Chicago Attorney Steven J. Grace

Deficiency Judgments in Illinois: A Guide for Homeowners

Facing foreclosure is a complex and emotionally charged experience. The potential for a deficiency judgment after the case has finished adds another layer of stress and financial uncertainty. This comprehensive guide explores deficiency judgments in Illinois, empowering homeowners with knowledge and options as they navigate this challenging situation. Understanding Deficiency Judgments: Key Considerations for Illinois […]

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What Are Reaffirmation Agreements?

Reaffirmation Agreement / Steven J. Grace

Reaffirmation agreements are like a deal you make during Chapter 7 bankruptcy. Normally, when you file for Chapter 7, it cancels out your old contracts, giving you a fresh financial start by wiping out debts. But sometimes, you might want to keep certain things, like your car. So, you decide to keep paying a debt,

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What Does a Chapter 7 Trustee Do?

Trustee / Steven J. Grace

In Chapter 7 bankruptcy, a court-appointed trustee plays a crucial role in overseeing your case and maximizing what your creditors receive. While you might picture a judge presiding over your affairs, the trustee will actually be your primary point of contact and handle various tasks. The trustee is an attorney that has been appointed by

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Understanding the Role of a Chapter 7 Trustee in Bankruptcy Cases

Trustee / Steven J. Grace

In the intricate landscape of bankruptcy proceedings, the role of a Chapter 7 trustee holds significant importance. Tasked with overseeing the liquidation of assets, ensuring fair distribution to creditors, and maintaining the integrity of the bankruptcy process, Chapter 7 trustees play a pivotal role in the bankruptcy system. Appointment and Qualifications: Chapter 7 trustees are

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Common Types of Bankruptcy Fraud

Bankruptcy / Steven J. Grace

The bankruptcy system provides a platform for individuals and businesses to reorganize their financial affairs, offering a fresh start through either restructuring or equitable distribution of assets among creditors. While the system relies on debtors’ transparent disclosure, instances of fraud, involving tactics such as concealing assets or making false statements, can compromise its integrity. This

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Common Mistakes to Avoid Before Declaring Bankruptcy

Bankruptcy / Steven J. Grace

Filing for bankruptcy is a big financial decision that should be taken seriously and is usually a last resort. It’s important to understand some simple things before you go through with it. From where I stand, these mistakes are surprisingly common, and the sad part is, they are all preventable. Planning ahead is key to

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image of mother bird protecting hatchling

Protecting Tax Refunds in Bankruptcy: Chicago Attorney’s Guide

Bankruptcy, Tax Refunds / Steven J. Grace

As tax season approaches, individuals looking to file bankruptcy in Illinois must carefully consider the impact of their tax refunds on the bankruptcy process. This blog post will guide you through some of the strategies I have learned for protecting tax refunds in both Chapter 7 and Chapter 13 bankruptcy, offering insights to safeguard this

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Trapped in a Payday Loan DebtCycle? Get Help & Find Financial Freedom in Chicago

Bankruptcy, Payday Loans / Steven J. Grace

Introduction In times of financial distress, I have seen many individuals turn to payday loans as a quick solution to meet immediate expenses. Unfortunately, these short-term, high-interest loans often lead borrowers into a cycle of debt that becomes increasingly difficult to escape. While Illinois law has taken significant steps to address predatory lending practices, payday

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Chicago Unpaid Parking Tickets and Bankruptcy

Bankruptcy / Steven J. Grace

As I know all too well, getting a parking ticket or red light camera ticket in Chicago can be stressful and confusing. Unpaid tickets can lead to serious consequences, including fines, booting, impounding, and even driver’s license suspension. This blog post will guide you through the basics of Chicago parking tickets and traffic camera tickets,

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image representing the timing of a bankruptcy filing

Timing Your Bankruptcy Filing: Lessons from the Trenches

Bankruptcy / Steven J. Grace

Life often throws curveballs, and sometimes those curveballs lead us into financial troubles. If you’re feeling overwhelmed by bills and the fear of losing your home, there’s a legal tool called “bankruptcy” that can serve as your lifeline. Think of it as a special “Get Out of Debt Free” card in the game of life,

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Author name: Steven J. Grace