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What Is the Chapter 7 Means Test?
The Chapter 7 means test looks at your income to help determine whether you qualify for Chapter 7 bankruptcy. It also determines whether the law presumes that using Chapter 7 would be an abuse of the bankruptcy system. If your income is below the Illinois median for your household size, that presumption generally does not apply. If your income is higher, you may need to complete a second calculation using certain allowed expenses.
If you're weighing your options for debt relief in 2026, our DuPage County, IL bankruptcy lawyer, Eron McCormick, can tell you where you land before you file anything.
How Is Income Calculated for the Chapter 7 Means Test?
The starting point for the Chapter 7 means test is what the Bankruptcy Code calls current monthly income, defined in 11 U.S.C. ยง 101(10A). This is the average of your gross income over the six full calendar months before the month you file. That average is then multiplied by 12 to get an annual figure.
How Does a 1031 Exchange Work for Illinois Real Estate Investors?
A 1031 exchange lets Illinois real estate investors sell an investment property and reinvest the money into a new property. This lets them delay paying capital gains taxes. However, they need to follow specific rules about timing and the types of properties involved.
If you're considering this strategy in 2026, our DuPage County, IL 1031 exchange lawyer can help you navigate the process correctly. Attorney McCormick at The McCormick Law Firm, LLC takes a guy-next-door approach that makes complicated legal topics like this easy to understand. Call today, and you'll work directly with him throughout your transaction.
What Makes a 1031 Exchange Different From a Regular Sale?
You typically owe capital gains tax on any profit right away when you sell an investment property. Under 26 U.S.C. Section 1031, a properly structured exchange works differently. It allows you to delay this tax by reinvesting your proceeds into a new, similar investment property instead of simply cashing out.
Does Getting Married Change Your Estate Plan in Illinois?
Getting married in Illinois can significantly change your estate plan. Marriage affects how your assets may be distributed. It can also create new rights for your spouse that override provisions in an outdated will.
If you got married in 2026, our DuPage County estate planning lawyer can help you understand what needs updating. You'll work directly with Attorney Eron McCormick, who takes a guy-next-door approach that makes complicated legal concepts easy to understand.
Does Marriage Automatically Change Your Will in Illinois?
Marriage does not automatically revoke or change your will in Illinois. Under 755 ILCS 5/4-7, a change in marital status generally does not revoke a will. This means that if you made a will before getting married, that will can remain valid after the marriage.
Can You Convert a Chapter 7 Bankruptcy to Chapter 13?
You can convert a Chapter 7 bankruptcy to Chapter 13 in most situations. This option exists specifically to give you flexibility if your circumstances change. It also helps if Chapter 7 turns out not to be the right fit for your situation. A DuPage County bankruptcy lawyer can help you understand whether converting your case is the right move.
If you contact The McCormick Law Firm, LLC, you'll work directly with Attorney Eron McCormick. He takes a genuine guy-next-door approach to explaining your options in a way that actually makes sense.
Why Would Someone Want to Convert From Chapter 7 to Chapter 13 Bankruptcy?
Several situations might lead someone to convert their case after initially filing Chapter 7. You might discover during your case that you actually earn too much income to qualify for Chapter 7 under the means test. You might also want to keep an asset that would otherwise be sold off in a Chapter 7 case, like a house facing foreclosure. Some people also convert because they've fallen behind on a secured debt, like a car loan or mortgage. Chapter 13's repayment structure offers a better way to catch up without losing the property entirely.
What Is Earnest Money, and Can You Get It Back?
Earnest money is a deposit a buyer pays when they make an offer on a home to show the seller they are serious about the purchase. It is not a fee that disappears. It goes toward the purchase price at closing. But if the deal falls apart, what happens to that money depends on why the transaction did not go through and what the purchase contract says. In some situations, you can get it back. In others, you cannot.
If you are buying or selling a home in 2026 and have questions about earnest money, a DuPage County real estate lawyer at The McCormick Law Firm, LLC can help you understand your rights before you sign anything.
How Much Is Earnest Money and Who Holds It?
There is no fixed amount required for earnest money in Illinois. It is typically between one and three percent of the purchase price, though it can be higher or lower depending on the market and what the parties agree to. On a $300,000 home, that might be anywhere from $3,000 to $9,000.
What Will Happen if I Die Without a Will in Illinois?
If you die without a will in Illinois, you lose the opportunity to direct what happens to your belongings, your money, even your children. Illinois has a fixed set of rules that takes over when someone passes away without leaving written instructions. Those rules do not know your story, your relationships, or what you would have wanted. They just follow a formula. The people you love most may end up with less than you intended, or nothing at all. A Wheaton, IL will and trust lawyer can help you take control of what happens to your family before that decision is taken away from you.
What Does Illinois Law Do When You Die Without a Will?
When someone dies without a will, Illinois law steps in and distributes their property through a process called intestate succession. This is governed by the Illinois Probate Act, specifically 755 ILCS 5/2-1, which lays out a specific order for who receives what.
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.
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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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