Bankruptcy

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I was recently appointed to the Panel of Chapter 7 Trustees for the Northern District of Illinois, and am hearing my first cases as Trustee.  Even though I have been a practicing attorney in the US Bankruptcy Court for over 30 years, representing Debtors and Creditors, there is a lot to learn in this new role.  I will still continue to represent Debtors and Creditors in addition to being trustee in other cases. Here is a basic overview of what a Chapter 7 Panel trustee does: The US Bankruptcy Court is a system that balances the rights of Debtors (people…
Continue Reading What does a Bankruptcy Trustee do?

I have met with many small business owners recently who have been trying to dig out from their financial troubles starting during the COVID-19 crisis.  Some have yet to recover, and, even after a lot of hard work and effort, just can’t keep going.   These Small business owners often face mounting pressure from debts, including Small Business Administration (SBA) loans. Personal liability for these loans can threaten their financial stability. Bankruptcy can be a powerful tool to address these challenges, offering a path to eliminate personal liability for SBA loans and manage a struggling business. The experienced attorneys at…
Continue Reading How Bankruptcy Can Help Small Business Owners Eliminate SBA Loan Liability

Facing financial hardship and contemplating bankruptcy can be a daunting journey.  This is a very common concern.  If a friend or family member cosigned a loan for you, it’s natural to worry about how your bankruptcy might affect them. However, the impact on your cosigner is often not as severe as many fear, and it certainly shouldn’t stop you from taking necessary steps to regain your financial footing—with the guidance of an experienced bankruptcy attorney.  At Bankruptcy LawChicago.com, we have been helping people solve their financial problems and providing “Peace of Mind” for over 30 years. The Basics: What Happens…
Continue Reading Your Bankruptcy and Its Effect on a Cosigner: Why It Shouldn’t Hold You Back

It’s that time of year again!!  Income Tax Return fime!!  Remember, the Tax Return is the set of documents you file with the IRS and State, and the Tax Refund is the money you receive if you overpay that year’s taxes.  Every bankruptcy client is required to provide copies of the last 4 years of tax Returns (the documents) before filing for Bankruptcy protection. Filing for bankruptcy is a significant financial decision, and understanding how tax refunds can impact the process is crucial. In Illinois, tax refunds are considered assets and can affect both Chapter 7 and Chapter 13 bankruptcy…
Continue Reading How Tax Refunds Impact Filing for Bankruptcy in Illinois

There are many strategies on how to deal with Student Loans in Bankruptcy.  One of them is to try to file an Adversary Complaint to try to discharge the loans, based on the  “undue hardship” standard.  (the “Bruner” standard) Courts have had varying interpretations, and, in recent years, there have been some streamlined procedures. However, that standard proves to be difficult if the Debtor is still working. Depending on the Federal Court district, there have been some cracks, but the standard is still difficult to prove. Another way to handle Student Loans in Bankruptcy is to file Chapter 13, and…
Continue Reading Persistence Pays off in Chapter 13 with Student Loans

One of the most common kinds of debt that I see when people consult with me is medical debt. Medical bills can quickly become overwhelming, especially when unexpected health issues arise. Even with insurance, the out-of-pocket costs can be substantial, leading many to seek relief through bankruptcy. Here’s how bankruptcy can help manage these debts and what you need to know about the limitations of new credit reporting rules.  Over my 30 plus years of practice, I have helped many people in Illinois eliminate crushing medical debt.  Click here for more information on how we can help. The Burden of…
Continue Reading How Bankruptcy Can Help with Overwhelming Medical Bills

Here at StudentLoanLawChicago.com, we have been helping people get into the best possible Income Driven Repayment Plan for their Federal Student Loans, and on the path to getting their loans forgiven.  Contact us HERE for more information on YOUR loans. The Saving on a Valuable Education (SAVE) Plan, a federal student loan repayment program, has been making headlines recently due to pending lawsuits by certain states. This article aims to shed light on the current status of the SAVE Plan and the implications of these legal challenges. What is the SAVE Plan? The SAVE Plan is an income-driven repayment (IDR)…
Continue Reading The Current Status of the SAVE Student Loan Program Amidst Pending Lawsuits

Financial difficulties can be overwhelming, and the decision to file for bankruptcy is never an easy one. However, delaying this decision can often lead to more problems. This post aims to shed light on the potential issues that debtors may face if they postpone filing for bankruptcy protection.  As an attorney who has been helping people with mounting debt and legal troubles for over 30 years, I have seen the problems first hand when people delay taking action! It is easy to feel so stressed out that you don’t want to deal with the situation at all!  If you don’t…
Continue Reading The Risks of Delaying Bankruptcy: What Can You Lose?

Don’t Miss Out on Loan Forgiveness Opportunities At BankruptcyLawChicago, we keep you up to date on all of the latest ways for you to save money on your Student Loans,  and get them forgiven sooner! The Biden-Harris Administration has just announced an extension to the deadline for consolidating certain Federal Student Loans. If you’re a borrower, this is great news! You now have until June 30, 2024, to take advantage of the one-time account adjustment and ensure proper credit for progress toward loan forgiveness programs. What’s the Payment Count Adjustment? The payment count adjustment aims to address issues where borrowers…
Continue Reading Deadline Extended: Consolidate Federal Student Loans by June 30th

What is next for Federal Student Loan Borrowers? Repayment is in full swing, and borrowers can get their loans under control and closer to forgiveness than ever before.  These plans apply to Federal loans for the student and parents. I am here to help with very affordable advice and help applying for income-based payment plans and forgiveness applications!  I have helped many borrowers get hundreds of thousands of dollars in student loans totally forgiven! Borrowers who don’t take control of their loans will see their credit score decrease, threats of collection lawsuits, and will not be able to move forward…
Continue Reading How to Take Control of Your Federal Student Loans and Get Them Forgiven!

This is a question that comes up frequently in my practice.  A person owns a closely-held business, with one or two owners, usually a Husband and Wife.  They call, explaining that the business cannot pay its suppliers, lenders, landlords, lines of credit.  They ask “Can I just file Bankruptcy for the Business?  I don’t want to file for personal bankruptcy.” The thought is that the debts are just for the business anyway, and I shouldn’t have to file bankruptcy myself. That’s why I set up this fancy corporation or LLC!  Almost always, a bankruptcy for the Owner(s) is the best…
Continue Reading Should the Small Business or the Owner File for Bankruptcy?

One of the most common questions that people have when they are considering filing for bankruptcy is whether they have to include all of their debts in their bankruptcy case. The answer is yes, you do. I do not know why almost every client that I see thinks that they can keep some debts out of the Bankruptcy.  It might be because people don’t know what “include in Bankruptcy” means.  When you file Bankruptcy, you have to provide the Court, on your Bankruptcy Petition, a list of every company or person you owe.  However, just because a debt is “included”…
Continue Reading If I file for Bankruptcy Protection, Do I have to Include all of my Debts? Yes!

Lately, there have been very important developments in the world of Federal Student Loan Repayment Plans. This program was set to expire at the end of 2023, but it has been extended. The IDR Waiver, also known as the IDR Account Adjustment, is a significant development for federal student loan borrowers. Announced by the Biden administration, this one-time account adjustment aims to provide relief and streamline the forgiveness process. Go to StudentLoanLawChicago.com if you or someone you know has Federal Student Loan. Let’s dive into the details of what it means for borrowers and how you can take advantage of…
Continue Reading The IDR Waiver: A Game-Changer for Student Loan Forgiveness

Navigating the eviction process can be challenging for Illinois landlords. There are nuances in the law and thorough procedures that must be followed. Making mistakes can delay evictions, lead to lawsuits, and cause significant financial harm. You should be aware of the biggest eviction mistakes. An Illinois lawyer can help you with the process so you do not make the wrong move.
Not Following Proper Notice Procedures
Illinois law requires landlords to formally notify tenants before filing for eviction. This includes serving the appropriate written notice form and waiting for the minimum notice period. For nonpayment of rent, a …
Continue Reading Eviction Mistakes to Avoid in Illinois

The resumption of student loan payments has been a hot topic in recent months, as many borrowers felt the pressure of the impending restart of their financial obligations. For many, the COVID-19 pandemic brought financial uncertainty and relief in the form of temporary payment pauses. However, with the pause ending, borrowers have had to confront their student loan debt once again. This transitional period has been marked by both anxiety and hope, thanks to programs like those offered by Daniel J. Winter and StudentLoanLawChicago, and we have already helped many borrowers get back on track with their payment plans and…
Continue Reading Empowering Borrowers: The First Month After the Student Loan Payments Resumed

Going through a probate can be filled with pitfalls for grieving executors and beneficiaries. But an Illinois attorney can guide you through the complex process smoothly. Common mistakes can be avoided by understanding probate procedures, promptly securing assets, and maintaining meticulous records.

With legal representation, you can minimize disputes, delays, and disruptions when settling your loved one’s estate. You should be aware of key steps to sidestep probate problems and honor their legacy responsibly.
Understanding the Probate Process
Settling an estate through probate can be emotionally and legally challenging. Without guidance, even well-meaning executors and beneficiaries can stumble. A misstep…
Continue Reading Sidestepping Probate Pitfalls in Illinois