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Could Filing Bankruptcy Discharge Income Tax Debt?

Taxpayers who are unable to pay past due federal taxes have several options to choose from, including working with the IRS to create a payment plan or an offer in compromise to fulfill their tax obligations. However, if those options do not meet an individual taxpayer’s needs, bankruptcy might be an option to consider.

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Putting Your Last Wishes in Writing

A living will, known as a declaration in Illinois, is a document everyone should have. Whether a terminal illness is in the picture, of simply proactively expecting the unexpected, a living will makes sure an individual’s healthcare and final wishes are crystal clear. For family and loved ones, a living will provides easy to follow instructions that can help them make…

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Four Documents Every Estate Plan Should Have

Creating an estate plan is not always a simple process. Often, it requires the teamwork of financial advisors, accountants and probate lawyers to create a plan that will protect their client’s assets and well-being in the event of death or serious illness. A solid estate plan should answer all the “what ifs” so that there is nothing left to…

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Chicago Bankruptcy Rates Continue to Fall

The data is out for new bankruptcy filings in January of 2016, and the trend of fewer filings continues. In fact, last January’s numbers were the lowest since 2008, and greatly lower than the number of filings from 2010 and 2011, when the worst of the recession was upon the Chicago area. Statistics from the Northern Illinois District of…

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What Blended Families Need to Know About Estate Planning

Blended Family Structures and Conflicts Due to rising divorce rates over the last decade, blended families are a common family structure. According to U.S. statistics, 50% of marriages end in divorce, and 43% of new marriages are second marriages for at least one spouse. Every year, one million children end up with newly divorced or divorcing parents. Estate planning…

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Strategies for Estate Dispute Resolution

Dealing with the loss of a loved one is painful and disputes over the loved one’s estate can make dealing with the loss even more difficult. Disputes often arise due to unclear or non-existent wills, a family member’s disagreement with the loved one’s wishes due to mental capacity or unresolved conflict between family members.

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Appointing a Guardian for an Elder Family Member

Many elderly and aging parents continue caring for themselves, either independently or with minimal help, as they get older. Others find dementia, Alzheimer’s, Parkinson’s or other illnesses prevent them from making appropriate decisions for themselves.

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Should I file Chapter 7 or Chapter 13 bankruptcy?

  As an attorney could confirm, filing Chapter 7 bankruptcy is a common choice for people in Lake County. However, it may not always be the optimal decision. Several factors can help determine whether Chapter 7 or Chapter 13 bankruptcy is the more favorable debt relief option.

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Who should you choose to be your will’s executor?

Many people view naming someone as the executor of a will as an honor. However, in Illinois, executors typically face challenging fiduciary duties, including inventorying assets, paying estate debts and overseeing asset distribution. If these duties are improperly handled, the estate may lose value or the executor may incur personal liability. Consequently, as a lawyer might note, it is…

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Can I keep my home if I file for Chapter 13 bankruptcy?

When dealing with the prospect of bankruptcy, people are forced to make crucial decisions that will have a large impact on their lives. According to the U.S. Courts, 936,795 Americans filed for bankruptcy in 2014. Approximately 310,051 of the cases filed that year were Chapter 13, which is the second most common form of bankruptcy next to Chapter 7….

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