Oak Park Real Estate & Estate Planning Blog

The COVID-19 pandemic has resulted in millions of job losses across the country, and residents of Oak Park and other parts of Chicagoland have been affected in devastating ways. Even before the pandemic, many Illinois residents were struggling with debt, and the coronavirus emergency has worsened many difficult financial situations for individuals and families alike. As COVID-19 relief measures begin ending and jobs still remain somewhat scarce, many people are considering the possibility of filing for personal bankruptcy . Yet many of these debtors are unemployed and want to know whether they can for consumer bankruptcy despite being unemployed. Whether or not unemployment will affect your eligibility for bankruptcy will depend upon the type of bankruptcy you want to file. Let our experienced Oak Park consumer bankruptcy lawyers say more. Differences Between Chapter 7 and Chapter 13 Bankruptcy To determine whether or not being unemployed could affect your bankruptcy case under curr...

Earlier in the start of the pandemic, consumer protection advocates began discussing the risks of looming personal bankruptcy filings. As thousands, then hundreds of thousands, and ultimately millions of people lost their jobs due to the COVID-19 pandemic, more commentators discussed the increased risks of a wave of consumer bankruptcy filings. In large part, that wave has not come, but according to a recent article in The New York Times , the presence of federal aid may have something to do with the limited number of bankruptcy filings thus far in the pandemic. However, if Congress does not expand certain federal benefits for an extended period of time, the article suggests, then we could soon see a sharp rise in Chapter 7 bankruptcy filings in Chicago and across the country. Bankruptcy Filings Declined Despite “Soaring” Unemployment Much of the U.S. entered into state-based stay-at-home orders in March, and non-essential businesses closed. As a result, millions of people ultimat...