discharged. More specifically, a lawyer can explain that credit counseling is not optional but rather necessary, and it is not the only finance class that you must take in order to have your debts discharged. You Must Complete Credit Counseling Before You...

If you own a small business for which you provided a personal guarantee on a loan, or if you provided a personal guarantee for a family member’s business or other type of loan, you could end up in a very complicated situation if the business ultimately needs to file for bankruptcy , or if the other party (for which you gave the personal guarantee) ends up filing for bankruptcy. The issue of personal guarantees and consumer bankruptcy is currently attracting more notice given the terms of some of the SBA loans related to COVID-19 relief. We want to provide you with more information about loans with personal guarantees, and to say more about how consumer bankruptcy may be the only option to discharge a loan with a personal guarantee despite a business bankruptcy. SBA Loans That Required Personal Guarantees Anyone who owns a business already might be familiar with the types of business loans that can require personal guarantees, including specific kinds of SBA loans awarded during the CO...

If you are currently struggling with debt and are looking for innovative ways to manage your finances, or if you recently received a bankruptcy discharge and want to ensure that you stay on track financially, could smartphone apps help? In general, managing finances can be difficult, especially if you are living beyond your means in any capacity. While it may be nearly impossible to catch up on debt you owe without filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy in certain cases, there are ways in which technology can help you to stay within your means and to get your bills paid on time. A recent article in The Balance discusses the best personal finance apps that are currently on the market, which can help consumers with recent bankruptcy discharges to begin their fresh financial starts on strong footing. We want to say more about these apps and how they may be able to help consumers to manage debt. Mint: The “Best Overall” Personal Finance App by Intuit ...

If you are thinking about filing for bankruptcy in Oak Park , especially Chapter 7 bankruptcy , you are most likely planning to have your debts discharged so that you can get a fresh start. Since most debts are going to be dischargeable, getting a fresh start is especially appealing for debtors who are struggling to make ends meet while paying on credit cards and other loans that have high interest rates. There may be some situations, however, in which debtors filing for consumer bankruptcy want to sign a reaffirmation agreement. What is a reaffirmation agreement, and why would a debtor want to agree to one? Reaffirmation agreements can be useful in a number of situations. We will discuss them with you below. What is a Reaffirmation Agreement? A reaffirmation agreement is just what it sounds like - a contract through which a debtor reaffirms a particular debt even though he or she is filing for bankruptcy protection. For many different reasons, a debtor might not w...