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ALVIN FOREMAN, ATTORNEY AT LAW
Chicago Bankruptcy Lawyer
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    Are you planning or have you recently undergone a major life event:

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blog articles

The Wrong Way To Declare Bankruptcy

By Alvin Foreman in Bankruptcy

Here’s a hilarious video clip from The Office (one of my favorite television comedies), demonstrating the wrong way to declare bankruptcy:

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Tags: bankruptcy, comedy, humor, video

Close Your Bank Accounts Before Filing Bankruptcy

By Alvin Foreman in Bankruptcy

Here’s a valuable tip that I offer to my clients during our bankruptcy consultations: Close your checking and savings accounts if you also have outstanding loans at the same bank. Now, you may be thinking, “But I love my bank!  I’ve been with them for years and they’re so friendly.  They gave me a free…

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Tags: bank account, bankruptcy, checking, loan, savings, setoff

Bankruptcy Basics Videos

By Alvin Foreman in Bankruptcy

I love documentaries.  It’s easier (and more entertaining) for me to learn something new by watching a video than by reading a book. So if you’re a visual learner like me and you’re interested in learning more about bankruptcy, check out my new video page.  On the page you can view a series of nine…

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Tags: bankruptcy, bankruptcy basics, video

Do I Make Too Much Money to File for Chapter 7 Bankruptcy?

By Alvin Foreman in Bankruptcy

Here’s a great bankruptcy question sent to me on Facebook.  My reply was too long to post directly to my Facebook page, so I made it a blog post instead: Q:  Is there a debt ratio used when filing bankruptcy… meaning can I make too much money to file a Chapter 7? A:  Most people…

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Tags: bankruptcy, Chapter 7, disposable income, means test, median income

Watch Out For Cheap Bankruptcy Firms

By Alvin Foreman in Bankruptcy

  Here’s an MSN Money article by personal finance columnist and author Liz Pulliam Weston that is well worth a read.  The article isn’t new, but its report on the risks of hiring a low cost “Bankruptcy Mill” to handle your bankruptcy case is still relevant today.   According to Ms. Weston, there are 2…

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Tags: bankruptcy, bankruptcy mills, cheap, costs, fees

Will My Creditors Take My Kids’ Life Insurance Money?

By Alvin Foreman in Estate Planning, Estate Tax, Irrevocable Life Insurance Trust, Life Insurance, Probate, Uncategorized

Discusses estate planning techniques used to ensure that life insurance proceeds are not reduced by claims of an Illinois insured’s creditors at death or estate tax liabilities owed by the insured’s estate.

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Tags: 2010, 2011, beneficiaries, bills, claims, creditor, debt, estate taxes, ILIT, Illinois Insurance Code, irrevocable life insurance trust, Life Insurance, policies, Probate

Is a Will Necessary If You Are Single and Ready to Mingle?

By Alvin Foreman in Estate Planning, Probate, Wills

Wills are not only for individuals who are married with children. This post describes why a single person with no dependents may choose to prepare a will.

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Tags: assets, charities, charity, dependents, estate, Estate Planning, executor, facebook, Illinois, intestacy, kin, Probate, single, Trust, Will

New Illinois Bank Account Law: Now Isn’t That Con-VEEN-ient!

By Alvin Foreman in Estate Planning

New Illinois banking law authorizes banks to create “convenience accounts” granting individuals the right to deposit and withdraw for the convenience of the account owner but without granting ownership of the accounts to the “convenience depositors.”

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Tags: bank account, Banking Convenience Account for Depositors Act, convenience account, Illinois, joint account, joint tenancy, right of survivorship

LA Times Article: Review Your Estate Plan NOW

By Alvin Foreman in Estate Planning, Estate Tax

This is a good article from the Los Angeles Times explaining why it is important for those who already have estate plans to take a second look at them in 2010.

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Tags: 2010, 2011, assets, by-pass trust, Estate Planning, Estate Tax, exclusion, executor, guardian, IRA, IRS, power of attorney, retirement account, Trust, Will

The Most Important Estate Planning Tool Does NOT Require a Lawyer

By Alvin Foreman in Estate Planning, Life Insurance

Short post relating the importance of life insurance as the primary estate planning tool for many families, especially in light of the current economic recession.

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Tags: assets, death benefit, Estate Planning, insurance, Life Insurance, recession
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Copyright © 2012 ALVIN FOREMAN, ATTORNEY AT LAW