Recent Blog Posts
How Long Can Spousal Maintenance Last After an Illinois Divorce?
When two people decide to legally end their marriage, it can dramatically change their lifestyle. If one spouse earned a high salary and the other partner stayed home to raise their children, for example, this can impact the divorce settlement. In Illinois, maintenance or spousal support, which was previously called alimony, refers to payments made by one spouse to the other after a divorce to allow both spouses to live at a standard similar to what they enjoyed while married. Typically, spousal support is awarded in cases where there is a significant difference between the spouses’ incomes. If a couple cannot come to an agreement on their own regarding spousal maintenance, the court may intervene. A judge will look at several factors when determining if this type of financial support is appropriate.
Am I Eligible for a Loan Modification in Illinois?
You may take out loans to purchase various items throughout your lifetime, such as a car, a house, or to pay for your child’s college tuition. A loan modification involves modifying the terms of an existing loan, typically to make it more affordable for you as a borrower who might be in danger of defaulting, sometimes due to a scheduled rate increase or a job loss. For instance, you might want to pursue this route to avoid foreclosure on your house. It is important to note that a loan modification is not the same as refinancing a mortgage. In certain situations, you may also be allowed to file for bankruptcy. By combining these efforts, or by simply electing one of these options, you may be able to keep your home by lowering mortgage payments, avoiding default, and obtaining a way out of debilitating debt. A skilled lawyer can help ensure you take the correct legal steps to secure a promising financial future.
COVID-19 Update
Below is a brief summary of the various COVID-19 programs available to individuals and businesses during this difficult time. This is simply to assist you in determining which program might apply to you. All of the information was gathered from other second-hand sources, so I did the best that I could to make it easier to wade through the vast amount of information out there. I hope this is some help to you.
Sincerely,
Colleen G. Thomas
U.S. Small Business Administration Economic Injury Disaster Loan
- Up to $2 million loan amount
- Only when determined by SBA that cannot qualify for a private loan
- Up to 4% annual interest rate (3.75% small businesses)
- Up to 30-year loan term
CARES Act Paycheck Protection Program
- Loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program
- Keep on the payroll for 8 weeks
Financial Stress During Illness May Negatively Impact Health
The 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.
https://consumer.healthday.com/cancer-information-5/mis-cancer-news-102/cancer-s-financial-burden-tied-to-poorer-survival-study-finds-707415.html
Divorce or Bankruptcy: Which Comes First?
You may not have imagined filing for divorce on your wedding day. However, in a world where, according to the CDC, nearly 44 percent of marriages end in divorce, more and more couples will have to navigate their way through this trying time.
Divorce alone can seem overwhelming, but you may find it is not your only challenge. Couples with debt may face certain financial concerns, especially those who are considering filing for bankruptcy.
Why Filing for Bankruptcy First Is a Good Idea
If you are filing for chapter 7 or chapter 13 bankruptcy, you may want to think about jointly filing before the divorce has finalized. This way, you will have a repayment plan or possibly dismissal of certain debts, which will help you plan your post-divorce finances.
Debts incurred during the marriage are the responsibility of both partners. If your ex files for bankruptcy and you do not, you could be liable for the debt. With that said, bankruptcy will not shelter you from alimony, eliminate student loans, or stop you from having to pay child support.
Divorce and Finances: What to Expect
Marriage and divorce are alike in that they usher in a number of changes for both spouses, many of which involve finances. Though marriage tends to offer more optimistic benefits, especially in regard to taxes and living with two incomes, the financial challenges of divorce can be more disconcerting.
Regardless of whether the marriage was young or old, you should plan your finances carefully before filing. Your budget should include legal expenses, possible relocation, and any adjustments that come with living on a single income. Spouses with children may face other monetary hurdles.
Seeking Out Professional Advice
Financial challenges should not dissuade you from consulting an attorney. A divorce lawyer may be able to help you avoid mistakes that could compromise your financial well being. According to the Women's Institute for Financial Education, failing to seek professional input is one of the most common mistakes divorcing spouses make.
How to Estimate Child Support Payments in Illinois
Splitting up a family is one of the most emotionally and mentally challenging aspects of a divorce. The process involves several life-changing decisions, such as choosing where the children will live and developing a child support arrangement.
Estimating Child Support Payments in Illinois
Each child custody and support case is unique. Different families can vary in income level and number of children. As a result, general advice may be helpful; however, it might not directly apply to your situation.
Also, divorce laws differ from state to state. In Illinois, laws concerning child support aim to find a solution that serves a child's best interests, according to the Illinois General Assembly. Child support amounts scale with the number of children. The more children, the more a non-custodial parent will likely have to pay.
When is Chapter 13 Bankruptcy a Better Option than Chapter 7?
Filing for bankruptcy—no matter which chapter you choose—can be a mentally exhausting process. For many Americans, though, bankruptcy offers an opportunity to regain financial independence and stop creditor actions.
In many cases, Chapter 13 bankruptcy is a smarter option than Chapter 7. For example, if you have fallen behind on business payments or your mortgage, Chapter 13 bankruptcy may allow you to maintain your property. Additionally, Chapter 13 bankruptcy may allow you to reinstate your original mortgage agreement if you can make the overdue payments within a specified period. In this way, Chapter 13 bankruptcy can put homeowners on the path to a debt-free life.
Generally speaking, people with valuable property that Illinois bankruptcy exemptions do not cover should consider filing for Chapter 13 bankruptcy. This chapter may also be ideal if your income is too high to be eligible for Chapter 7 bankruptcy.
Chapter 13 Bankruptcy: Is it a Smart Choice for Your Case?
Each year, thousands of Americans file for bankruptcy as part of their efforts to gain financial control. The bankruptcy process can give debtors a fresh start while also teaching invaluable lessons related to financial management. In many cases, debtors must choose between filing for Chapter 13 and Chapter 7 bankruptcies. Therefore, understanding the breakdown of Chapter 13 bankruptcy can help you decide if it is a smart option for your particular case.
What You Need to Know about Chapter 13 Bankruptcy
Chapter 13 offers debtors the opportunity to organize debt into a structured payment plan. According to Uscourts.gov, Chapter 13 applicants must meet certain criteria in order to be eligible.
First, applicants must have a steady income that will allow them to make payments according to the agreed upon schedule. In fact, debtors with a high income may not be eligible for Chapter 7 bankruptcy.
4 Factors That Could Jeopardize Prenuptial Agreements
Every couple fantasizes about a perfect life after marriage; however, reports indicate that nearly 44 percent of married couples in the United States divorce. For this reason, engaged couples may consider signing a prenuptial agreement to protect their finances in the event of divorce.
Like many other matters in marital law, prenuptial agreements come with a long list of complex considerations. In some cases, a seemingly minor mistake may render the contract void.
Four Factors that May Render a Prenuptial Agreement Invalid
1. One spouse signed the prenuptial agreement under coercion or duress.
According to the Illinois General Assembly, in order for a prenup to be legal, both spouses must have signed the document without duress or coercion. If one spouse can demonstrate that any threats—verbal, physical, or otherwise—convinced him or her to sign the contract, the prenup may be void.
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