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Does Chapter 7 or Chapter 13 Bankruptcy Save Your Home From Foreclosure?
Both Chapter 7 and Chapter 13 bankruptcy can slow down or stop a foreclosure, but they work very differently and offer very different outcomes for your home. Chapter 13 is generally the stronger option if keeping your home is your main goal. Chapter 7 can buy you time, but it does not fix the underlying mortgage problem. If you are behind on your mortgage and worried about losing your home in 2026, a Naperville, IL bankruptcy lawyer can help you figure out which path makes the most sense for your situation before it is too late.
How Does Bankruptcy Stop a Foreclosure?
The moment you file for bankruptcy, something called the automatic stay goes into effect. Under 11 U.S.C. Section 362, the automatic stay is a court order that immediately stops most collection actions against you, including foreclosure proceedings. Your lender cannot move forward with a foreclosure sale while the stay is active.
Why Should Commercial Property Owners Have an Attorney Review Lease Agreements?
A commercial lease agreement is one of the most consequential documents you will sign as a property owner. Unlike a standard home rental, a commercial lease is a long-term, high-stakes contract that can lock you into terms for years and leave you exposed to financial and legal risk if the language is not carefully drafted. These contracts are not heavily regulated in Wisconsin the way residential leases are. A poorly written agreement can cost you far more than an attorney ever would. If you own commercial property in 2026, talking to our Northwoods Wisconsin real estate lawyer before finalizing any lease is one of the most protective steps you can take.
What Makes Commercial Leases Different From Residential Ones?
When you rent a home or apartment in Wisconsin, state law provides a strong set of consumer protections for tenants and corresponding rules for landlords. Commercial leases do not come with the same safety net. Wisconsin law, under Wis. Stat. Chapter 704, governs landlord and tenant relationships. It largely defers to what the parties put in writing when it comes to commercial agreements. That means the lease terms largely determine your relationship with your tenant. If something is missing or unclear, you may have very little legal recourse.
How Do You Build an Estate Plan That Will Avoid Probate in Illinois?
You can avoid probate in Illinois by making sure your assets have a clear way to pass directly to your beneficiaries without going through the court system. There are some common tools for doing this, such as a revocable living trust and beneficiary designations on financial accounts. An estate plan that uses these tools correctly can allow everything you own to pass to your loved ones quickly, privately, and without the time and expense of probate court. If you want to build that kind of plan in 2026, a DuPage County estate planning lawyer can help you put it together the right way.
What Is Probate and Why Do People Want To Avoid It?
Probate is the court process that happens after someone dies. It involves proving the will is valid, identifying all assets and debts, paying creditors, and then distributing what is left to the beneficiaries. In Illinois, this process is handled through the circuit court in the county where the deceased person lived.
Does a Chapter 7 Bankruptcy Get Rid of All Your Debts?
Chapter 7 bankruptcy gets rid of many debts, but not all of them. It is one of the most powerful tools available to people overwhelmed by debt. For the right person, it can wipe out tens of thousands of dollars in what they owe. However, certain types of debt survive a Chapter 7 discharge no matter what, and knowing the difference before you file is important.
According to a study published by the American Bankruptcy Institute, more than 62 percent of U.S. bankruptcies are caused by medical debt, making it one of the most common reasons people turn to Chapter 7 for relief. Medical bills are also one of the debts that Chapter 7 can eliminate entirely. If you are planning to file for bankruptcy in 2026, our Naperville, IL bankruptcy lawyer can walk you through exactly what would and would not be eliminated in your case.
What’s the Difference Between Revocable and Irrevocable Trusts?
The main difference between a revocable trust and an irrevocable trust comes down to control. Each type serves a different purpose, and choosing the right one depends on your goals, your assets, and your situation. If you are thinking about setting up a trust in 2026, the Wheaton, IL estate planning lawyer at The McCormick Law Firm, LLC can help you figure out which option makes the most sense for you.
In Illinois, trusts are governed by the Illinois Trust Code, 760 ILCS 3, which sets the rules for how these trusts must be created, administered, and interpreted. Understanding how those rules apply to your specific situation is one of the reasons why working with an estate planning attorney is so important.
What Should Buyers Know About Wisconsin Property Condition Reports?
Buying real estate is one of the biggest purchases many people make. It is exciting, but it can also feel overwhelming, especially when you want to make sure you are not walking into a property with serious hidden problems. Wisconsin has a law designed to protect buyers in exactly this situation.
Under Wisconsin Statute § 709.01, sellers of residential real estate in Wisconsin must give buyers a written property condition report before an offer is accepted. This law exists so buyers have honest information about the property before they commit to buying it.
Understanding how the property condition report works can help you make a better decision and protect yourself if something goes wrong after closing. If you are buying property in Wisconsin in 2026, a Northwoods Wisconsin real estate lawyer can help you review the report and make sure you know what you are getting into before you sign anything.
What Property Is Protected by Illinois Bankruptcy Exemptions?
One of the biggest fears people have about filing bankruptcy is losing everything they own. According to the federal court system's official resource, the Bankruptcy Code allows individual debtors to protect certain property from creditors because it is exempt under federal or state law.
Illinois takes that protection seriously, recently expanding those protections in 2026 for the first time in decades. If you're considering filing for bankruptcy, a DuPage County, IL bankruptcy lawyer can walk you through exactly where you stand.
What Are Bankruptcy Exemptions, and How Do They Work?
When you file for bankruptcy in Illinois, a trustee is appointed to look at everything you own. Anything not protected by an exemption can potentially be sold to pay your creditors. Exemptions are legal limits that shield specific property, such as your home, your car, your retirement savings, your wages, and more.
What Should Young Families Look for Before Buying a Home in Illinois?
Your priorities are a personal choice when you begin considering residential real estate. However, young families in Illinois might focus on safety, affordability, school quality, and the home’s overall condition. Buying a home is a major step that affects your family’s daily life and financial future.
The right home can give your family stability and peace of mind. However, hidden problems or legal issues can create stress and unexpected costs. As of 2026, our DuPage County, IL real estate lawyer helps families understand their rights and avoid mistakes when buying a home.
Why Is the Condition of the Home So Important Before Buying?
The condition of the home affects both safety and long-term costs. Problems with the roof, foundation, plumbing, or electrical system can be expensive to fix. Some of these problems may not be obvious when you first look at the home.
How Do You Properly Fund a Trust in Illinois?
Properly funding a trust in Illinois means transferring ownership of your assets into the trust so the trust controls them instead of you personally. If a trust is not funded, it may not work the way you intended. That could mean your loved ones still have to go through probate, which is the court process used to distribute property after someone dies.
If you are reviewing your estate plan in 2026, it is important to confirm that your trust is fully funded. A DuPage County, IL estate planning lawyer can help ensure your assets are transferred correctly so your plan protects your family.
What Does It Mean To Fund a Trust?
Funding a trust simply means changing ownership of your assets so they belong to the trust. A trust is a legal arrangement where one person manages property for the benefit of another.
Can You Keep Your Car If You File for Bankruptcy in Illinois?
In many cases, you can keep your car if you file for bankruptcy in Illinois. However, the outcome depends on the type of bankruptcy you file, how much equity you have in the vehicle, and whether you are current on the loan. This question matters to many families because cars are often essential for work and daily life.
As of 2026, vehicle debt is still a big issue for many Americans. Auto loan balances nationwide remained above $1.6 trillion in 2025. That debt will come up in a bankruptcy case. Our Naperville, IL bankruptcy lawyer can help you understand how Illinois exemptions and bankruptcy rules apply to your situation.
How Does Chapter 7 Bankruptcy Affect My Car in Illinois?
In a Chapter 7 bankruptcy, the court looks at whether your car is protected by exemptions. Illinois allows a motor vehicle exemption under 735 ILCS 5/12-1001(c), which protects up to a certain dollar amount of equity in a vehicle. Equity is the difference between what the car is worth and what you owe on it.
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Located in Wheaton, The McCormick Law Firm, LLC provides real estate, business law and estate planning services to residential and commercial clients throughout the surrounding areas, including but not limited to Lisle, Naperville, Warrenville, Winfield, Glen Ellyn, Downers Grove, Glendale Heights, Carol Stream, West Chicago, Lombard, Elmhurst, Oak Brook, Westmont, Bloomingdale, Villa Park, Itasca, Willowbrook, Wood Dale, Claredon Hills, Oakbrook Terrace, Addison, Darien and cities in the Wisconsin Northwoods.
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