Many people who file for bankruptcy believe that they will never be able to get any kind of credit in the future. They believe that things like a new car are out of reach. It is possible to get car loans after bankruptcy, but you will need to pay more for it. A Geneva bankruptcy lawyer can advise you of the potential effects of declaring bankruptcy and what could happen in the following years. 

You Can Get Some Types of Credit

In general, bankruptcy will remain on your record for seven years after the process concludes. The bankruptcy will continue to affect your credit. Immediately after the debt is discharged is when there will be the highest impact. Most lenders will decline for traditional auto loans because of your credit. However, the more time passes after your bankruptcy, the more the impact will diminish. It may be possible to get a traditional car loan several years after your bankruptcy.

There are some lenders that will work with people who have recently emerged from bankruptcy. However, the interest rate that they charge will reflect the risk of a lower credit score. You can expect to pay at least several points higher for the interest rate. That could put a new car out of your price range. Nonetheless, the perception that you are completely shut out of the car loan market is not entirely correct. 

For most adults, the prospect of being unable to make your own decisions is not something we want to consider. While this is understandable, incapacitation planning is still a crucial part of the estate planning process. Planning for the possibility of severe illness is important regardless of your age, health, or financial circumstances.

A power of attorney is an estate planning tool that lets you choose another individual to make decisions on your behalf should you become incapacitated. In this blog, we will answer some of the most common questions people have about powers of attorney in Illinois.

What Does a Power of Attorney Agent Do?

The power of attorney agent, or “attorney-in-fact,” has the authority to make decisions about your personal affairs if you are too sick to do so yourself. A power of attorney for healthcare permits the agent to make medical decisions on your behalf, such as whether you will undergo surgery or receive certain medications or medical treatments. A power of attorney for property, or financial power of attorney, allows the agent to manage your financial affairs.

As a landlord, the last thing you want is to be forced to evict a tenant. Not only is the eviction process complicated and often expensive, landlords also must cope with the emotional toll that comes along with evicting someone from their home. At DLAW, PC we help landlords throughout the eviction process. 

In Illinois, there is a specific process for eviction known as Forcible Entry and Detainer. This legal action allows landlords to regain control of their rental property when a tenant fails to comply with lease terms or pay rent.

Providing Notice of the Pending Eviction to the Tenants

There are specific procedures you must follow when evicting a tenant. Failure to follow the correct procedures can lead to major financial and legal headaches. If you need to evict someone because they are not paying rent in accordance with your lease agreement, you will give them a five-day notice. The notice must state that if the tenant does not pay the rent within five days, you will be taking legal action. 

Finding out that you are being sued by a creditor for unpaid debt can be extremely upsetting. Many people with debt try their best to repay it, but life circumstances and unexpected financial obligations get in the way. If you are being sued by a creditor, you may understandably worry about the consequences. Lawsuits like these can lead to wage garnishment, property liens, the seizure of assets, or other measures to collect the debt. Many people in this situation wonder whether they should file for bankruptcy.

Will Bankruptcy Stop the Lawsuit?

When someone files for bankruptcy, an "automatic stay" is issued which stops any collection efforts. This means that all debt collection activities must be ceased, including most lawsuits. Creditors cannot garnish wages, seize assets, or otherwise attempt to collect the debt until the bankruptcy case is concluded. Therefore, filing for bankruptcy often provides immediate relief from creditors and lawsuits - with a few exceptions. In some cases, a creditor can ask the bankruptcy judge to remove the automatic stay and allow them to proceed with their lawsuit.

Bankruptcy cases are complex and there are many different factors that influence whether bankruptcy will prevent legal action against a debtor. This is why it is so important to seek professional legal advice. An experienced bankruptcy attorney can help you determine if filing for bankruptcy will provide the relief you are looking for and how it would affect any existing lawsuits.

Many people assume that estate planning only deals with the distribution of assets after an individual’s death. However, testamentary planning is only part of the estate planning process. It is also essential to plan for the possibility of becoming incapacitated by illness or injury. If you became terminally ill and could not express your wishes regarding medical care, what types of care would you want? Do you want doctors to try everything to keep you alive as long as possible or would you prefer not to be placed on mechanical ventilation or to receive CPR?

These are extremely personal decisions, and it is important to document them in a legally recognized way. This is where incapacity planning comes into the picture.

Use a Living Will to Describe the Medical Treatment You Want and Do Not Want

A living will allows you to express your wishes regarding the medical care you would potentially receive if you become incapacitated due to illness or injury. Most people have deeply held beliefs about end-of-life care. Your desires regarding incapacitation care may be influenced by your life circumstances, past medical history, your family, and your religious and spiritual beliefs.