In Chapter 13 bankruptcies, debtors pay some or all of their debts over the course of either three or five years according to a repayment plan. In this article we will explain how Chapter 13 bankruptcy repayment plans work, define the different classes of creditors, explain how each class of creditor must be treated under the repayment plan, and explain how the length of the repayment plan is determined. For some foundational information about Chapter 13 bankruptcy, check out our previous articles: When to File a Chapter 13 Bankruptcy Rather than a Chapter 7 Bankruptcy and The Chapter 13 Bankruptcy Process Explained.
In a Chapter 13 bankruptcy, the debtor pays off some or all of his or her debt through a payment plan over the course of either 3 or 5 years. This is different from a Chapter 7 bankruptcy, in which the debtor’s assets are collected and used to pay creditors, while any remaining debt is immediately discharged. For more information about the differences between Chapter 13 bankruptcies and Chapter 7 bankruptcies, eligibility requirements for Chapter 13 bankruptcies, and the situations in which Chapter 13 bankruptcies are preferable to Chapter 7 bankruptcies, check out our article: When Does it Make Sense to File a Chapter 13 Bankruptcy rather than a Chapter 7 Bankruptcy.
In this article, we explain when it makes sense to file a Chapter 13 bankruptcy rather than a Chapter 7 bankruptcy. We will answer the following questions: (1) “what is the difference between a Chapter 13 Bankruptcy and a Chapter 7 bankruptcy?” (2) “when does it make sense to file a Chapter 13 bankruptcy rather than a Chapter 7 bankruptcy?,” and (3) “what are the eligibility requirements for a Chapter 13 bankruptcy?”
Guardian ad Litems In Illinois Adult Guardianship Cases Explained | Guardianship For Disabled Adults
This article is meant to explain the role of a guardian ad litem in an Illinois adult guardianship case. For some foundational knowledge about adult guardianship cases, check out our previous articles: Adult Guardianship in Illinois Explained and How to File a Petition for Adult Guardianship in Illinois.
Adult Guardianship proceedings are court cases whereby an individual is appointed to be responsible for the personal care and management of the finances of an adult who is mentally incompetent. In order to initiate an adult guardianship proceeding in Illinois, the person seeking to be appointed as guardian must file a Petition for Guardianship with the appropriate court.
The goal of this article is to explain how to prepare and file a petition for adult guardianship in Illinois. For a broader overview of the adult guardianship process, check out our previous article: Adult Guardianship in Illinois Explained.
In this article we will explain the Illinois appeals process. We will discuss what types of orders can be appealed, deadlines for filing appeals, how the appeal filing process works, what happens in an appeal once the case is filed, what actions the appeals court may order, and what your options are if you lose on appeal. Let’s start with a quick overview of the Illinois appeals system.
In this article we will explain the expected changes to Illinois spousal maintenance law for 2018. On July 28, 2017, the Illinois General Assembly passed House Bill 2537, which, if signed by Governor Rauner, will change the way maintenance payments in divorce work in Illinois. HB 2537 proposes to modify Section 504 of the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/504), which deals with Illinois spousal maintenance payments, also known as alimony. This is expected to be signed into law and to go into effect in either January or July of 2018. For additional knowledge about how maintenance works in Illinois, you can check out our article, Illinois Spousal Maintenance Explained.
Why Should I Hire a Residential Real Estate Attorney in Illinois? | Top 5 Reasons to Hire an Attorney for Illinois Residential Real Estate Purchases
Buying or selling a home is an intricate process. Although Illinois law does not require a real estate attorney to be present at closings, hiring an attorney when buying or selling your home is almost always a wise decision.
In this article, we will discuss the top 5 reasons you should hire a real estate attorney for Illinois residential real estate transactions:
(1) Your real estate attorney will make sure that the deal is fair to you and potentially save you money:
Guaranteed Maximum Price Construction Contracts Explained | What Are Contingencies & Allowances In Construction Contracts?
This article explains the basics of “Guaranteed Maximum Price” construction contracts, including an explanation of contingencies and allowances, two common components of these types of contracts. For a broader discussion on general contractor agreements, check out our article: General Contractor Agreements Explained.
In that article, we describe different types of pricing structures that can be used in general contractor agreements. One of the most common price structures is for the owner to pay the contractor the cost of work plus the contractor’s fee.
The purpose of this article is to explain the rights and remedies under Illinois law afforded to minority shareholders of Illinois corporations and LLCs. Let’s start by defining the terms “minority shareholder” and “closely held corporation.”
What is a Minority Interest in a Corporation or LLC Under Illinois Law?
A minority interest in a Corporation or LLC is a shareholder of a corporation or a member of LLC who does not control the operations of the business. In practice, a minority shareholder is generally anyone who owns less than 50% of the shares of the company, and therefore does not have voting power over the company’s decisions.
In this article, we will explain the difference between a DUI charge and an aggravated DUI, what factors lead to an aggravated DUI, and the penalties for different types of aggravated DUIs. For some foundational information you can click here to learn more about Illinois DUI Law generally: Illinois DUI Law Explained; and check out our article on What to Do if You Are Pulled Over for a DUI in Illinois.
If you are the executor or administrator of an estate, there are several different tax forms that you may be required to file on behalf of the decedent (the person who passed away) and the decedent’s estate. The purpose of this article is to explain the different types of federal and Illinois state taxes you may need to file when a loved one passes, and explain under what circumstances each is required.
The purpose of this article is to explain Form I-130, the Petition for Alien Relative, as well as to describe some changes to Form I-130 that occurred in 2017. Form I-130 is used by American citizens or permanent residents to sponsor a relative’s the Visa petition. It establishes the familial relationship between the U.S. citizen or permanent resident and the person seeking a Visa, as well as the citizen's or resident’s intention to assist the non-resident in immigrating to America. Form I-130 is a prerequisite to familial Visa petitions. The Visa petition itself is filed as a separate form (Form I-485).
In this article, we will discuss the top 5 reasons that you should have an estate plan when you have minor children in Illinois.
Naming a Guardian: The most important concern for most families with minor children is usually naming a legal guardian to be responsible for raising your children should both parents pass away or become mentally incompetent. Most people will name successor guardians to act if the initial choice for guardian is unable or unwilling to act. Guardians are named through a will. Click here to learn more about naming guardians for minor children.
In this article we will explain under what circumstances a parent can be required by an Illinois court to pay child support for a child’s college expenses and other educational expenses after the child is no longer a minor.
Child support is generally required in Illinois for children of separated parents until the child either reaches the age of 18 or graduates from high school. However, Illinois courts also have the discretion to award child support after the child has reached the age of majority for multiple reasons, including providing for the adult child’s education.
The purpose of this article is to explain Illinois court ordered parenting classes and answer some of the most frequently asked questions regarding parent education.
Supreme Court Partially Lifts Injunction On Revised Trump Travel Ban | Illinois Immigration Law 2017
On June 26, 2017, the Supreme Court agreed to hear oral arguments over President Trump’s revised travel ban. Oral arguments will be held in the session that begins in October of 2017. In the meantime, the Supreme Court has partially lifted the lower courts’ preliminary injunctions that had prevented the travel ban from going into effect.
Trump issued the initial travel ban as an executive order which prevented individuals from Iran, Libya, Somalia, Sudan, Syria, Yemen and Iraq from entering the United States for 90 days. The executive order also prevented refugees from entering the U.S. for 120 days. The 9th Circuit Court of Appeals upheld a lower court’s ruling preventing this initial ban from going into effect.
On August 12, 2016, Governer Rauner signed into law Public Act 99-0764, which will change the manner in which Illinois divorce courts calculate child support. The law will be effective on July 1, 2017 and will modify two sections of the Illinois Marriage and Dissolution of Marriage Act ("The IMDMA"), specifically 750 ILCS 5/505 and750 ILCS 5/510.
According to the current child support law, which you can read about here, courts are directed to award as child support certain minimum percentages of the non-custodial parent's net income, regardless of the income of the custodial parent. The new law replaces these minimum guidelines with an "income shares" model, which is already in use in most other states.
As we explain in our article Changes to Illinois Child Support Laws for 2017, effective July 1, 2017, Illinois is reforming its child support laws. Under the former law, the amount that an obligor parent was required to pay in child support was based simply on the obligor’s income and the number of children involved.
Under the new “income shares” model for calculating Illinois child support, the total amount of child support for which the parents are jointly responsible is calculated based on the combined net income of both parents. Once this number is determined, each parent’s share of the responsibility for providing that amount of child support is calculated based on the net incomes of the parents relative to one another.
This means that, unlike the previous law, the new child support law takes the income of the recipient of the child support into account when determining the amount of the obligor parent’s child support obligation.
In cases in which probate is required, the executor of the estate or the next of kin cannot take the actions necessary to administer the estate without the authority granted by the probate court.
If you are not sure whether probate is necessary, you can check out our article: When is Probate Required in Illinois?
Probate is a complicated process that requires executors to prepare forms, meet deadlines, keep records, generate reports, submit filings to the court, and serve notices to creditors, heirs and local newspapers.
In this article we will explain everything you need to know about Illinois custodianships and the Illinois Uniform Transfers to Minors Act.
What is a custodianship?
The Illinois Uniform Transfer to Minors Act (760 ILCS 20, et. seq.) allows one to transfer property to a minor, subject to the management of a custodian. A custodianship in Illinois is a relationship whereby an adult is given the power to manage a particular piece of property on behalf of a minor until the minor reaches age 21. The transfer is an irrevocable gift, and the minor receives legal title to the custodial property. The minor’s guardian will have no authority with respect to the property.
What is a Trademark?
A trademark is any word, symbol, or other device used to distinguish a business’ products or services from those provided by others.
What Law Governs Trademarks?
Trademarks are governed by both state and federal law. The Trademark Act of 1946 (15 USC 1051, et. seq.), also known as the “Lanham Act,” is the operative federal statute. On a state level, trademarks are governed by each state’s trademark, unfair competition, and deceptive trade practices statutes. The operative statutes in Illinois are the Trademark Registration and Protection Act (765 ILCS 1036/1, et. seq.), the Counterfeit Trademark Act (765 ILCS 1040/0.01, et. seq.), and the Consumer Fraud and Deceptive Practices Act (815 ILCS 505/1, et. seq.)
In this article we explain how to move a corporation or LLC and wish to a different state. There are several different options for accomplishing a corporate relocation depending on your business goals, we describe each in detail.
What should you consider if you have received a notice of disciplinary proceedings against your professional license?
In Illinois, professional licensure is overseen by theDepartment of Financial and Professional Regulation (“IDFPR”). Consequently, the IDFPR oversees all aspects of licensing from testing requirements down to discipline. Hopefully, most licensed professionals deal with the former and not the latter; but what should you consider when you receive a notice of discipline from IDFPR?
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O’Flaherty Law is based in Downers Grove, Elmhurst, and Naperville, Illinois. Our team has expertise in many areas of law including but not limited to bankruptcy law, business & corporate representation, civil litigation, criminal defense, estate planning, divorce & family law, immigration; probate, guardianship & elder law; and real estate law. If you have any questions or would like to schedule a free consultation, please e-mail us at email@example.com or call us at (630)324-6666.
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O'Flaherty Law has experience in legal services in the following legal practice areas: estate planning and probate; featuring wills and trusts, powers of attorney, living wills, estate tax avoidance and probate practice; real estate law; featuring commercial and residential sales and leases, foreclosure defense, short sales, REO closings and consent foreclosures, mechanic's liens and landlord and tenant disputes; family law; featuring divorces, child custody, child support, paternity, adoption and orders of protection; criminal law; featuring DUI, traffic and criminal defense; business representation; featuring entity selection, incorporation and s-corp election, bylaws and operating agreements, annual reports, annual meetings of shareholders, employment agreements, handbooks and warning and termination letters, business contracts, independent contractor agreements, trademarks and copyrights, regulation and licensing compliance and dissolution and mergers; business and personal bankruptcy; featuring Chapter 7, Chapter 11 and Chapter 13 cases; litigation; featuring commercial contract and tort law, employment and labor law, personal injury and collections; and immigration law.
Located in Downers Grove, Illinois, O'Flaherty Law serves DuPage County, Dekalb County, Will County, Cook County, Lake County, Kendall County, Kane County, McHenry County Winnebago County in Illinois, as well as the following cities: Wheaton, Naperville, Woodridge, Downers Grove, Darien, Willowbrook, Westmont, Lisle, Oak Brook, Warrenville, Glen Ellyn, Aurora, North Aurora, Batavia, Geneva, St. Charles, Lemont, Joliet, Bolingbrook, Plainfield, Crest Hill, Lake Forest, Lake Bluff, Northbrook, Highland Park and Chicago.
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