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Recent Blog Posts

Am I Eligible for a Loan Modification in Illinois?

 Posted on December 00, 0000 in Bankruptcy

Illinois loan modification lawyerYou may take out loans to purchase various items throughout your lifetime, such as a car, a house, or to pay for your child’s college tuition. A loan modification involves modifying the terms of an existing loan, typically to make it more affordable for you as a borrower who might be in danger of defaulting, sometimes due to a scheduled rate increase or a job loss. For instance, you might want to pursue this route to avoid foreclosure on your house. It is important to note that a loan modification is not the same as refinancing a mortgage. In certain situations, you may also be allowed to file for bankruptcy. By combining these efforts, or by simply electing one of these options, you may be able to keep your home by lowering mortgage payments, avoiding default, and obtaining a way out of debilitating debt. A skilled lawyer can help ensure you take the correct legal steps to secure a promising financial future.

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How Can I Obtain a Legal Separation in Illinois?

 Posted on December 00, 0000 in Legal Separation

McHenry County legal separation lawyerThe decision to divorce is not an easy one to make for many people, especially if a couple has been married for a long time. In certain situations, spouses may opt to try a legal separation before officially divorcing. Following an order of legal separation, estranged spouses will agree to live independently of each other, separating both their physical residences and their finances. The couple will remain legally married, and neither spouse can remarry unless they get a divorce.

As the old adage says, “Absence makes the heart grow fonder.” For some partners, living apart allows them time to work on their marital problems. However, they may also find that they are thriving on their own and enjoy living separate lives. If you are considering which option is best for your situation, it is important to know the legal requirements for legally separating in Illinois. In the state of Illinois, some of the same issues that are addressed in a divorce will need to be resolved in a separation.

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Protecting Your Business During the Divorce Process

 Posted on December 00, 0000 in Divorce

Illinois divorce lawyersDivorce is not something that most people plan for, but it is a process that thousands of couples go through each year. Emotionally and financially complex, it can be especially difficult for those who own a business. Learn how to protect yours with help from the following information.

When Divorce and Businesses Mix Business owners must understand the risks that they face in divorce. Not only is there the potential for financial depletion, the company itself could be liquidated to settle the marital estate. Thankfully, some can be saved. It takes ingenuity, strategy, and decisiveness. It also requires you to seek assistance from those that are experienced in handling complex divorces. Protecting Your Company While prenuptial and postnuptial agreements are the most effective way to protect a business and its intellectual property, not all business owners have one. In their absence, other strategies must be used. For example, couples can use mediation and arbitration to work through a settlement that preserves the business and meets the needs and interests of all parties. Accurate valuation of the business is also critical in the divorce process. You should be certain you maintain and provide clear and concise records, including those pertaining to income, debt, and expenditures. Provide all documentation to your attorney in a timely manner so they can plan your strategy appropriately and well in advance. Examining Your Options Some business owners may choose to liquidate their company, using the funds from it to settle their marital estate. Others may decide to “buy out” their spouse - or give up assets that are equal to that of the business to ensure they can preserve the company. Still others may attempt to run it together by defining new terms and roles. Each has its own potential benefits and disadvantages, but only you really know which option is right for you. A divorce lawyer can ensure you have the knowledge you need to make sound decisions about your business. Contact Our Experienced McHenry County Divorce Lawyers If you are planning for divorce, contact the Thomas Law Office for assistance. Dedicated and experienced, we will fight to protect your business, and your rights, every step of the way. Serving the greater McHenry County and DuPage County areas, our Illinois divorce lawyer offers personalized consultations to suit your needs. Call 847-426-7990 to schedule yours today. Source:

https://www.theguardian.com/small-business-network/jan/divorce-day-business-protected-spouse-marriage-breakdown

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Divorce or Bankruptcy: Which Comes First?

 Posted on December 00, 0000 in Bankruptcy

bankruptcy-and-divorceYou may not have imagined filing for divorce on your wedding day. However, in a world where, according to the CDC, nearly 44 percent of marriages end in divorce, more and more couples will have to navigate their way through this trying time.

Divorce alone can seem overwhelming, but you may find it is not your only challenge. Couples with debt may face certain financial concerns, especially those who are considering filing for bankruptcy.

Why Filing for Bankruptcy First Is a Good Idea

If you are filing for chapter 7 or chapter 13 bankruptcy, you may want to think about jointly filing before the divorce has finalized. This way, you will have a repayment plan or possibly dismissal of certain debts, which will help you plan your post-divorce finances.

Debts incurred during the marriage are the responsibility of both partners. If your ex files for bankruptcy and you do not, you could be liable for the debt. With that said, bankruptcy will not shelter you from alimony, eliminate student loans, or stop you from having to pay child support.

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Divorce and Finances: What to Expect

 Posted on December 00, 0000 in Divorce

divorce finances, Illinois divorce and family law attorneyMarriage and divorce are alike in that they usher in a number of changes for both spouses, many of which involve finances. Though marriage tends to offer more optimistic benefits, especially in regard to taxes and living with two incomes, the financial challenges of divorce can be more disconcerting.

Regardless of whether the marriage was young or old, you should plan your finances carefully before filing. Your budget should include legal expenses, possible relocation, and any adjustments that come with living on a single income. Spouses with children may face other monetary hurdles.

Seeking Out Professional Advice

Financial challenges should not dissuade you from consulting an attorney. A divorce lawyer may be able to help you avoid mistakes that could compromise your financial well being. According to the Women's Institute for Financial Education, failing to seek professional input is one of the most common mistakes divorcing spouses make.

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How to Estimate Child Support Payments in Illinois

 Posted on December 00, 0000 in Child Custody

child support payments in illinois, estimate child support payments, McHenry County Family Law LawyerSplitting up a family is one of the most emotionally and mentally challenging aspects of a divorce. The process involves several life-changing decisions, such as choosing where the children will live and developing a child support arrangement.

Estimating Child Support Payments in Illinois 

Each child custody and support case is unique. Different families can vary in income level and number of children. As a result, general advice may be helpful; however, it might not directly apply to your situation.

Also, divorce laws differ from state to state. In Illinois, laws concerning child support aim to find a solution that serves a child's best interests, according to the Illinois General Assembly. Child support amounts scale with the number of children. The more children, the more a non-custodial parent will likely have to pay.

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When is Chapter 13 Bankruptcy a Better Option than Chapter 7?

 Posted on December 00, 0000 in Bankruptcy

chapter 13 bankruptcy, file for bankruptcy, McHenry County Bankruptcy AttorneyFiling for bankruptcy—no matter which chapter you choose—can be a mentally exhausting process. For many Americans, though, bankruptcy offers an opportunity to regain financial independence and stop creditor actions.

In many cases, Chapter 13 bankruptcy is a smarter option than Chapter 7. For example, if you have fallen behind on business payments or your mortgage, Chapter 13 bankruptcy may allow you to maintain your property. Additionally, Chapter 13 bankruptcy may allow you to reinstate your original mortgage agreement if you can make the overdue payments within a specified period. In this way, Chapter 13 bankruptcy can put homeowners on the path to a debt-free life.

Generally speaking, people with valuable property that Illinois bankruptcy exemptions do not cover should consider filing for Chapter 13 bankruptcy. This chapter may also be ideal if your income is too high to be eligible for Chapter 7 bankruptcy.

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Chapter 13 Bankruptcy: Is it a Smart Choice for Your Case?

 Posted on December 00, 0000 in Chapter 13 Banruptcy

chapter 13 bankruptcy options, McHenry County Bankruptcy AttorneyEach year, thousands of Americans file for bankruptcy as part of their efforts to gain financial control. The bankruptcy process can give debtors a fresh start while also teaching invaluable lessons related to financial management. In many cases, debtors must choose between filing for Chapter 13 and Chapter 7 bankruptcies. Therefore, understanding the breakdown of Chapter 13 bankruptcy can help you decide if it is a smart option for your particular case.

What You Need to Know about Chapter 13 Bankruptcy 

Chapter 13 offers debtors the opportunity to organize debt into a structured payment plan. According to Uscourts.gov, Chapter 13 applicants must meet certain criteria in order to be eligible.

First, applicants must have a steady income that will allow them to make payments according to the agreed upon schedule. In fact, debtors with a high income may not be eligible for Chapter 7 bankruptcy.

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4 Factors That Could Jeopardize Prenuptial Agreements

 Posted on December 00, 0000 in Divorce

prenuptial agreements, McHenry County divorce lawyerEvery couple fantasizes about a perfect life after marriage; however, reports indicate that nearly 44 percent of married couples in the United States divorce. For this reason, engaged couples may consider signing a prenuptial agreement to protect their finances in the event of divorce.

Like many other matters in marital law, prenuptial agreements come with a long list of complex considerations. In some cases, a seemingly minor mistake may render the contract void.

Four Factors that May Render a Prenuptial Agreement Invalid

1. One spouse signed the prenuptial agreement under coercion or duress.

According to the Illinois General Assembly, in order for a prenup to be legal, both spouses must have signed the document without duress or coercion. If one spouse can demonstrate that any threats—verbal, physical, or otherwise—convinced him or her to sign the contract, the prenup may be void.

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Your Illinois Divorce: Fault, No Fault, and Child Custody

 Posted on December 00, 0000 in Divorce

your Illinois divorce, child custody, McHenry County Divorce LawyerDivorce is one of the most stressful and mentally exhausting chapters in a person’s life. It comes with a long list of life-changing considerations, such as where each spouse will live, how to survive on a single income, and what the child custody arrangement will entail.

The legal side of divorce can be just as overwhelming as the personal challenges. This is especially true in contested divorces when couples cannot agree on asset division, child support, or other factors.

Fault vs. No-Fault Divorces

According to current Illinois law, a divorce will fall under one of two categories: “fault” or “no fault.” In no-fault divorces, there is not a fundamental issue that caused the divorce. As such, the marriage is ending due to “irreconcilable differences.”

Fault divorces, however, involve a clear reason for the separation. This may include adultery, physical or emotional abuse, or drug addiction. The cause of the divorce could affect the outcome as it relates to asset division, alimony, and child support. It is important to note, however, that all grounds for divorce, besides irreconcilable differences, will be eliminated January 1, 2016 due to the implementation of Senate Bill 57.

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