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In this article, we explain how to avoid filing for bankruptcy in bad faith in Illinois and answer the questions: What constitutes filing for bankruptcy in bad faith?, What are some common bad faith filing mistakes to watch out for?, and What factors do the courts consider when evaluating bankruptcy filings for bad faith?
November 21, 2024
As of January 1, 2021, the corporate income tax will increase from 7 percent to 7.99 percent.This will replace the current flat-rate individual income tax with a graduated tax plan. This change is still tentative and will be placed for approval on the November 2020 ballot. Should it pass, non-joint filers and joint filers will pay 4.9 percent if their non-joint or joint income is between 10,001 and 100,000 dollars, compared to the current flat rate of 4.95 percent.
September 5, 2024
In this article, we explain the Chapter 7 Bankruptcy process in Illinois. We will explain the difference between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy, how to determine if Chapter 7 Bankruptcy is right for you, how to file for Chapter 7 Bankruptcy, what to expect from the First Meeting of Creditors, and what happens after the First Meeting of creditors in a Chapter 7 Bankruptcy case.
September 5, 2024
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