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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.
Common Issues When Buying a Home in Wisconsin With a VA Loan
Buying a home with a VA loan in Wisconsin can be a strong option for eligible buyers. However, it often comes with issues that are not always immediately obvious. Many veterans expect the process to be simpler because of the benefits involved. In practice, VA loan rules can complicate purchases, especially in rural and northern parts of the state.
More than 528,000 VA home loans were issued in 2025, representing a 26.8 percent increase from the previous year. More veterans are buying homes while navigating stricter lending and property standards. As of 2026, VA loan requirements require that homes meet strict safety and livability standards, which affects many Northwoods purchases.
For buyers in Wisconsin, VA loan rules often intersect with property condition standards and local real estate laws. Speaking with a Northwoods Wisconsin real estate lawyer at The McCormick Law Firm, LLC early can help you understand whether a property will qualify before you commit to a contract.
Your 2026 New Year's Resolution: Making an Estate Plan
A new year brings a fresh sense of motivation and perspective. People set goals to exercise more, save money, and finally tackle projects they have been avoiding – like getting their estate plan in order. If you have been putting off creating an estate plan, 2026 is the year to finally check that box.
Estate planning might sound complicated, but it doesn’t have to be, and the benefits are far and away worth the time it takes. With help from our DuPage County estate planning lawyer, you can protect your family and your assets. We explain things in clear, easy-to-understand language so you know exactly what you need and what you’re getting when you work with us. Call us at 630-517-8570 to schedule a free consultation in early 2026.
Why Do So Many People Avoid Making an Estate Plan?
Most people know they should have an estate plan or at least a last will and testament, but they still put it off. Some think these documents are only for wealthy people while others assume they are too young to worry about it. Many simply do not know where to start. Caring.com used a survey to estimate that fewer than 25 percent of Americans have a will, let alone an estate plan.
Will I Lose My Home If I File Bankruptcy in Illinois?
Filing for bankruptcy in Illinois does not always mean you will lose your home. Whether you can keep it depends on several factors, including the type of bankruptcy you file, your home equity, and whether you are current on your mortgage. If you are considering bankruptcy, a Lisle, IL bankruptcy lawyer can help you understand how Illinois law applies to your situation. As of 2025, Illinois bankruptcy exemptions and federal bankruptcy rules still protect many homeowners.
Does Bankruptcy Automatically Mean I Lose My Home?
Filing for bankruptcy does not automatically result in losing your home. Bankruptcy is designed to give people relief from overwhelming debt, not to punish them. Many homeowners are able to keep their homes, especially when they are using bankruptcy to catch up on payments or protect equity. The outcome depends on the details of your finances and which bankruptcy chapter applies.
Illinois Commercial Property Tax Shock: How to Respond
Owners of commercial real estate in Illinois are experiencing one of the largest tax spikes in decades. Recent reassessments, particularly in Cook, DuPage, and Kane Counties, have sent commercial property values soaring – sometimes as much as 30 to 100 percent higher than in prior years. Landlords, developers, and investors are experiencing cash flow strain, escalating common-area maintenance (CAM) charges, and tenant disputes over tax pass-throughs.
Many of these assessment increases are based on aggressive income assumptions and outdated market comparables. Barring a strategic appeal, these numbers can become locked in for years, raising both operating expenses and legal exposure with tenants. A highly skilled DuPage County, IL commercial real estate attorney can help you understand your rights and guide you through the appeal process.
Illinois vs. Federal Estate Tax: Key Differences Explained
Only about a third of American adults have an estate plan. While most people understand how important an estate plan is, fewer are willing to confront their own mortality and engage in estate planning. Other reasons given for not having an estate plan include being too busy and being too young – although tragedy can strike at any age.
Among those who do have an estate plan, one area of focus is determining how federal and state estate taxes could impact heirs. Many Illinois families are so focused on federal estate tax planning that they completely overlook the separate – and far more demanding – estate tax system in Illinois. The federal exemption is so high ($13.99 million per individual or $27.98 million for married couples) that most families never owe federal estate taxes.
Using LLCs in Estate Planning
Many Illinois families think estate planning begins and ends with a will or trust. In reality, certain assets, including real estate, business interests, and investment property, may be protected more effectively through a Limited Liability Company (LLC). An LLC can serve as a powerful estate planning tool that protects assets from creditors, avoids probate, and allows you to control how and when future generations receive ownership.
An LLC can offer flexibility, protection, and control that traditional estate planning documents often lack. When used strategically, an LLC can streamline inheritance, reduce conflict, and safeguard your hard-earned assets. To gain these benefits, the LLC must be properly formed and structured. A knowledgeable Wheaton, IL estate planning lawyer can help you determine whether an LLC fits into your Illinois estate plan and whether there are any potential pitfalls you should avoid.
Pros and Cons of Considering a Short Sale Purchase in Wisconsin
In today’s housing market, Wisconsin homebuyers may turn to short sales as a potential way to become homeowners. Short sales are homes that are sold for less than the current owner owes on his or her mortgage. The sale must have the lender's approval and usually occurs when a homeowner is in financial distress and can no longer make their monthly mortgage payments.
The lender, in an effort to avoid costly foreclosure proceedings, will agree to accept less than is owed on the mortgage. While a short sale can be a good real estate move to get more house for your money, there are potential pitfalls. Whether you are a first-time buyer or even a seasoned buyer, it is advantageous to speak to a knowledgeable Northwoods, WI real estate lawyer.
How Are Short Sales Governed Under Wisconsin Law?
Short sales are primarily contractual and, as such, are governed by state-specific regulations and general real estate principles, detailed in statutes (Chapter 846) and enforced by the Wisconsin Department of Financial Institutions and the Wisconsin Department of Revenue. Wisconsin also offers certain incentives for short sales under programs like the Home Affordable Foreclosure Alternative Program, which provides financial incentives to investors and buyers to encourage short sales.
Business Formation and LLCs
Starting a new business in Illinois is much more complicated than choosing a name and opening your doors. One of the most important – yet often overlooked – issues involves selecting the most beneficial legal structure. In many cases, the Limited Liability Company (LLC) offers the best balance between tax efficiency, flexibility, and liability protection.
The Illinois Limited Liability Company Act (805 ILCS 180/) provides new business owners with information on filing rules, fees, and management requirements for an LLC. An experienced DuPage County, IL business formation lawyer can guide you through the process, whether you are forming your first startup or converting an existing sole proprietorship. Understanding how LLCs in Illinois work can help you avoid costly mistakes down the line.
What Illinois Real Estate Buyers Must Know About FIRPTA
If you have ever bought or sold property, you know how challenging it can be. But what about when unexpected tax laws are part of the deal? A federal law known as the Foreign Investment in Real Property Tax Act (FIRPTA) requires buyers to withhold a portion of the sale price when purchasing from a foreign seller.
Should you fail to comply with this Act, you could be on the hook for tens of thousands of dollars in unpaid taxes. Whether you are a buyer, seller, or real estate professional, you must understand FIRPTA’s role to avoid costly mistakes. It can be extremely beneficial to have a knowledgeable Lisle, IL real estate attorney to help you navigate the complexities of FIRPTA.
What Is FIRPTA?
FIRPTA is a federal law that was enacted in 1980 to ensure that foreign sellers paid U.S. taxes on all property sales. FIRPTA applies in every state. The basic rule under the Act is that buyers are required to withhold 10-15 percent of the sales price at closing if the seller is a "foreign person." This means the seller is a nonresident alien individual, foreign corporation, partnership, or trust.
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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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