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Recent Blog Posts
What Assets Are Exempt from Liquidation During Chapter 7 Bankruptcy in Illinois?
Anyone can find themselves facing bankruptcy. Whether caused by job loss, medical bills, an unmanageable mortgage, or other reasons, bankruptcy can be a difficult and stressful experience. For those facing Chapter 7 bankruptcy, the prospect of liquidation of assets can be foreboding. However, some assets are exempt from liquidation during this process. Certain items cannot be touched by creditors or the court-appointed trustee who will oversee the liquidation process.
Exemptions During Liquidation Bankruptcy
Many people hesitate to even consider bankruptcy because they assume that they will lose all of their possessions. Chapter 7 bankruptcy is often called "liquidation bankruptcy" because certain assets must be sold in order to raise money for creditors. However, those filing for Chapter 7 bankruptcy in Illinois may be eligible for exemptions that will protect certain assets from liquidation.
What Is a Title Search and Why Is It So Important?
The experience of buying a home can be exciting, but it can also be a daunting task. One of the most important steps in the home-buying process is completing a title search. This process is designed to ensure that you are buying a home with clear legal ownership, free from liens or any other encumbrances. By performing a thorough title search, you can rest assured that you are the rightful owner of your new home.
What Is a Title Search?
When someone puts their home for sale on the market, it is only reasonable to assume that the seller has the legal right to sell the home. However, without a title search, you cannot be sure of this. A title search is an investigation into the public records that verifies the past and present legal owners of a property. It also reveals any liens, easements, or other encumbrances on the home that could affect your rights as the new owner.
Comparing Revocable and Irrevocable Trusts
If you are evaluating your estate planning options, you may have several questions about the advantages and disadvantages of various estate planning instruments. Trusts are popular options for passing assets to heirs in an estate plan. However, there are many different types of trusts, and the type of trust you choose will depend on your individual circumstances and goals. The two main categories of trusts are revocable and irrevocable trusts.
Benefits of a Revocable Trust
Revocable trusts, sometimes referred to as "living trusts" can be modified or revoked by the trust creator during his or her lifetime. This type of trust provides flexibility for those who may want to make changes to their estate plan over time. The revocable trust can also help avoid probate, as assets placed in the trust do not have to go through the court process when they are passed on to heirs.
Questions to Ask Before Filing for Bankruptcy
Bankruptcy can be a wonderful tool for escaping insurmountable debt, slowly righting your credit score, and stopping a barrage of collections efforts. However, it is important to enter the process of filing for bankruptcy with a clear and complete understanding of the effects these proceedings will have on your life, both in the short and long term. An inventory of assets should be taken, and a careful analysis to determine which form of bankruptcy would best serve your current interests conducted. These analyses are best conducted by a knowledgeable attorney who is aware of all relevant factors and can provide you with advice suited to your unique situation. Bankruptcy is not to be undertaken lightly.
Depending on the form of bankruptcy you choose, it could continue to impact your monthly budget for years to come. Debt relief through bankruptcy can be had, but the process should be supervised by a skilled attorney.
How Do Trusts Work?
More and more people are choosing trusts in place of or in addition to traditional wills. There are quite a few advantages to using trusts. Your beneficiaries will probably not need to go through probate before they can receive their gifts. You can gradually distribute money over time instead of handing your beneficiaries a lump sum, providing long-term financial benefits. Trusts can also help you keep everything private, as no one but your beneficiaries and trustee should be able to even see your trust document. Trust administration is usually less costly than probate as well.
However, there is still quite a bit of confusion about how trusts actually work. There is still a misconception that trusts are mainly for the very wealthy, when in fact, almost everyone could benefit from having a trust as part of their estate plan. If you are interested in learning how a trust could benefit you and your beneficiaries, you should contact an estate planning lawyer for more information.
Questions You Need Answered Before Buying a Home
The decision to buy a home is a big one. Purchasing, rather than renting, is a long-term investment. There are quite a few advantages to buying a home, but there is also some risk involved. The residential real estate market is fast-paced and competitive at the moment. It can be difficult to do a thorough investigation and “jump on” a place quickly enough. Before you pull the trigger on a place and sign a potentially decades-long mortgage agreement, there are a few questions you should find the answers to. It is best to have an attorney helping you to make sure that you have all the pertinent information and fully understand what you are signing at closing. Failing to make sure you have the right information could lead to unpleasant surprises down the road.
Answers You Need Before You Buy a House
If this is your first time buying a house, you may not be familiar with all the terminology used in real estate. Even experienced homebuyers may have difficulty understanding every clause in the documents they will be asked to sign at closing. This is another reason that you should involve an attorney in a home purchase - you will know exactly what everything you are signing really means.
How Long Does an Eviction Take in Illinois?
Your tenant stopped paying rent, or they are violating the terms of their lease, such as by subletting without permission. Or maybe their lease term is up, and they will not renew or leave. They could even be using your property illegally, such as by selling drugs out of it. Whatever the reason is, you need your tenant out and you need them out soon.
Depending on the grounds for eviction, and whether your tenant manages to fight back convincingly, it could take anywhere between a few weeks and a few months. While it may be frustrating to have a bad tenant essentially holding your property hostage, these rules and procedures are in place to protect people from being forced out of their homes on too little notice or for unlawful reasons. You will want to be represented by an attorney during this process.
Factors That Can Impact the Eviction Timeline
In the best-case scenario, your tenant will receive your notice of intent to evict them and simply leave on their own. No one wants to have an eviction on their record if they can avoid it. If your tenant chooses to vacate on their own, you will not need to take any further action.
5 Things Not to Do During a Bankruptcy in Kane County
There are a lot of different reasons that people ultimately choose to declare bankruptcy. Anything from a single unexpected medical emergency to a patch of unemployment can quickly cause a person to rack up debt they will not be able to pay off. Bankruptcy is based on the idea that people deserve a fresh start and there should be a way out of insurmountable debt. However, it is important that bankruptcies are handled correctly so that they do not lead to more legal issues.
Mistakes during bankruptcy can cause further financial difficulty rather than relieving financial strain. It is quite easy to slip up and make a potentially costly mistake. Your best bet is to have your bankruptcy handled by an attorney.
What Mistakes Should I Avoid When Declaring Bankruptcy?
Bankruptcy can be a very delicate legal procedure. Everything needs to be done correctly and in good faith. Some common mistakes people make during bankruptcy proceedings include:
What Are the Two Major Parts of Estate Planning?
Estate planning means more than just writing your will. While a good estate plan may certainly include a will, there is a lot more to it than that. Testamentary planning - deciding what should happen to your property after you pass away - is an important part of estate planning. When most people think of estate planning, they are really thinking only about testamentary planning. Incapacity planning is an equally important part of estate planning.
Incapacity planning allows you to prepare for the possibility that you could become incapacitated in your own lifetime as is common in old age. No estate plan is complete until both parts have been thoroughly addressed. The exact types of documents you will need to accomplish both goals depends on your own personal situation and preferences. It is best to work with a qualified attorney to develop a complete estate plan.
What is Testamentary Planning?
Two Options for Filing for Bankruptcy in Kane County
If you are considering filing for bankruptcy, you may feel like you have very little control over your financial life or the bankruptcy process. This is not entirely true - people who file for bankruptcy in Illinois still have options. For most personal bankruptcy situations, there are two different types of bankruptcy your attorney will discuss with you to help you choose the best option. Chapter 7 and Chapter 13 bankruptcy filings can both lead to a new, debt-free life, but in different ways. Both types have benefits and drawbacks. The type of bankruptcy that will make the most sense for you will depend on your personal situation and preferences. It is important to speak with a lawyer to make sure that you have a complete understanding of how each type of bankruptcy will affect you.
What Happens When I File for Chapter 7 Bankruptcy?
Chapter 7 bankruptcy can create a quicker and cleaner path to freedom from debt, but the major drawback is that your assets will be liquidated. When you file for Chapter 7 bankruptcy, the court will appoint a trustee. The trustee will then be responsible for identifying your assets and selling them off in order to pay off your creditors as much as possible.
From our office in Geneva, Illinois, we serve clients throughout the region, including the communities of St. Charles, Batavia, Aurora, Elgin, Elburn, Sugar Grove, North Aurora, South Elgin, West Chicago, Fox Valley, Winfield, Wayne, Big Rock, Naperville, Wheaton, and Downers Grove, as well as other municipalities in Kane County and DuPage County.
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