Frankfort Law Group
Illinois residents please call 708-349-9333

November 2018 Archives

Do not ignore the importance of an estate plan in Illinois

For many Illinois residents, thinking about an estate plan is an unwanted acknowledgement that life is finite. It is not something they want to consider, let along act upon. However, failure to have even a basic estate plan is a mistake that will have far-reaching ramifications for a person's family. This is avoidable by making sure the strategies for an estate plan are adhered to. Discussing the benefits of drafting estate planning documents with a law firm that specializes in these matters can put a person's mind at ease and prepare for the future.

What is non-marital property in Illinois property division?

When an Illinois couple prepares to get a divorce, there are many issues that will be in dispute. Obviously, at the forefront will be children, custody and parenting time. Spousal support will be an important consideration as well. As with any marriage, there will be property that the couple owns. This can be a topic for rancor and disagreement. As they move forward to part ways, it is inevitable that there are items that both sides will want. Understanding what is marital property and non-marital property is key as this is often the determinative factor in who gets what. Marital property is that which the parties acquired after they were married. This includes any debt or obligation.

The personal bankruptcy discharge and creditor objections

Frankfort residents who are drowning in debt and do not know where to turn should consider the advantages of personal bankruptcy. Before moving forward with the process, however, it is vital to understand certain aspects of it and if it is a viable alternative. For many, there could be a misplaced belief that the filing will automatically result in the debts being discharged. That is not always the case. Creditors can object to the discharge. Knowing the facts about these issues is imperative to a successful filing or finding another way to get out of debt if personal bankruptcy is not possible.

Personal loans becoming more common, can lead to debt problems

People can quickly become overwhelmed with debt. Sometimes finances become tight when a job is suddenly and unexpectedly lost. In other instances, the onset of a serious medical condition leaves a family struggling to get by. There are some debt options that may help prevent one from becoming overwhelmed, but even these options pose financial risks.


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