Can I Keep My Retirement Savings If I File For Bankruptcy In Illinois? Yes, you can generally keep your retirement savings if you file for bankruptcy in Illinois. Under Illinois law, retirement accounts like 401(k)s, 403(b)s, and IRAs are fully protected, which means they’re also protected under the bankruptcy code. However, there is an important caveat: the funds must be…Read More
How Does Bankruptcy Litigation Differ From The Regular Bankruptcy Process? If you’re going through bankruptcy or thinking about filing, you may have heard the term "bankruptcy litigation." While it can sound intimidating, understanding how it differs from the regular bankruptcy process can help you feel more prepared. In a regular bankruptcy process, the focus is on addressing your debts and…Read More
How Can Social Media Be Used Against Me In Bankruptcy Court In Illinois? If you're thinking about filing for bankruptcy, it’s important to understand how even your social media activity can impact your case. The U.S. Trustee's office has the right to investigate if they believe something isn’t adding up in your bankruptcy filings, and can request a 2004 exam,…Read More
Facing Chapter 11 bankruptcy can feel overwhelming, especially when you’re bombarded with legal jargon and unfamiliar terms. You may be grappling with uncertainty, worried about how your business will survive, or anxious about navigating the court process. Understanding key terms—like “automatic stay” or “debtor-in-possession”—can ease some of this stress and help you regain a sense of control. This guide breaks…Read More
Whether you fail to make the monthly payments or meet certain deadlines, there are several ways a Chapter 13 bankruptcy case can be dismissed. Once the court dismisses your case, the automatic stay that prevents creditors from collecting debts from you will no longer be in effect, which makes you liable for all your debts. So, what happens if your…Read More
When you file for bankruptcy, you must properly complete your bankruptcy papers, adhere to all local and federal rules, and appear in all mandatory hearings. Failure to comply at any point of the legal process can result in the bankruptcy court dismissing your case. When your bankruptcy case is dismissed before you receive a discharge, you will lose the automatic-stay…Read More
Whether you are going through bankruptcy or trying to improve your credit afterward, you need to be smart about using your credit cards. Although they provide you with spending flexibility, especially if you are strapped for cash, failure to pay your balance in full at the end of the month can harm you in the long run. The following are…Read More
If a pending personal injury lawsuit has finally been resolved after you filed for bankruptcy in Illinois, you may be wondering what happens to your award or settlement. Fortunately, you can protect certain property through bankruptcy exemptions. Personal Injury Settlement Exemptions According to Illinois bankruptcy law, a debtor can exempt up to $15,000 in personal injury recoveries. The law also…Read More
Whether you file for Chapter 7 or Chapter 13 bankruptcy in Illinois, homeowners may benefit from the state’s homestead exemption, which protects equity in your home. What Is The Homestead Exemption? The homestead exemption is applicable to both real and personal property that you claim as a residence, from houses and condominiums to mobile homes and shares in a co-op.…Read More
If you believe that bankruptcy is the best option to finally overcome your massive debt, then you must first meet with an experienced and knowledgeable attorney to figure out if bankruptcy is the best course of action. In order to obtain the best possible advice, you must prepare for your initial meeting with a lawyer. Do Not Feel Embarrassed Or…Read More
