Oak Park Real Estate & Estate Planning Blog

If you are thinking about filing for bankruptcy but have some flexibility in terms of when you actually file, you may have a number of questions about timing your bankruptcy filing, and concerns about how the timing of your bankruptcy filing might impact your ability to have certain debts discharged. In some situations and for some debtors, it might make sense to file for bankruptcy as soon as possible to have the benefits of the automatic stay under the U.S. Bankruptcy Code , while for other debtors, it could make sense to wait a certain amount of time to file if you have relatively recent debts that you are hoping will be eligible for discharge. If you are looking for more information about timing your consumer bankruptcy filing , you should ask yourself the following questions to get a general idea of how bankruptcy timelines could impact your case. Most importantly, you should seek advice from an Oak Park bankruptcy lawyer who can help. Have You Recently Earned More Money Than ...

If you owe debts from many years ago, should you be planning to pay them off even if they have become time-barred? Just because a debt is time-barred does not mean that a debt collector cannot continue to call you in an effort to get you to make payments on the debt. Consumer bankruptcy may be an option. A recent article in U.S. News & World Report discusses old debt and the reasons that it can hurt you, even when it has become time-barred. To say more, we want to explain what it means when a debt becomes time-barred . Then we want to explain some of the reasons that you should deal with time-barred debt even if you cannot be sued. What is Time-Barred Debt in Illinois? Time-barred debt refers to debt for which the statute of limitations has run out and, accordingly, the creditor is no longer permitted by law to file a lawsuit against the debtor in order to be repaid. The statute of limitations varies greatly depending upon the type of civil lawsuit, and even debt collection la...