Illinois bankruptcy lawyerA 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

Posted in Bankruptcy | Tagged , , , ,

McHenry County divorce lawyerDivorce 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

 

Posted in Divorce | Tagged , , , ,

McHenry County bankruptcy lawyerThe 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

Posted in Bankruptcy | Tagged , , , ,

Illinois divorce lawyersDivorce 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/2017/jan/09/divorce-day-business-protected-spouse-marriage-breakdown

Posted in Divorce | Tagged , , , , ,

McHenry County bankruptcy attorneyThe 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.

By filing for bankruptcy, these old bills are discharged. As long as you do not incur any new debts, the negative action on your credit report will generally stop. Further, as the bankruptcy starts to age, it will start to have less and less of an impact on your credit rating. So, essentially, while you may be starting from a low score (especially if you have been dealing with debt problems for a while), bankruptcy can give you the chance to start turning things around.

Ways to Rebuild Your Credit After Bankruptcy

There is no one “right” way to rebuild credit after bankruptcy. In fact, there are many avenues you can pursue. You can apply for a credit-builder loan with your bank or credit union, take out a secured credit card, or simply wait until some time has passed before applying for a regular credit card. Keep in mind, though, that you must also be careful. There are scams out there that will attempt to take advantage of you after you file. Opt instead for reliable institutions, such as your bank or credit union, or well-known companies.

Being Responsible with Your Debt

A large percentage of people who file for bankruptcy never intended to default on their debts. In fact, many could afford the credit at the time they secured it. Then they became ill, suffered an injury, or went through a divorce – life happened. No one can really blame you for that, and filing for bankruptcy does not make you irresponsible. However, it is still important to suggest that you take things slow as you rebuild your credit. Add things in only as you can handle them, and try to avoid getting in over your head. Create and stick to a budget, manage your debt responsibly, focus on the future, but learn from your past.

Legal Assistance for Bankruptcy and Beyond

At the Thomas Law Office, we do more than just assist you through the bankruptcy itself. Committed to helping you get back on a healthy financial track, we take a personalized approach to every situation. In fact, we often combine divorce and bankruptcy services to assist those that are trying to forge a completely new path in life. For bankruptcy and beyond, contact our McHenry County bankruptcy lawyers for a consultation. Call 847-426-7990 today.

Source:

http://www.latimes.com/business/la-fi-montalk-20161030-snap-htmlstory.html

Posted in Bankruptcy | Tagged , , , ,

McHenry County family law attorneyEvery marriage is unique. Every couple’s beliefs, goals, and concerns are different. So, really, it only makes sense that, when suffering from irreconcilable differences, some will choose legal separation over the traditional divorce. This is not a “wrong” path. It is just different than divorce. Unfortunately, many couples are confused about those differences and are uncertain when it comes to deciding which option is most appropriate for their situation. The following information can help clarify the difference between legal separation and divorce, and may even give you some insight as to which path is right for you.

Legal Separation

Less extreme, and ultimately less permanent, a legal separation does not dissolve the marriage. It does offer certain benefits, however. For example, during a legal separation, couples can pursue a court order for child support, spousal support, and a determination of parenting time and allocation of parental responsibilities. In addition, legal separation can give couples time apart to decide whether or not they truly want to proceed with a divorce. Some find, after time apart, that their differences were merely situational. Others do eventually decide to move forward with a legal divorce. In either case, the parties are able to walk away, certain that they did everything they could to resolve the issues in their marriage.

Illinois Divorce

Unlike legal separation, divorce is a complete and legal end of the marriage. Generally, couples who pursue this option are fairly confident that they no longer wish to salvage their marriage. Some have tried legal separation. Others have pursued therapy or counseling. The rest simply know that the marriage is over. Whatever the case, they are ready to move forward with their lives, separately, with no legal ties between them (save for those that may exist through their children). Property, assets, and debt are divided equitably, and a determination of child-related matters are made. If spousal support and/or child support are necessary, these, too, will be factored into the divorce.

Still Not Sure Which Path is Right for You? Our Attorneys Can Help You Decide

Divorce and legal separation, though very different from one another, have their own set of nuances and complexities. It is important that you understand them before making any final decisions about how to proceed. An experienced attorney can serve as your guide, your sounding board, and your advocate, no matter which path you choose.

At the Thomas Law Office, we recognize that each marriage, divorce, and separation is different. We will give your case the personalized care it deserves and ensure you are well-informed about your options. Schedule a consultation with our McHenry County family law attorneys and get skilled assistance with your case. Call us at 847-426-7990 today.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=3700000&SeqEnd=5200000

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000

Posted in Legal Separation | Tagged , , , ,

Kane County bankruptcy attorneysBankruptcy gives you the chance at a fresh, new start, but it is up to you to ensure you make the most of that start. This means you have to do things different and ensure you protect yourself from unnecessary or excessive debt in the weeks, months, and years to follow. Bankruptcy counseling, which is required before and after bankruptcy, can help you obtain the skills and knowledge you will need to restart your credit and maintain it, long into the future.

Why Do I Need Bankruptcy Debtor Education?

The U.S. Bankruptcy Code mandates that you receive two types of bankruptcy counseling: credit counseling before you file, and debtor education after. Although they sound similar, they are actually quite different. Credit counseling examines your financial situation before bankruptcy to determine if a budget or repayment plan can help you avoid filing. Debtor education, done after you file, is designed to help you focus on building credit and healthy debt management practices. Failure to comply and complete either course could result in a denial of your bankruptcy discharge.

Finding a Debtor Education Course

Debtor education courses can be taken online, in person, or over the phone. Sometimes, credit counselors provide special packaging options if you obtain both courses through their company. If you wish to take advantage of their offer, or if you prefer to continue working with the same agency, you may obtain debtor education certification through the same company. However, debtor education and credit counseling must still be done separately.

Alternatively, you may choose any other provider that is certified with the United States Department of Justice (DOJ) and your local courts. This is critical because, without proper certification, your debtor education course will not be considered valid. A list of approved providers can be found on the DOJ’s website, or you can consult your attorney to find an approved debtor education provider in your area.

What to Expect During Debtor Education

Your debtor education course can help you learn how to efficiently save and manage money, use and build your credit wisely, make and follow a budget, and deal with financial crises. You will also learn how to set and reach financial or credit goals and how you can protect yourself from credit scams, including those involving fraud and identity theft. This information, though beneficial in developing a healthy relationship with your credit, should not be misinterpreted as legal advice. Debtor counselors are not attorneys, which makes them ill-equipped when it comes to advising their clients on complex legal matters.

If you are planning on filing for bankruptcy, the assistance of an experienced bankruptcy can be critical to the outcome of your case. The Thomas Law Office, offers both standard and complex divorce bankruptcy services to ensure you have the representation you need and deserve. Dedicated to your best interest, and your financial future, we proudly serve clients in Algonquin, Huntley, and Woodstock. Call 847-426-7990 and schedule your consultation with our experienced Elgin, IL bankruptcy lawyers today.

Sources:

http://www.uscourts.gov/services-forms/bankruptcy/credit-counseling-and-debtor-education-courses

http://www.hib.uscourts.gov/forms/packages/CreditCounselingDebtorEd.pdf

Posted in Bankruptcy, Chapter 13 Banruptcy, Chapter 7 Bankruptcy | Tagged , , , ,

Illinois child support services, McHenry County Family Law AttorneyThe Illinois Child Support Service division reports that almost half a million children in the state receive public assistance. Taxpayers are responsible for the non-payment of child support, picking up the slack for parents who do not hold themselves accountable financially for the care of their children. While this statistic is sad and unfortunate, the state thankfully has an organized, efficient system in place to address the needs of children and families who struggle with such circumstances.

The Purpose of State Child Support Programs

Due to the overwhelming need of single parents raising children with no support from the other parent, child support programs are utilized to ease the burden and ensure that children are properly cared for, safe and protected. Since the Illinois program began in 1976, the department has successfully collected more than 3 billion dollars for children in need.

Considering the fact that only 58 percent of all single-parent households actually have court orders for child support, 3 billion dollars in collection is a hefty achievement. What is even more staggering is that out of that 58 percent of households who have court orders filed, only half receive the funds due to them.

How Child Support Services Help Families in Need

Regardless of their income, residents of Illinois are eligible for financial support for their children. There is no law that requires applicants to be current public assistance recipients (nor must they apply for public assistance) in order to be approved for child support services. The Healthcare and Family Services’ Child Support division helps parents with a number of issues, including the following:

  • Locating an absent parent;
  • Paternity establishment via DNA testing;
  • Securing medical support for the child;
  • Wage withholding and interception of federal and state income tax refunds to guarantee support funds; and
  • Establishing support orders and managing any modifications to existing orders.

A number of actions can be taken to help prevent and eliminate the issue of non-payment all together. The division has the authority and the power to collect support through withholding benefits, placing liens on property and assets, and revoking or suspending personal and professional licenses. In some cases, bank accounts can be frozen, and the U.S. Department of State may even deny passport privileges to a parent who refuses to pay. Child Support Services work together with the Court and the state on your behalf to fight for and secure the assistance you need to care for your child.

Pursuing financial support for your family in the wake of a divorce, separation, or other circumstance can be messy; however, help is available and professional guidance can make all the difference in your case. Speak with a competent, experienced Kane County family law attorney or McHenry County family law attorney today to protect your rights and your family’s wellbeing.

Source:

http://childsupportillinois.com/customers/apply.html

Posted in Child Support, McHenry County Family Law Lawyer | Tagged , , , ,

retirees file bankruptcy, McHenry County Bankruptcy AttorneyRetirement is often considered a chance to sit back and relax—a long-awaited opportunity to spend time with your grandchildren, take a dream vacation, or busy yourself in the garden. However, your pension may not have gone as far as you had hoped, you were burdened with expensive medical bills, or perhaps you just fell on hard times. Sadly, this is all too common and countless U.S. seniors are grappling with overwhelming debt. Filing for a Chapter 7 or Chapter 13 bankruptcy, however, may be the answer.

According to the The New York Times, bankruptcy is a chance to hit the financial reset button. It is an opportunity to rebuild your life, and to ensure you leave behind money—not debt—for your grandchildren.

Protecting Your Assets 

In tough times, seniors may be tempted to spend their retirement assets. However, retirees risk a downward financial spiral from which they are very unlikely to recover. A better strategy may be to protect those assets by filing for bankruptcy.

When filing for bankruptcy, these assets are usually untouchable. Pensions, 401(k)s, individual retirement accounts, Social Security payments, and qualified profit-sharing plans are exempt from creditors. Moreover, seniors can also avoid losing their homes by using a homestead exemption which protects the equity of principal residence in a bankruptcy.

The choice between filing Chapter 7 or Chapter 13 bankruptcy is a decision that is best left to a professional. As a general rule, if you do not have many assets or a high income, then Chapter 7 bankruptcy is preferable. However, high-income filers typically opt for Chapter 13, which is a repayment plan.

Consider Your Options 

It is important to note that some of your income is still protected even without bankruptcy. Creditors who get judgments against you cannot take your Social Security income and are limited to taking 25 percent of your other wages.

If you are planning to file for either a Chapter 7 or Chapter 13 bankruptcy, please contact a knowledgeable and skilled McHenry County bankruptcy attorney. The Thomas Law Office brings more than 16 years of experience to every case, and we can help you avoid mistakes that could compromise your interests when filing for bankruptcy. Call 847-426-7990 to schedule your consultation.

Source:

http://www.nytimes.com/2015/05/14/business/retirementspecial/bankruptcy-can-help-seniors-protect-assets.html?_r=0

Posted in Chapter 13 Banruptcy, McHenry County Bankruptcy Attorney | Tagged , , ,

spy on your spouse, McHenry County Family Law LawyerWhen you feel that your marriage is over, you may be tempted to spy on your spouse. However, spying can be legally risky and may not even benefit you in the divorce. Therefore, it is important to know what the law says about spying on your spouse.

What Are You Hoping to Prove?

The most common reason for spying on a spouse is to uncover proof of his or her cheating. However, now that Illinois is a no-fault divorce state, whether your spouse is cheating or not will not affect allocation of parental rights, visitation, child support, spousal maintenance, or the division of property.

If your spouse is spending marital assets on someone with whom he or she is cheating, you should try and uncover how much is being spent. The same is true if your spouse is spending money on drugs or gambling. These actions may be considered dissipation of marital assets—your spouse is wasting marital assets on things that do not benefit the marriage, nor have you agreed to this spending. It is possible to get some or all of these funds back in a divorce.

Keeping Within the Law

You are permitted to access any accounts that are both yours and your spouse’s. However, it is illegal for you to secretly record phone calls or hack into your spouse’s social media or email accounts. A judge in a divorce may exclude evidence collected in this way and you could be criminally charged for your actions.

If your spouse has previously given you a password to an account, the law is unclear if it is legal for you to use it to spy on your spouse. If you believe your spouse is continuing to spend money inappropriately, your best move may be to file for divorce and seek a financial restraining order. This is a court order that limits what the money belonging to both sides can be spent on. Once you file for divorce you can also begin legal detective work by seeking financial records and documents through the discovery process.

If you are considering filing for divorce, or you believe your spouse may be filing for a divorce, you need to speak with a dedicated McHenry County family law lawyer. To arrange a consultation, call The Thomas Law Office today at 847-426-7990 to schedule a consultation.

Source:

http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

Posted in Divorce, McHenry County Family Law Lawyer | Tagged , , , ,