Oak Park Real Estate & Estate Planning Blog

Anyone who is struggling with debt can feel overwhelmed, whether they owe $10,000 or $100,000 to creditors. Yet the total amount of debt you owe can determine whether personal bankruptcy is the right decision for you and whether it is the right decision to make currently. There are other factors to consider, including your income and assets and your employment prospects for the future, which could allow you to begin repaying some of the debt you owe. These issues can be complicated, and you should not make the decision to file for consumer bankruptcy until you have spoken with an experienced bankruptcy lawyer in Oak Park who can help you to assess your circumstances and to weigh the pros and cons of a bankruptcy filing. In the meantime, we know you might be wondering: how much debt is enough to file for bankruptcy? There is no specific number, but our firm can give you some things to consider. There is No Specific Debt Amount to Trigger a Personal Bankruptcy Filing You should know tha...

Filing for consumer bankruptcy can come with multiple benefits and protections for homeowners and renters, including those who are facing foreclosure or eviction. The automatic stay initially protects debtors from foreclosure or eviction as soon as you file for bankruptcy, and in some cases, filing for bankruptcy can permanently stop a foreclosure or eviction, allowing you to remain in your home. Our Oak Park consumer bankruptcy attorneys can provide you with more information about how bankruptcy impacts foreclosures and evictions in different types of bankruptcy cases. Automatic Stay Temporarily Stops Foreclosure and Eviction Regardless of the Type of Bankruptcy Whether you are filing for Chapter 7 bankruptcy in Illinois or Chapter 13 bankruptcy , or even if you are filing for Chapter 11 bankruptcy as a consumer, the automatic stay will stop all creditor actions against you for the time being. What this means is that, if you are facing foreclosure or eviction, as soon as you file fo...

While consumer bankruptcy and foreclosure are not necessarily linked to one another, there are many situations in which bankruptcy and foreclosure are closely related to one another. On the one hand, for example, you may know that some individuals file for bankruptcy in order to stop a foreclosure. You also may know that some debtors seek bankruptcy protection to avoid a deficiency judgment. The following are a few examples of the basic links between consumer bankruptcy and foreclosure. If you have additional questions, a bankruptcy lawyer in Oak Park can help. Filing for Chapter 13 Bankruptcy to Avoid Foreclosure One of the most common ways that consumer bankruptcy and foreclosure are linked is in situations where a homeowner files for Chapter 13 bankruptcy in order to avoid foreclosure. Since Chapter 13 bankruptcy is a type of reorganization bankruptcy, a debtor who files for Chapter 13 bankruptcy first gets the benefit of the automatic stay, which will stop any further foreclo...

Debt collectors have a bad reputation of using questionable tactics to collect debt, but now there is an increase of debt collectors trying to collect debt you may not even owe. Of course it goes without saying that these “rogue” debt collectors need to be stopped. Millions of Americans find themselves in debt, from credit cards, student loans, medical bills and more.  Not surprisingly, organized debt collection operations have grown with the rising debt.  Some of these companies are dealing with so many individual claims that they get very sloppy with their work, including going after individuals for debt that they already paid or never owed. So how do we make sure that the debt they are collecting is really yours?             According to a letter sent by Sherrod Brown, an Ohio Democrat, to Richard Cordray the director of the Consumer Financial Protection Bureau rogue debt collectors need to be reigned in wi...

Mounting credit card debt and high interest rates are making it impossible to reduce our debt even when we consistently make our monthly payments. Many debtors feel like there is no relief available because they either don’t qualify for a “fresh start” or they don’t want to lose valuable assets filing a Chapter 7. However, relief is possible. By filing Chapter 13-Bankruptcy, individuals with steady income may keep all their property and get immediate relief from creditor’s collection efforts and wage garnishments. The 2005 Bankruptcy Act sets forth the review criteria for bankruptcy. The Court looks at your average income from the prior six months and compares it to the median average income of people who live in your state. If your income is above the median average income, then the Court looks at how much you can afford to pay each month over a period of no more than five years. If you can afford to pay more than twenty-five percent of your unsecured debt than a Chapter 7 is...

Have you heard about  loan  offers that can help you pay your bills and leave you with a small fixed-rate monthly payment? Are you thinking about borrowing for personal, family, or household use?  These kinds of loans are called “consumer loans,” and with many of these payday loans, promises for quick cash with easy financing may not be as helpful as they seem What is a Consumer or Payday Loan? You may have seen loans like these advertised on television or in radio commercials.  For many of us, the promise of extra money to cover our looming expenses sounds like a relief in this economy, even if we’re borrowing a loan with a high interest rate.  These loans offer fixed monthly payments that are supposed to be convenient for borrowers without any added hassles.  And what’s more, they promise payouts even to borrowers with bad credit histories.  But often, the interest rates attached to these loans don’t tell us what borrowing actually means for us in...

There is no easy way around the fact that facing financial challenges and mounting debt is an immensely stressful situation.  All of us worry about money in one way or another, and, no matter what your financial situation, the mind has a tendency to dwell on the worst case scenario.  Our team of Oak Park bankruptcy lawyers work with many local residents who find themselves backed into a financial corner.  The bankruptcy law exists to help in those situations, often providing a fresh start to get your life back on track. However, even though bankruptcy laws are ultimately about recovery, there is still immense anxiety and emotional difficulties when going through a bankruptcy.  A recent U.S. News story touched on those challenges and provided some helpful advice for all those working through the process today. You Can Get Through It The first step is recognizing that it is normal to be immensely stressed and pressured during a bankruptcy.  That stress c...

We are happy to announce the start of the Oak Park Bankruptcy Lawyer Blog.  This new online resource is intended to help residents of the Chicagoland area better understand their legal rights related to bankruptcy and similar issues. Our  Oak Park bankruptcy lawyers  have been providing legal services to area residents since 2000.  We are proud of our efforts representing the interests of community members as they work to deal with financial challenges. Be sure to check this space often to learn more about local bankruptcy news, issues, and analysis.