Oak Park Real Estate & Estate Planning Blog

When Chicago residents think about filing for consumer bankruptcy , many want to know if they’ll be able to keep their homes and their personal property.  Here’s where bankruptcy exemptions come into play.  While federal bankruptcy exemptions exist, certain states require that debtors use the state exemptions.  In general, Illinois is one of these places.  As a result, anyone who files for bankruptcy in our state typically will exempt their property based on state law in Illinois. Depending on whether you file for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, the exemptions will affect you a bit differently.  However, it’s important to have a general idea of the available exemptions for your home and your personal property in Illinois, and to understand how those exemptions can work for you when you file for consumer bankruptcy. Homestead Exemption Perhaps one of the most significant exemptions, the homestead exemption allows Illinois res...

FTC Aims to Protect Student Information After Bankruptcy ConnectEDU is an ed-tech company that recently filed for bankruptcy .  With the looming sale of the company’s approximately 20 million student records, the Federal Trade Commission (FTC) has indicated that it will “step in to protect the student data,” according to a recent article in Education Week .  How can bankruptcy put student data at risk? The company, ConnectEDU, has been around for a little over a decade.  According to the article, it “provides interactive tools to help K-12 and post-secondary learners make academic and career decisions.”  ConnectEDU’s privacy policy made a promise to its users that, prior to the company’s sale for any reason, all “registered users would be notified and have the ability to delete their personally identifiable data.”  In other words, a sale of the company could result in the buyer gaining access to personal information from registered users of Connect...

What happens when Illinois residents with significant health problems can’t afford their medical bills or the high costs of prescription medications?  Can consumer bankruptcy help Chicagoans who are buried in medical debt ?  According to a recent article from CNBC , prescription drugs prices are threatening to put many Americans in the poor house. Have medical bills left you in debt?  An Oak Park bankruptcy attorney can discuss your options with you today.  Contact the Emerson Law Firm to learn more. Prescriptions, Insurance Limitations, and Healthcare Costs How does medical debt affect people on a day-to-day basis?  The story in CNBC focused on a couple, James and Dolores Smith, who take nearly twenty prescription drugs combined.  For the husband and wife, these medications end up costing about $600 total every month.  That’s a cost of more than $7,000 annually.  Even with insurance coverage, the Smiths still have to pay s...

Medical expenses are a leading cause of debt for many Illinois residents, and filing for a Chapter 7 bankruptcy or Chapter 13 bankruptcy may help with your financial burden.  Even when you have insurance, the out-of-pocket costs can be very high.  With monthly insurance premiums and deductibles, a lot of people wind up with a mountain of medical debt.  Are these medical debts dischargeable in bankruptcy? Consumer bankruptcy often comes with many misconceptions.  However, it’s important to know that it was designed especially for the types of debt that Chicago residents accrue from substantial hospital bills, prescriptions medicine costs, and bills from visits to the doctor’s office.  Bankruptcy law is complicated, and you should always discuss your situation with an experienced Oak Park bankruptcy lawyer .  But we can provide a few key pieces of information that can help you to grasp how your medical debts will be treated in bankruptcy. Cla...

When Chicago residents begin to consider the possibility of filing for personal bankruptcy , many become hindered by or anxious about some common misconceptions about how bankruptcy works and the ways it will affect them after they have filed.  While consumer bankruptcy isn’t a decision that should be entered into without significant thought, bankruptcy protection can be the best option for many debtors who are experiencing overwhelming financial burdens and emotional or psychological distress over their finances. Bankruptcy law is complicated, but the experienced Oak Park bankruptcy lawyers at the Emerson Law Firm know how to help Chicago area residents when it comes to filing for bankruptcy.  Don’t hesitate to contact our office to learn more about how we can help you today. Frequent Misconceptions About Consumer Bankruptcy While it’s always important to discuss bankruptcy with an experienced Illinois bankruptcy lawyer , it’s also a good idea to know ...

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...