When a people file for bankruptcy, they are required to include all debts, regardless of the amount of money owed, to whom it is owed, and regardless whether the property securing the debt is needed for their livelihood. But, what if the debtor wants to keep possession of the property securing the debt? In those…
Details
Just as April showers bring May flowers, every new month brings a new obligation to pay rent. The difference, presently, is we are all under a shelter in place order that requires many businesses to change operations, often resulting in decreased revenue; some businesses need to close entirely; many employees now must work from home;…
Details
One of the most common questions that people ask about lawyers is: How do I find the best lawyer? If you need a lawyer, for whatever reason, that is the right question to start your search. Choosing a lawyer should involve as much thought as buying a car. Lawyers are not cheap; people don’t choose…
Details
The Real Estate Settlement Procedures Act (RESPA) addresses escrow accounts and the amounts that a lender may hold for payment of the borrower’s real estate taxes, homeowner’s insurance, and other items. A lender may retain a cushion, but the amount of the cushion a lender can maintain is limited by Section 10 of RESPA. Following…
Details
What Exactly is Foreclosure? Foreclosure is a legal mechanism by which a lender files suit against the owner of the property for failure to pay back a mortgage note according to its terms. The lender is claiming the owner is in default, and is requesting that the balance of the mortgage be paid in full…
Details
If a debtor has substantial medical debt but knows that she will incur additional medical expenses (or other debts) soon, it may make sense to postpone filing for bankruptcy. The reason is that a bankruptcy case will only discharge those debts incurred as of the date the case was filed. By postponing the filing until…
Details
01 Paying Off Loans from Family Members Payments to family members are prohibited under the bankruptcy code and can be recaptured as far back as two years prior to the date of filing. This can have devastating consequences if the family member who loaned the money is desperately relying on the repayment. Whether the…
Details
We have a hard time keeping up with what all of us are doing. Just last week, Larry Lobb presented at the annual family law seminar, usually the largest seminar the Kane County Bar Association puts out every year for attorneys. And we neglected to say anything about it! In just two weeks, Larry Lobb…
Details
It is tough to make sound financial decisions when the creditors are breathing down your neck. You feel pressurized and consider taking drastic steps that might give breathe life into your finances, but they might also jeopardize your future ability to become debt free. Finally, after sorting all the options you have decided to file…
Details
Our country went through an economic crisis back in 2007 that is almost unprecedented since the Great Depression, the repercussions of which continue even today. We have never seen the volume of foreclosures and bankruptcies that have occurred since that time, and “we” are not out of the woods yet. Congress recently recognized that reality…
Details