Disclaimer: As of January 1, 2026, Public Act 104-0120 will drastically update Illinois bankruptcy exemption amounts. The figures below reflect the new law that will be in effect from that date forward. However, for all bankruptcies filed before January 1, 2026, the old exemption amounts still apply. Which set of numbers controls depends entirely on […]
Illinois Chapter 7 Bankruptcy Exemptions: Keeping What You Own Read More »
The means test is a crucial step in the Chapter 7 bankruptcy process, designed to establish objective standards for determining eligibility for relief. For many people, overcoming the means test is the main challenge to qualify for Chapter 7. The means test consists of two parts: median income and disposable income. If you successfully pass
Chapter 7 Breakdown: How to Pass the Means Test Read More »
Navigating Chapter 7 bankruptcy can be a challenging process, but for those with secured debts, I believe the option to redeem property creates an opportunity to make payments more affordable on certain assets, typically vehicles or other smaller assets. In this post, I will delve into the intricacies of redeeming secured property in Chapter 7
Chapter 7 Property Redemption: Redefining What You Owe Read More »
Facing foreclosure is a complex and emotionally charged experience. The potential for a deficiency judgment after the case has finished adds another layer of stress and financial uncertainty. This comprehensive guide explores deficiency judgments in Illinois, empowering homeowners with knowledge and options as they navigate this challenging situation. Understanding Deficiency Judgments: Key Considerations for Illinois
Deficiency Judgments in Illinois: A Guide for Homeowners Read More »
As I know all too well, getting a parking ticket or red light camera ticket in Chicago can be stressful and confusing. Unpaid tickets can lead to serious consequences, including fines, booting, impounding, and even driver’s license suspension. This blog post will guide you through the basics of Chicago parking tickets and traffic camera tickets,
Chicago Unpaid Parking Tickets and Bankruptcy Read More »
Owing the IRS doesn’t exactly inspire joy. Tax season can be stressful enough, but throw in a hefty bill, and things can feel overwhelming. The temptation to bury your head in the sand and avoid filing altogether might be strong, but resist it. I have found that not filing your taxes, even if you owe,
Don’t Hide from the Taxman: Why Filing Your Return is Crucial, Even If You Owe Read More »
Millions of Americans carry the weight of student loan debt, a burden that can stifle dreams and limit life’s possibilities. But listen up: there’s hope. An adversary discharge, a powerful legal tool within Chapter 7 and 13 bankruptcy, could potentially wipe away your student loans and pave the way to a brighter future. Adversary Discharge:
Are Crushing Student Loans Holding You Back? Read More »
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