Oak Park Real Estate & Estate Planning Blog

Many Chicago residents have thought about filing for consumer bankruptcy but worry they’ll never be able to buy a new home.  Are you thinking about a Chapter 7 bankruptcy or a Chapter 13 bankruptcy ?  You’ll be happy to know that it is indeed possible to obtain a mortgage loan after you’ve filed for bankruptcy.  While you will have to deal with a waiting period between filing for personal bankruptcy and seeking a new mortgage or refinance, there are many Americans who have been in your position and have successfully gotten a mortgage after financial setbacks. Filing for personal bankruptcy can be an effective choice to deal with debt, and Oak Park residents often are pleased to learn that their credit can recover relatively quickly after consumer bankruptcy.  The dedicated Oak Park bankruptcy attorneys at the Emerson Law Firm have years of experience assisting Chicago residents and can answer your questions today. Waiting Period for Home Loans After...

More Elderly Chicagoans Filing for Personal Bankruptcy Many retired Chicago residents wonder whether they should consider filing for bankruptcy .  According to a study from the University of Michigan Law School, the fastest-growing group of people who file for personal bankruptcies are those aged 65 and older.  While the number of Americans who filed for bankruptcy protection increased substantially during the earlier years of the economic downturn, filing for bankruptcy may not be “such a bad idea” for older adults today, according to an article in USA Today . For many seniors, expenses tend to rise as income decreases.  Most Oak Park residents who are living on pensions, retirement savings, and Social Security have growing medical costs and taxes that aren’t always covered by their incomes.  Accountants who have studied bankruptcy trends among the aging population have emphasized that “Social Security hasn’t had a cost-of-living adjustment in a lo...

What happens when your student loan co-signer declares bankruptcy ?  According to a recent article in Reuters , student loan borrowers can end up in default if one or more of their loans has been co-signed by a parent or other adult who decides to file for bankruptcy protection .  The same is also true if the co-signer dies while the student owes the debt.  And as most of us know, the students in these cases don’t usually have the option to file a Chapter 7 bankruptcy to contend with mounting student loan debt—student loans generally aren’t discharged during a bankruptcy proceeding. Bankruptcies involve many complex issues.  And as the recent Reuters article emphasizes, one person’s decision to declare bankruptcy can have significant consequences for other people with whom they have financial connections.  Do you have questions about consumer bankruptcy in the Chicago area?  The experienced Oak Park bankruptcy attorneys at the Emerson Law Fi...

Are individual retirement account (IRA) funds protected from creditors during a personal bankruptcy proceeding?  The U.S. Supreme recently heard arguments in Clark v. Rameker , a bankruptcy case concerning inherited IRA funds.  According to an article in Digital Journal , the Supreme Court’s decision in this case “could have an impact on future bankruptcy cases across the U.S.” and could have significant implications for other courts interpreting the Bankruptcy Code.   If you have questions about protecting your assets in a bankruptcy , it’s very important to speak with an experienced Illinois bankruptcy lawyer .  At the Emerson Law Firm, we have been assisting Chicago residents with bankruptcies for years, and we can answer your questions today. Details of Clark v. Rameker In 2010, a husband and wife, Heidi Heffron-Clark and Brandon Clark, filed a voluntary joint Chapter 7 bankruptcy when their a pizza shop failed.  At the time of filing...

Are some credit agencies more frustrating for Illinois consumers than others?  Surely, many debt collection agencies like Calvary SPC or LVNV Funding cause Chicago debtors to worry about making payments on debts and being sued for money they owe.  But what about credit card companies?  A recent report from Illinois PIRG suggests that Capital One is actually the “most-complained about credit card company in Illinois.” Have you been harassed by a credit card company?  Have you been targeted by a collection agency that employs deceptive or unfair collection practices?  Many Illinois residents deal with the ramifications of consumer fraud an abusive debt collection practices everyday.  At the Emerson Law Firm, we are committed to assisting people in the Chicago area with consumer protection matters.  Contact us today to talk with an experienced consumer protection attorney . Consumer Financial Protection Bureau Assists Illinois Residents ...

Have you received calls from a debt collector like CACH, Calvary SPC, LVNV Funding, or Portfolio Recovery Associates about an old debt?  A recent Seventh Circuit decision made clear that debt collectors are going to have to be more careful about collecting on old debts.  The cases involved in the decision were McMahon v. LVNV Funding and Delgado v. Capital Management Services .  Specifically, the Seventh Circuit court explained that dunning letters might be misleading, and thus can violate the Fair Debt Collection Practices Act (FDCPA), in situations where the statute of limitations has run out. Have you been harassed by a debt collector?  Has a collection agency attempted to collect an old debt without letting you know that it’s time-barred?  When the statute of limitations has run out, a debt collector can’t file a lawsuit against you to recover the money you owe.  And if a debt collector like LVNV Funding doesn’t make clear that your debt is...