I frequently receive inquiries about whether transferring a house into a friend’s name before filing for bankruptcy is a viable strategy. Beyond the severe risks of bankruptcy fraud, there are other crucial considerations. A Chapter 7 or Chapter 13 bankruptcy trustee has the authority to invalidate such transfers, potentially selling the property and distributing the […]
Fraudulent Conveyances and Bankruptcy Read More »
A wage garnishment, also known as a wage attachment or wage deduction, is Court order that instructs your employer to withhold a specific amount of money from your paycheck and send it directly to a creditor. In most cases, a creditor cannot garnish your wages without obtaining a court-issued money judgment first. For example, if
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Tenancy by the entirety offers married couples in Illinois strong protection for their homes, shielding the property from being sold to satisfy a judgment against only one spouse. While creditors can record a lien on a debtor spouse’s contingent future interest, such as the right of survivorship, this lien is unenforceable as long as the tenancy remains intact. However, creditors may assert claims against the property in probate if the judgment debtor predeceases their spouse. For those facing financial difficulties, bankruptcy often provides a more definitive solution, potentially removing liens and resolving debts efficiently while protecting the home.
Tenancy by the Entirety in Bankruptcy: Protecting Your Home in Tough Times Read More »
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We specialize in foreclosure and bankruptcy law, providing a lifeline in times of financial challenge.
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