A discharge in bankruptcy releases debtors from the personal liability they hold in certain types of debts. In other words, the debtor is no longer obligated to pay the creditor, and the creditor is barred from taking any further legal action against or communicating with the debtor. However, there are some important things that borrowers should know about the bankruptcy discharge process, including its limitations, exclusions, and the time frame it takes to reach this point.

Discharge Time Frame A discharge does not occur immediately after filing for bankruptcy. Instead, the debtor must complete the bankruptcy process. It is also important to note that the time frame in which the process is completed will vary, based on the type of bankruptcy being filed and the specifics of each case. For example, a Chapter 7 bankruptcy debtor usually receives a discharge once the time-period for creditor objections has expired (60 days after the 341 meeting). In contrast, Chapter 13 bankruptcy debtors must fulfill all their obligations under their repayment plan before their bankruptcy can be discharged. If the debtor fails to complete any provisions of their filing, including the instructional courses required by law, their discharge may be denied by the courts. Creditors Can Still Enforce Liens Although a debtor is no longer obligated to pay their lender once discharge has occurred, the creditor may still have the right to enforce a lien on secured property. For example, if you are filing for Chapter 7 bankruptcy and have a financed vehicle, the creditor may still recover the vehicle. You would no longer be obligated the pay the outstanding balance for the car, but you would not have the vehicle. For more specific information on how bankruptcy may impact your ownership of secured property, and advise on how you can maintain certain secured property despite bankruptcy, speak to an experienced lawyer. Not All Debts are Discharged While bankruptcy does cover many types of debt, it does not cover all debts. Certain categories (a total of 19, in all) are excluded from the discharge process. Examples might include debt obtained while drunk driving, most student loans, alimony, child support, and certain tax claims. To determine if you have any debts that cannot be discharged, and for assistance in determining how to handle these debts, contact an experienced bankruptcy attorney. Contact Our McHenry County Bankruptcy Lawyer If you are considering bankruptcy, contact the Thomas Law Office. Our seasoned McHenry County bankruptcy attorney can examine your case, advise you on your options, and help you navigate through the complex bankruptcy filing process. Dedicated to your best interest, we always strive for the most favorable outcome. Schedule your personalized consultation by calling 847-426-7990 today. Source: http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/discharge-bankruptcy-bankruptcy-basics

Divorce is one of the biggest financial transactions in a couple’s life. Knowing this, many attempt to take shortcuts that end up costing them more in the end. Avoid this risk by examining how you can reduce cost, without compromising the outcome of your case, with help from the following information.

Never Skip the Attorney There are many ways to cut the cost of divorce, but removing the attorney out of the process should never be one of them. An attorney can do more than just file your paperwork; they can help reduce the risk of financial mistakes. Your attorney can also work as the communication hub between you and your spouse to reduce contention, and they assist with any parenting time or allocation of parental responsibility issues that might arise in your case. Educate Yourself on Your Financial Situation Whether you are in a marriage with a high net worth, middle-class, or nearing retirement, it is crucial that you fully understand your financial situation before the divorce. Budgets to determine your cost of living, statements that give a clear picture of your debts and assets, and an idea of what your living expenses might be after the divorce are all financial matters to consider. If you are in the dark on your financial situation, you may need to do some investigative work. Remember that an attorney can help with this, and should be your first point of contact once you have decided to move forward with your case. Consider Settling Outside of Court While not all cases are eligible for mediation, the process does offer some cost-saving potential to divorcing couples. In fact, it is the court process that often eats up a lot of the marital assets. By opting out of this contentious situation, you and your spouse can work toward a settlement that can hopefully satisfy both parties. Keep in mind that you should still have an attorney at your side to protect your interests and assist with the process. Remember the True Nature of Divorce Although divorce is, undoubtedly, an emotional process, the legal process is more like a business transaction. If you can remove the emotion from the actual process and cope with it outside of the mediation room or courtroom, you can reduce your risk of elevated divorce costs. Support, counseling, and other coping strategies can all be beneficial in helping you accomplish this difficult feat. Contact Our McHenry County Divorce Attorney At the Thomas Law Office, we understand the difficulties that divorcing couples face. That is why we take a personalized approach to each and every case. Learn more about how our dedicated McHenry County divorce lawyer can assist you. Call 847-426-7990 and schedule your consultation with us today. Source:

http://www.ctvnews.ca/5things/tips-on-how-to-save-money-if-divorce-is-the-only-option-1.3329365

 

The cost of medical treatment is one of the most common reasons that Americans file for bankruptcy. Considering the declining health of many Americans, and the lack of access to quality health care for many, this is not a surprising statistic. What is concerning is how researchers have connected poorer outcomes for those who struggle with their finances while seriously ill. If you or someone you love is up against such an issue, the following may be able to mitigate the risks.

Lack of Care Often Responsible for Poorer Health Outcomes Published in the Journal of Clinical Oncology, the recent study on health outcomes and financial strain examined the financial status and mortality rate of over 230,000 cancer patients. More than 4,700 of those patients filed for bankruptcy at some point in their treatment. Researchers associated this filing with a significantly higher rate of mortality - in some cases, as much as 80 percent higher. Why the link? Experts believe much of the risk is due to a lack of treatment - a problem that starts and is perpetuated by financial strain and the inability to cover treatment ad medication costs. Interestingly enough, this same issue may be experienced by those with other serious illnesses, such as heart disease, diabetes, or obesity. Stress of Financial Strain Also Thought to Be a Factor Stress has long been associated with poor health outcomes - even for healthy individuals. In fact, many patients with heart conditions and blood pressure issues are encouraged to reduce their stress levels. Unfortunately, financial troubles also happen to be one of the leading causes of stress. As such, patients experiencing financial struggles while trying to seek treatment for a serious illness may ultimately exasperate their condition. This is why it is critical patients understand how to mitigate the risks. Mitigating the Risks When you are up against financial strain and a life-threatening illness, you have to choose which thing you want to fight. Do you want to fight the illness, or your financial problems? If you choose the former, then let go of your worries about the latter. Pursue bankruptcy sooner, rather than later, and reduce your stress levels. Seek guided and experienced assistance to ensure you approach the process effectively, and continue your treatment to the best of your abilities. Contact Our Illinois Bankruptcy Lawyer Bankruptcy may be a complex legal procedure, but it does not have to be an unnerving situation. Let the Thomas Law Office guide you through the process. Compassionate and experienced, we will work to resolve your bankruptcy case quickly and we will fight to ensure you have a smooth transition. Schedule a consultation with our McHenry County bankruptcy lawyer to learn more. Call 847-426-7990 today. Source:

https://consumer.healthday.com/cancer-information-5/mis-cancer-news-102/cancer-s-financial-burden-tied-to-poorer-survival-study-finds-707415.html

Divorce 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

The decision to file for bankruptcy is not an easy one, and it can drudge up fears about what happens once it is all over. Namely, consumers frequently experience concerns over how bankruptcy will affect their credit. Unfortunately, there is no easy way to answer this question since every situation and case is unique. However, there are cases in which the purported damage of bankruptcy may be negligible, or possibly even non-existent.

Putting Things into Perspective

Despite the common misconception that bankruptcy wreaks havoc on everyone’s credit, it is sometimes actually more beneficial than continuing down a path of late payments and unpaid bills. Each hit to your credit – each missed payment, charge-off, and collection – has a negative impact on your credit. If you have enough of these, and they are frequent because you simply cannot keep up with your debts after a job loss, illness, divorce, or other financial issue, then your credit score is constantly being attacked.

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