Anyone can find themselves facing bankruptcy. Whether caused by job loss, medical bills, an unmanageable mortgage, or other reasons, bankruptcy can be a difficult and stressful experience. For those facing Chapter 7 bankruptcy, the prospect of liquidation of assets can be foreboding. However, some assets are exempt from liquidation during this process. Certain items cannot be touched by creditors or the court-appointed trustee who will oversee the liquidation process.
Exemptions During Liquidation Bankruptcy
Many people hesitate to even consider bankruptcy because they assume that they will lose all of their possessions. Chapter 7 bankruptcy is often called “liquidation…
Continue Reading What Assets Are Exempt from Liquidation During Chapter 7 Bankruptcy in Illinois?

The experience of buying a home can be exciting, but it can also be a daunting task. One of the most important steps in the home-buying process is completing a title search. This process is designed to ensure that you are buying a home with clear legal ownership, free from liens or any other encumbrances. By performing a thorough title search, you can rest assured that you are the rightful owner of your new home.
What Is a Title Search?
When someone puts their home for sale on the market, it is only reasonable to assume that the seller has…
Continue Reading What Is a Title Search and Why Is It So Important?

If you are evaluating your estate planning options, you may have several questions about the advantages and disadvantages of various estate planning instruments. Trusts are popular options for passing assets to heirs in an estate plan. However, there are many different types of trusts, and the type of trust you choose will depend on your individual circumstances and goals. The two main categories of trusts are revocable and irrevocable trusts.
Benefits of a Revocable Trust
Revocable trusts, sometimes referred to as “living trusts” can be modified or revoked by the trust creator during his or her lifetime. This type of…
Continue Reading Comparing Revocable and Irrevocable Trusts

Bankruptcy can be a wonderful tool for escaping insurmountable debt, slowly righting your credit score, and stopping a barrage of collections efforts. However, it is important to enter the process of filing for bankruptcy with a clear and complete understanding of the effects these proceedings will have on your life, both in the short and long term. An inventory of assets should be taken, and a careful analysis to determine which form of bankruptcy would best serve your current interests conducted. These analyses are best conducted by a knowledgeable attorney who is aware of all relevant factors and can provide…
Continue Reading Questions to Ask Before Filing for Bankruptcy

The decision to buy a home is a big one. Purchasing, rather than renting, is a long-term investment. There are quite a few advantages to buying a home, but there is also some risk involved. The residential real estate market is fast-paced and competitive at the moment. It can be difficult to do a thorough investigation and “jump on” a place quickly enough. Before you pull the trigger on a place and sign a potentially decades-long mortgage agreement, there are a few questions you should find the answers to. It is best to have an attorney helping you to…
Continue Reading Questions You Need Answered Before Buying a Home

There are a lot of different reasons that people ultimately choose to declare bankruptcy. Anything from a single unexpected medical emergency to a patch of unemployment can quickly cause a person to rack up debt they will not be able to pay off. Bankruptcy is based on the idea that people deserve a fresh start and there should be a way out of insurmountable debt. However, it is important that bankruptcies are handled correctly so that they do not lead to more legal issues. 
Mistakes during bankruptcy can cause further financial difficulty rather than relieving financial strain. It is…
Continue Reading 5 Things Not to Do During a Bankruptcy in Kane County

 Estate planning means more than just writing your will. While a good estate plan may certainly include a will, there is a lot more to it than that. Testamentary planning – deciding what should happen to your property after you pass away – is an important part of estate planning. When most people think of estate planning, they are really thinking only about testamentary planning. Incapacity planning is an equally important part of estate planning.
Incapacity planning allows you to prepare for the possibility that you could become incapacitated in your own lifetime as is common in old age.
Continue Reading What Are the Two Major Parts of Estate Planning?

If you are considering filing for bankruptcy, you may feel like you have very little control over your financial life or the bankruptcy process. This is not entirely true – people who file for bankruptcy in Illinois still have options. For most personal bankruptcy situations, there are two different types of bankruptcy your attorney will discuss with you to help you choose the best option. Chapter 7 and Chapter 13 bankruptcy filings can both lead to a new, debt-free life, but in different ways. Both types have benefits and drawbacks. The type of bankruptcy that will make the most…
Continue Reading Two Options for Filing for Bankruptcy in Kane County

Estate planning is full of choices. Completing the process can give you control over how your property will be distributed after you are gone, as well as control over some of your own end-of-life decisions. Once you have decided to use a trust rather than a will as your primary testamentary tool, you still have quite a few decisions to make. Trusts can be revocable or irrevocable, and there are even more subcategories. You also get to set most of the terms of your own trust – these are highly customizable legal instruments. 
Your best bet is to talk with…
Continue Reading 5 Things to Consider When You Create a Trust