Entries by Isaiah Oconnor

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Planning for exemptions in bankruptcy proceedings

Anyone filing for chapter 7 bankruptcy in Illinois should be aware that not every asset will have to be placed in the bankruptcy estate. There are some exemptions, which typically include the following:        Motor vehicles or certain equity in them        Clothing and household goods that are deemed necessary        Pensions        A portion […]

What are the requirements for filing chapter 11 bankruptcy?

Businesses in Illinois that are struggling financially may find that filing for chapter 11 bankruptcy is the best option. Generally, partnerships, corporations and limited liability companies are the parties that choose this filing, though individuals may be able to depending on their circumstances. Chapter 11 enables you to reorganize your company. If you file as […]


Approach mortgage restructuring in Illinois with caution

If you have had difficulty making payments on your home, you may have begun to explore the idea of restructuring the loan. While there are some good options for doing so, you should also be aware that there are people who could take advantage of your situation, leaving you in an even worse position. At […]


Negotiating with the IRS on your tax bill

As tax season is just around the corner, you may be thinking about how you are going to make those payments. Our attorneys at Ledford, Wu & Borges, LLC, understand how stressful this time of year can be. You should know that you do have options, including working with the Internal Revenue Service to settle […]


Illinois county awaits mortgage mediation program

Someone concerned about making mortgage payments may understandably worry about an impending foreclosure. Fortunately, there are ways that Illinois residents can avoid losing their homes. It is important for anyone in that situation to know how to work with the lender to negotiate a better rate, delayed payment or other option that would alleviate financial distress. […]

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Is there property that is exempt from liquidation in Chapter 7?

Chapter 7 is known as the liquidation bankruptcy and this can cause concern for many people living in Illinois. However, the Illinois General Assembly has established certain laws that grant exemption status to some types of personal property. One property that is considered exempt is medical equipment. For example, if a doctor has prescribed that you, as […]


Business bankruptcy and personally guaranteed loans

Many people who started their Cook County business from the ground up may have personally given their guarantee in order to obtain credit or financing. However, now that business is financially failing and bankruptcy is the only option left to try to save it. Many people believe that the bankruptcy will eliminate their personal liability […]


The importance of checking your credit report

If you are like most people in Cook County, you understand the important role that a credit report plays in your life. Yet, we know here at Ledford Wu & Borges LLC that you probably don’t check that report very often. Failing to check that report, however, could hurt you as there may be incorrect […]