Recent Blog Posts
Why Would a Court Not Discharge a Chapter 7 Bankruptcy?
Bankruptcy is an essential financial protection that allows eligible individuals to get out from under the thumb of crushing, unmanageable debt. While declaring bankruptcy does have a significant effect on your credit score, it can also make a world of difference in your quality of life and allow you to start fresh. However, many people who file for Chapter 7 bankruptcy may be surprised to learn that a bankruptcy court could decide not to discharge a case, even after the debtor meets with the trustee and her creditors. To learn more about why a Chapter 7 bankruptcy might not be discharged, read on.
Reasons a Chapter 7 Bankruptcy May Be Denied
When someone files for bankruptcy, she must provide the bankruptcy court with a full and honest accounting of her financial situation. This includes the debtor’s creditors and the amount and nature of each debt, the debtor’s income and its source, the debtor’s property, and the debtor and her family's living expenses.
Can I Stop My Child from Visiting The Other Parent if He or She Is Not Paying Child Support?
Child support is often a high-conflict area for divorced or separated parents. When the parent who is required to make child support payments cannot or will not pay, the parent receiving child support is usually left in a troubling financial position as he or she struggles to support a child on his or her own. In response, some parents threaten to or actually withhold parenting time from the parent who is behind in child support payments. However, this is illegal itself and can often backfire as a child support recovery strategy. Instead of taking matters into your own hands, work with an Illinois child support and child custody attorney who can help you explore your options and take legal action.
What Are My Options for Recovering Child Support?
Parents who need help getting the child support they are owed have a couple of options. The first is to work through the Illinois Department of Healthcare and Family Services (HFS), which is the governmental organization responsible for tracking down parents who do not pay child support and enforcing increasingly punitive sanctions on them until the support is paid. Unfortunately, HFS is often slow, very busy, and can be an ineffective way to get support in a timely manner.
Is Chapter 7 or Chapter 13 Bankruptcy a Better Choice for Me, Personally?
When debt has become an unmanageable burden, it is important to be proactive in seeking a solution. All too often, individuals think that if they work harder or spend a little less that unmanageable debt will suddenly become manageable. Unfortunately, due to influences like interest and unexpected life events, it is rare that simply “digging a little deeper” solves debt that has spiraled out of control. This is one of the primary reasons why the U.S. Bankruptcy Code exists. The opportunity to file for bankruptcy serves as an acknowledgment that overwhelming debt can be resolved with a little help along the way.
If you are thinking about filing for personal bankruptcy, you have two primary options to choose from. Chapter 7 bankruptcy is available to low-income filers. Chapter 13 bankruptcy is better suited for those who can make manageable monthly debt payments on their outstanding balances. Which option is right for you? That is an excellent question.
Should We Sign a Prenuptial Agreement Before We Get Married in Illinois?
The time leading up to a wedding is one of great joy and excitement. While the planning can be stressful and overwhelming, both spouses usually look forward to what they anticipate will be one of the best days of their lives.
In the milieu of new love, it can be difficult to know whether to bring up the subject of a prenuptial agreement. After all, it hardly feels romantic to discuss the end of a marriage before it has even begun. However, the time before a marriage is not only the ideal legal time to sign a prenuptial agreement - it is also the best time to fairly negotiate an agreement that has the potential to offer essential protection to both spouses if they do eventually get divorced. Here are some factors to consider as you try to decide whether a prenuptial agreement is right for you.
How Are Mortgages or Auto Loans Handled in a Chapter 13 Bankruptcy?
Debts can cause a great deal of stress and financial difficulty for a family, but bankruptcy can offer a way out of these situations. However, anyone who is considering bankruptcy may wonder how different types of debts will be handled and whether filing for bankruptcy could result in the loss of his or her property. The elimination of secured debts, such as a home mortgage or auto loan, will typically lead the lender to pursue foreclosure or repossess the collateral used to secure the debts. To avoid this, a debtor may need to determine how they will be able to become current on his or her payments while eliminating other debts.
For debtors with secured debts, Chapter 13 bankruptcy is often the preferred option. This type of bankruptcy will require a person to make ongoing payments toward a repayment plan for several years, and if he or she can continue making payments toward secured debts, he or she will be able to retain ownership of his or her property. Missed payments, late fees, and other amounts owed to a lender may be included in a repayment plan, which will allow a person to become current on these loans. Chapter 13 offers some other benefits as well that may reduce the amount of a person’s debts and help him or her maintain financial stability in the future.
How Can I Stop Conflict over Custody Issues During Summer Vacation?
While most parents getting divorced in Illinois include specific plans for the summer months in their parenting plan, scheduling conflicts are still common. Parenting is a difficult responsibility that requires flexibility and cooperation, but this is not always easy when you are working with an ex-spouse as a co-parent. Fortunately, with careful planning and communication, conflict during summer break can be minimized and even avoided altogether.
Be Flexible But Set Reasonable Boundaries
One of the best parts about summer vacation is that many children do not have school, allowing the entire family extra freedom. Even for parents who are not particularly spontaneous, opportunities for fun activities are likely to arise last minute, making flexibility important. However, constantly changing agreed-upon plans can also be a source of enormous stress, especially for parents who struggle to communicate. It is important to know when you have plans set in stone, when you can allow yourself and the children some wiggle room to make last-minute plans, and when to say no to an ex who wants to change plans.
Will I Be Required to Turn Over Assets in a Chapter 7 Bankruptcy?
Debt is an issue that affects people throughout the United States, and there are many reasons that a person may struggle to repay the debts he or she owes. For example, a person may experience financial difficulties due to being laid off from his or her job, or a family member may suffer from a serious illness that leads to unexpected medical expenses. While most people will do everything they can to make ongoing payments toward their debts, this can sometimes become impossible. If a person misses payments or defaults on a loan, creditors may begin taking action to collect the amounts that are owed.
People in these situations may be considering bankruptcy, which will allow them to eliminate certain types of debts and regain financial stability. In many cases, a person will pursue a Chapter 7 bankruptcy, since this will allow debts to be discharged fairly quickly. However, this type of bankruptcy may require a person to turn over certain assets that he or she owns. Those who are considering this option will need to understand what types of assets may be liquidated during bankruptcy and what exemptions may apply.
Is Legal Separation a Potential Alternative to Divorce?
Marriages can break down for many reasons. In some situations, a spouse may wish to get a divorce because of issues such as infidelity or abuse. The spouse may believe that ending the marriage would be best for everyone involved. However, there are many cases where a couple may be experiencing relationship issues because of disagreements about how their children should be raised, arguments about financial matters, or simply because they feel that they are no longer compatible. If a couple is unsure about whether divorce is the best choice, or if they wish to remain married for other reasons, legal separation may be a better option. This may allow a couple to take steps on the road to divorce while they determine whether their relationship can be repaired, or it may work as a more permanent solution that provides benefits for both parties.
Are Loan Modifications an Alternative to Bankruptcy?
Homeowners who have encountered financial difficulties may struggle to pay their ongoing expenses, including mortgage payments. Those who have defaulted on their mortgage after missing one or more payments may have been contacted by their bank, or they may have been notified that a foreclosure will occur if they do not make up the missed payments. In some cases, bankruptcy may be the best way to respond to a foreclosure notice. Bankruptcy may provide a homeowner with options to address outstanding debts and ensure that he or she will continue making mortgage payments. However, loan modifications may be another option that will allow a homeowner to make up missed payments and to continue making affordable payments in the future.
Mortgage Loan Modifications
The terms of a mortgage are not set in stone, and a bank or lender may agree to update these terms. In fact, it is often in a lender’s best interests to do so, since the foreclosure process is likely to result in financial losses, and lenders will often prefer to make arrangements that will allow them to continue receiving regular payments.
How Are Retirement Benefits Addressed During an Illinois Divorce?
If you have chosen to get a divorce, you will need to address multiple types of financial issues, as well as the legal matters involved in dissolving your marriage. The process of property division can often become complicated, especially if you and your spouse own multiple and different types of property and assets. Retirement benefits are an issue that sometimes can complicate this process, and determining how to divide these assets correctly can ensure that you will have the financial resources you need later in life.
Retirement Accounts, Pensions, and QDROs
Generally, any retirement benefits you or your spouse earned or contributed to during your marriage are part of the marital estate. They will need to be divided alongside your other marital property. These benefits may include retirement accounts provided by an employer, such as a 401(k), or an individual retirement account (IRA), as well as pension benefits earned while you were married.
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