Frankfort Law GroupFrankfort Law Group2024-03-18T17:35:08Zhttps://www.frankfortlawgroup.com/feed/atom/WordPress/wp-content/uploads/sites/1604428/2020/07/cropped-Frankfort_V2-512-ICON-32x32.pngOn Behalf of Frankfort Law Grouphttps://www.frankfortlawgroup.com/?p=484602024-03-18T17:35:08Z2024-03-18T17:35:08ZHow do you know if it’s time to file for bankruptcy?
There are several signs that it might be time to consider pursuing personal bankruptcy. Here are some that you should consider:
You can’t make your minimum payments: If you can’t stay current on minimum payments for credit cards, your mortgage, or medical debt, then you’re bound to be hit with a revolving door of late fees and collection fees. This will just dig you deeper into the hole, making it even harder to get out of it.
You’re picking which bills to pay: To be financially secure, you have to pay all of your bills each month and on time. If you’re funds are regularly depleted to the point that you have to pick and choose which bills you’re going to pay each month, then you’re going to quickly fall so far behind that you can’t catch up.
You’re being harassed by creditors: When you get behind on your bills, creditors are going to start calling you, perhaps even to the point of harassing you. You can bring all of that to a stop by filing for bankruptcy. So, if you’re tired of dealing with collectors, then it might be time for you to consider filing a bankruptcy petition.
You’re pulling retirement funds to pay your bills: When you file for bankruptcy, you get to exempt certain property, including your retirement savings. If you pull from your retirement funds to try to pay off bills that are consuming your finances, then you’re throwing that money away. You might be better off filing for bankruptcy and protecting your assets through the bankruptcy process.
You’re selling your assets to try to cover your debt: Again, some of your personal property is exempt through the bankruptcy process. If you’re selling those assets to try to cover your debt, then you’re unnecessarily cutting yourself short.
You’re subjected to high interest rates: The longer you struggle to pay off high interest debt, the more you’re likely to fall behind and waste your hard-earned assets on paying off insurmountable debt. It’s okay to admit that you can’t get ahead and save as much of your money as possible.
Do you want to learn more about what bankruptcy can do for you?
If after reading this post you think it’s time to think about bankruptcy, then now is the time to start educating yourself about the process further. By doing so, you’ll take the mystery out of it, which can provide comfort and peace of mind. It can also dispel some of the common misconceptions about bankruptcy.]]>On Behalf of Frankfort Law Grouphttps://www.frankfortlawgroup.com/?p=484522024-02-19T22:05:44Z2024-02-19T22:05:44Zalso sometimes called maintenance.
Before you start running calculations about what you want to receive or might be expected to pay, it is helpful to understand these types and what they mean.
Temporary spousal support or alimony
Temporary spousal support is an amount of money awarded to a spouse while a divorce is pending.
The purpose is to help a spouse get back on their feet financially by covering their living expenses while the spouses are living separately and until the divorce is finalized. Temporary spousal support or alimony ends once the divorce becomes final.
Fixed-term spousal support or alimony
Fixed-term spousal support is an amount paid for a set time frame. Unlike temporary spousal support or alimony, these payments do not end when the divorce is final, but at a time set by the court.
The purpose is to allow a spouse time to become financially independent. This type of alimony or spousal support is usually awarded in situations involving a spouse who gave up a career to take care of children or educational opportunities because they lived off their spouse’s income.
Reviewable spousal support or alimony
Some situations are less certain. A spouse may need spousal support or alimony but the circumstances may justify not putting a set time for the payments to end.
This is when reviewable spousal support or alimony may be ordered. These payments are regularly reviewed by a court to determine if they are still necessary.
The goal with reviewable payments is the same as for a fixed-term award, which is to give the receiving spouse time to allow them to become financially self-sufficient.
However, reviewable may be more appropriate where there is not a clear-cut path for this to happen when other factors, such as children, could interrupt the timeline of meeting educational or career goals.
Permanent spousal support or alimony
Permanent spousal support or alimony continues for the remainder of the receiving spouse’s lifetime. This is only awarded in marriages that lasted 20 years or longer and the court could order payments to continue only for a time equal to the length of the marriage.
Even if you meet the criteria for permanent spousal support or alimony, it is rare for it to be awarded today.
How payments are made
Alimony or spousal support can be paid through small, regular payments or as a one-time payment, known as lump sum alimony. What payment structure is best usually depends on your specific situation.
The type and amount of spousal support or alimony awarded depends on statutory guidelines regarding calculations and various other factors.
No matter what type of spousal support or alimony a court awards, it can be terminated in certain situations. Some of these include when the recipient remarries, starts living with a new partner or has a new, substantial change in their circumstances which causes the payments to no longer be necessary.]]>On Behalf of Frankfort Law Grouphttps://www.frankfortlawgroup.com/?p=484482024-01-16T22:22:00Z2024-01-19T22:19:22ZTruck accidents increased from 2020 to 2021
Unfortunately, recent statistics show that truck accidents continue to be a problem. Over half a million large truck accidents occurred in 2021, which was a 26% increase from 2020.
Data also revealed that semi-trailer trucks are the most likely to be involved in an accident and fatal truck accidents are more likely to happen in rural areas.
Some suggested reasons for this include the fact that rural areas are often darker, which can lead to truck driver fatigue. Additionally, truck drivers could be more likely to speed in rural areas because they have less traffic.
There are many common causes of truck accidents that you should know about. Being aware of these causes can help you stay safe when you drive around trucks on the road.
Distracted and drowsy driving
Distracted driving is one major cause of truck accidents. Just like other drivers, truckers are susceptible to distractions, which come in many different forms.
Using a phone, adjusting a navigation system, eating, drinking or personal grooming are all forms of distracted driving. Since they spend more hours on the road than the average driver, it can be much more difficult for truck drivers to not engage in distracted driving.
Know the signs of a distracted truck driver. Driving at varying speeds or veering into another lane or off to the side of the road are signs that a truck driver might be distracted.
These are also signs of drowsy driving, which is another common cause of truck accidents. Driving for many hours at a time causes most people to become sleepy.
Although truck drivers are required to take regular meal and rest breaks, they are also subject to strict deadlines, which could lead to skipping these breaks to stay on schedule. The result is a drowsy truck driver behind the wheel, which puts all other drivers on the road in danger.
Weather conditions
Poor weather, especially in the winter, makes it tough for truck drivers to control their vehicles and see the road around them.
Truck drivers should be driving slower than other vehicles in any weather, but this is particularly important in bad weather. Speeding is commonly reported as a factor in truck accidents.
The best way to avoid a truck accident is to stay away from trucks. Do not tailgate them or drive side by side with them. Give them plenty of room when you are passing them. When they pass you, slow down and let them go by.
Rarely do people walk away from a truck accident with minor injuries. The injuries are usually major, resulting in costly medical treatment and time off from work.
Truck drivers and trucking companies should be held responsible for their behavior when it causes an accident. You have legal options when it comes to holding them accountable.]]>On Behalf of Frankfort Law Grouphttps://www.frankfortlawgroup.com/?p=484472023-12-28T12:31:49Z2023-12-28T12:31:49ZChapter 7 or Chapter 13 bankruptcy petition, then you can secure more manageable debt payments and even rid yourself of overwhelming debt. That probably sounds good to you, but if you’re like most people, then you’re also worried about the long-term impact that bankruptcy can have on your life. But is the process really going to put you in a bad position moving forward?
No. As we’ve discussed previously on the blog, there are exemptions that you can utilize to ensure that you have access to resources once your bankruptcy is finalized. In other words, you’re not going to be forced to start over from scratch. But there are other steps that you can take to rebuild after bankruptcy. Let’s take a closer look.
How can you rebuild after a personal bankruptcy?
After bankruptcy, you might not know where to start when it comes to rebuilding your wealth, your access to credit, and your financial security. But here are some tips that can help you get started:
Put money aside: A lot of people who find themselves facing bankruptcy wind up in that position because they’re hit with emergency expenses at a time when they have inadequate savings. You can try to head that situation off by tucking money aside for an emergency fund. By making saving part of your financial habits, you’ll slowly accumulate a significant amount of financial resources over time.
Create and stick to a budget: A post-bankruptcy budget can serve as a kind of roadmap to help you navigate life while remaining financially stable. It’ll also help you identify areas where you can cut costs and increase your income. Just be realistic and honest when you create your budget, otherwise creating it will be a waste of time.
Rebuild your credit: It’s true that your bankruptcy is going to remain on your credit report for a significant time to come. But that doesn’t entirely prevent you from rebuilding and gaining access to the credit that you want. You can start by taking out a secured credit card that’s backed by collateral, or by having someone you trust co-signing on the loans that you need. Just make sure that you don’t take on balances that are too large.
Make all payments on time: If you have monthly payments on a loan, make your payments in full and on time. By doing so, you’ll slowly build your credit so that lenders can see that you’re a responsible and trustworthy borrower.
Remain stable: Job hopping and constantly moving won’t look great on your credit report. Therefore, you’ll want to try to stick with your job and avoid frequent moves. This will demonstrate to creditors that you’re capable of maintaining a steady stream of income.
Don’t be scared out of seeking the bankruptcy relief you’ll need
Although there’s some work to be done to rebuild your credit and your financial health after a successful bankruptcy, the benefits of the process far outweigh any obstacles that you might have to overcome. After all, bankruptcy can shed you of debt that you’ve spent years, in some cases decades, to try to get rid of.
It’s understandable if you’re feeling nervous about the process. But by reading up on what the bankruptcy process entails and looks like, as well as what it can and can’t do for you, you’ll calm your fears and give yourself confidence to make the decision that’s right for you.
]]>On Behalf of Frankfort Law Grouphttps://www.frankfortlawgroup.com/?p=484462023-12-04T19:31:39Z2023-11-17T19:28:51Zwhat the law says regarding a relocation so they are prepared to address the situation.
What if a custodial parent is planning to relocate?
Since the custodial parent choosing to relocate is considered a substantial change in circumstances, they are required to inform the other parent of their intention and do so in writing with 60 days’ notice. In an emergency, the 60 days do not apply and they must inform the other parent as soon as they can.
The other parent must be told when the move is going to take place; where they will live; and how long the relocation is intended to last. The court can scrutinize the decision to move to ensure it is done in good faith. Some parents might try to relocate due to lingering animosity with the other parent and the move is being done to negatively impact the relationship between the non-custodial parent and the child.
It is possible that the other parent will simply agree to the relocation. They will then sign the notice and it can proceed. When the non-relocating parent chooses to object or they cannot agree on the necessary changes to the parenting time agreement, then the relocating parent will need to file a petition with the court to get approval.
Just as it did when it formulated the original parenting plan, the new template will be based on the child’s best interests. The court will need to know why the parent is relocating; why an objection is being lodged; the type of relationship the parents have; if there was interference between a parent and the other parent’s relationship with the child; if there is extended family in the new location; how the child will handle the relocation; if the child is old enough and mature enough to state a preference; and if it is possible the move will hinder the connection between the non-custodial parent and the child.
Parents need to be protected and know their rights
A divorce and a child custody and visitation plan does not necessarily mean the case is over. Just as it was important to be fully prepared for the initial case, it is also wise to be ready for the inevitable obstacles that can come up with custody and visitation, particularly if a custodial parent wants to relocate.
Along with the emotional aspect of a parental relocation, it can be burdensome financially. The relocating parent could be doing so to be closer to their own family, for a job or to receive an education. The non-custodial parent might have fears about not having the same level of access to the child they did before.
It is possible that the parents can amicably negotiate an arrangement to make sure the relationship is maintained. If they cannot, they will need court intervention. Regardless of the circumstances, parents need to put the child’s needs and the forefront and consider their options to reach a reasonable agreement. This is a fundamental part of any family law case.
]]>On Behalf of Frankfort Law Grouphttps://www.frankfortlawgroup.com/?p=484042023-10-20T08:42:51Z2023-10-20T08:42:51ZBankruptcy types and their impact
Unforeseen triggers can disrupt even the most well-organized households. Sudden medical bills, unexpected job loss or growing debts can lead a seemingly stable family on the brink of bankruptcy. These unexpected factors underscore the need for a strong financial safety net. However, the type of bankruptcy you are eligible to file can significantly influence your estate planning strategy.
Chapter 7 bankruptcy: Liquidation with precision
If you file for Chapter 7 bankruptcy, your nonexempt assets may be sold to pay off creditors. To safeguard your family's future, estate planning can focus on exempt assets, like your primary residence or retirement accounts, which remain protected. This means your loved ones can still inherit these assets even in the face of bankruptcy.
Chapter 13 bankruptcy: Reorganization for security
In Chapter 13 bankruptcy, you work out a repayment plan with creditors. Estate planning can help structure your assets in a way that supports this plan. For instance, creating a trust can ensure that your family keeps ownership of specific assets while adhering to the repayment terms.
Planning for a secure tomorrow
Life is unpredictable, and sometimes, financial difficulties can push us to consider bankruptcy. In such challenging times, estate planning becomes a vital tool to secure your family's future. By considering the impact of bankruptcy on your assets and choosing the right strategies, you can preserve your family's legacy. It is about preparing for the unexpected, no matter what financial challenges you face.]]>On Behalf of Frankfort Law Grouphttps://www.frankfortlawgroup.com/?p=484052023-10-18T16:59:04Z2023-10-18T16:59:04ZLiquidation bankruptcy
Chapter 7 provides a very powerful and fast way to get out of debt. However, one of its drawbacks is that it requires you to lose some of your assets. For this reason, it is sometimes known as a liquidation bankruptcy.
When you file for bankruptcy, a trustee takes over control of your nonexempt property and decides how to satisfy your creditors by selling it off.
Exempt property
Under Illinois' bankruptcy exemptions law, certain types of property are exempt from the trustee's process, meaning that you get to keep them. The types of property involved are mostly the kinds of things you will need to maintain a place to live and keep your job. And so, typically, you can keep your clothing, furniture, houseware and many other types of personal property.
Pensions and certain kinds of public benefits are exempt, as are some kinds of insurance benefits. Up to 85% of your wages are exempt.
There's also something known as a wildcard exemption which allows you to exempt up to $4,000 in property that doesn't fit under other exemptions.
For more expensive types of property, the exemptions are more complicated. For example, the exemptions allow you to keep some equity in your car. The equity in your car consists of the difference between what you paid for it and what you owe on it. If you're filing individually, you can keep your car's value up to $2,400. If you are filing as a married couple, you can keep $4,800. Depending on how much you owe on your car, this exemption may allow you to keep it.
The homestead exemption is even more complex. It allows you to keep up to $15,000 in equity in your home (twice that amount for married couples). Depending on how much you owe on your home, you may be able to use this exemption to keep your place of residence.]]>On Behalf of Frankfort Law Grouphttps://www.frankfortlawgroup.com/?p=484062023-10-13T19:04:48Z2023-10-13T19:04:48ZSocial media is a huge part of life. Through social media platforms like Instagram, Facebook, X and others, we touch base with family and friends, meet new acquaintances and do business. But while social media might be a great platform for keeping in touch with the people in our cycles, its use while dealing with a legal matter like divorce can be detrimental.
If you are going through a divorce, it is in your best interest that you limit your social media activity. Here are two reasons why this is important:
Pictures speak louder than words
Photos are a wonderful way to give the world a glimpse of your life. However, posting some photos on social media while you are in the middle of a divorce is a big no. Even what seems like an innocent photo of you partying with friends late into the night can provide so much information about your lifestyle. For instance, photos of an intoxicated person might be taken out of context. Your soon-to-be ex can use this as ammunition against you, especially when the subject of child custody comes up. Likewise, photos of yourself on a shopping spree can give the impression that you are trying to squander marital property.
Social media can start a gossip chain
Even if you go the extra length to control privacy settings on your social media accounts, some things can fall through the cracks. Actions like blocking your spouse or deleting their photos can spark rumors of a troubled relationship. Divorce can be tough. While no law prevents you from sharing your thoughts and life with the world amidst your divorce, it’s important to understand your limits and avoid social media mistakes that can complicate your divorce. ]]>On Behalf of Frankfort Law Grouphttps://www.frankfortlawgroup.com/?p=480612023-09-27T10:02:24Z2023-09-27T10:02:24ZWhen circumstances change in your life, you should update your will. These include the birth/adoption of a new child/grandchild, divorce/marriage, new laws, purchase/sale of assets, a change of mind about a beneficiary and death in the family.
This guide discusses how you can make these changes:
Write a new will
If your existing estate plan no longer reflects your intentions, you can write a new one. Ensure you revoke your existing will if you choose this route - including a statement in the new will stating that you revoke the previous will. You may also appropriately destroy existing wills to avoid confusion and reduce the chances of will contests.
Use a codicil
If you want to make a minor change to your will, you can amend it with a codicil. This separate legal document will contain the specific modifications. You can write as many codicils as you want and attach them to your will.Note that a codicil observes similar requirements as a will to be valid– it must be dated, signed and witnessed. And you should have the required testamentary capacity.
What about assets not included in your will?
Some of your assets can be distributed to beneficiaries without going to probate – they operate outside your will. Examples include assets with beneficiary designations (life insurance policies, annuities and retirement accounts), and property owned by joint tenancy and living trusts, among others.If you wish to make changes to these assets, you should do so with the forms you used to name the original beneficiaries. Your estate plan should reflect your current wishes. Consider getting legal help to validate your changes. ]]>On Behalf of Frankfort Law Grouphttps://www.frankfortlawgroup.com/?p=480602023-09-25T23:27:34Z2023-09-25T23:27:34ZWhen going through a divorce with children in Illinois, you will file a petition for allocation of parental responsibilities. So, is this a new process for divorcing parents?
No, this is what was formerly referred to as custody. This guide discusses it in depth:
What does it involve?
The allocation of parental responsibilities involves parents going through different steps to obtain physical and legal custodial rights. The first step is filing a parenting plan with the court. Parents should file a joint or separate parenting plan within 120 days of filing a petition for the allocation of parental responsibilities. The court may extend this period if good cause is shown.If parents don't file any parenting plan or cannot agree on one, the court will proceed to a hearing, considering evidence from both parties. The court may also order mediation to see if that can help parents come to some agreements. Ideally, parents will eventually come together to craft an agreement that is most suitable to their family’s needs. If the parents fail to reach any agreement, the court will step in and make the decisions.
What does a parenting plan include?
A parenting plan includes all child-related issues between co-parents. These include where the child will live, how and when the child will visit each parent, how the parents will make decisions, each parent's right of access to medical, dental and psychological records and so on. A reliable parenting plan can guarantee successful co-parenting. Allocation of parental responsibilities can be a complex process. You should consider legal guidance to protect your parental rights. ]]>