Oak Park Real Estate & Estate Planning Blog

When an individual debtor files for Chapter 7 or Chapter 13 bankruptcy in the Oak Park area, they will need to complete a number of “schedules” in addition to the initial bankruptcy filing. Schedules are not timelines or outlines, or plans or procedures, as you might expect from the name. Rather, bankruptcy schedules are documents that provide the bankruptcy court with detailed information about your personal assets, debts, and other related information. The debtor must complete certain schedules (usually with assistance from a bankruptcy lawyer). The specific information required for each bankruptcy schedule is particular, and there are important requirements to consider. In many cases, failing to provide information in a bankruptcy schedule can complicate your case, so it is critical to ensure that you have the schedules filled out correctly. Schedules A through C are documents in which a debtor provides information about their personal property (including real property, tangible pro...

Anyone who is thinking about bankruptcy and is learning more about different consumer bankruptcy processes has likely come across information about bankruptcy schedules. While the term “schedule” in other contexts refers to a timeline or listing of events, bankruptcy “schedules” are something different. Under the Bankruptcy Code , rather than referring to a timeline of events in a bankruptcy case, schedules are actually different documents that contain various personal and financial information that will be necessary for the bankruptcy court to have and to consider in your bankruptcy case. These schedules typically are filed alongside the bankruptcy petition or just afterward. Schedules are identified by letter, and there are schedules A through J for consumer bankruptcy cases. Whether you are filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you will need to identify the schedules that must be completed and filed in order for your bankruptcy case to move forward and, ultimatel...

Are you considering personal bankruptcy ? If so, you might have discussed your circumstances with close friends or family members, and you might have done some of your own research into the different types of consumer bankruptcy that are available. Yet, many people in the Chicago area who are struggling with debt encounter a lot of misinformation or incomplete information before they have spoken with an attorney. We know that filing for bankruptcy is a big decision, and we want to ensure you have the information and the answers you need. Here are answers to five top bankruptcy concerns our Oak Park bankruptcy lawyers often hear. 1. Bankruptcy Concern: I Will Lose All of My Property Many debtors reach out to bankruptcy lawyers with the initial concern that filing for bankruptcy will result in them losing all of their property or being required to turn over all of their property to the bankruptcy trustee. This is simply not how any type of consumer bankruptcy works. Under the Bankruptcy ...

Can Chapter 13 bankruptcy save your home? While this might not be a question you have thought to ask yourself, the answer could be a resounding “yes.” Dealing with significant debt while also facing foreclosure can be extremely stressful, and if you have never been in a financial position like this before, you might be assuming that you do not have any options left. However, it is essential for you to know that Chapter 13 bankruptcy is a type of bankruptcy that not only allows consumers to reorganize their debt and catch up with creditors, but it can also stop a foreclosure from happening and allow a homeowner to remain in their home. So, if you are wondering whether Chapter 13 bankruptcy might be able to save your home, it is important to get in touch with a consumer bankruptcy attorney in Oak Park who can learn more about your financial circumstances to determine whether Chapter 13 bankruptcy is an option for you. How Can Chapter 13 Bankruptcy Stop Foreclosure? Many people wrongly a...

Struggling with debt can be stressful and anxiety-inducing, and in some cases the stress can even result in physical consequences. If you are in a difficult financial situation, you may be considering the possibility of filing for consumer bankruptcy . Generally speaking, under the U.S. Bankruptcy Code , consumers can be eligible to file for a liquidation bankruptcy (Chapter 7 bankruptcy) or a reorganization bankruptcy (usually Chapter 13 bankruptcy, but sometimes Chapter 11 in certain circumstances). Eligibility for different types of bankruptcy is something that you should discuss with an experienced bankruptcy attorney, given your particular financial circumstances. However, you should know that both kinds of bankruptcy cases allow for the discharge of various types of debts. A discharge means that you will no longer be liable for the debt, and creditors or debt collectors cannot take action, or even attempt to take action, to collect on debts that have been discharged. To be sure, ...

When you are considering personal bankruptcy, you are likely looking at the possibility of either Chapter 7 bankruptcy or Chapter 13 bankruptcy . While individuals do occasionally file for Chapter 11 bankruptcy, this only happens when they are ineligible for Chapter 13 bankruptcy as a result of having too much debt, and it is a relatively uncommon situation. As you are looking into the possibilities for Chapter 7 or Chapter 13 bankruptcy, you may be asking yourself: How am I supposed to decide between Chapter 7 and Chapter 13 bankruptcy? Ultimately, it is unlikely that you will be eligible for both Chapter 7 and Chapter 13 bankruptcy at the same time since they have quite different eligibility requirements. Instead, you should be looking at the process for each type of bankruptcy and asking yourself the question: am I most likely to be eligible for Chapter 7 bankruptcy or Chapter 13 bankruptcy? And if you are seeking the particular benefits of one of these types of bankruptcy, you shou...

Consumer bankruptcy can be an extremely useful tool for debtors who are struggling with a wide range of debts, from medical debt and credit card debt to mortgage debt. Yet at the same time, bankruptcy is not necessarily the right choice for everyone. Given the complexity of the bankruptcy process and the different types of bankruptcy and eligibility requirements for consumers, it is always important to discuss your case with an experienced Oak Park bankruptcy attorney who can assist you. In the meantime, who should be thinking about the possibility of filing for bankruptcy? A recent article in Business Insider considers when debtors should be thinking about bankruptcy and when they should be thinking through other options. We can tell you more about bankruptcy and whether it might be helpful to consider its benefits given your particular financial circumstances. You Do Not Have Obvious and Clear Options for Repaying What You Owe Most often, bankruptcy is appropriate in situations whe...