Oak Park Real Estate & Estate Planning Blog

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...

Since the recession many local families have had an immensely difficult time paying down their debts and staying afloat financially.  As Oak Park bankruptcy lawyers , we are acutely aware of the challenges that remain.  Many still are not making as much money as they were before the recession and others are still unemployed. Yet for all of the doom and gloom, the past few years have seen a slow but clear rise in economic activity.  This has translated in increasing ability for consumers to pay back their debts.  That is exactly what was explained in a recent American Bankers Association (ABA) article on consumer debt trends.  The ABA noted that the third quarter of 2012 saw strong repayment of consumer debt.  Specifically, the ABA noted that the delinquencies on bank card payments fell to an 18-year low in the third quarter of last year.  In this context, delinquencies are defined as payment that are 30 days late or more. Problems on the Horizon? O...

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.