In September 2010, there were about 1.6 million bankruptcy petitions filed throughout the country. Eight years later, that number had gone down to over 770,000 cases. However, the number of bankruptcy cases was down in Illinois and across the U.S. for a variety of reasons that individuals may not have expected. One theory is that people have fewer assets to protect compared to several years ago. Therefore, they are less likely to file for protection from creditors.
Although we are only a few weeks into the new year, you may already be seeing the futility in keeping your resolution to get out of debt. Like many in Illinois and across the country, the pressure of overwhelming debt may be too much to bear. You may be experiencing many sleepless nights, and even your physical health may be suffering.
One of the most important decisions that business owners in Illinois and elsewhere have to consider is how to structure their companies. For some businesses, a limited liability company will be the most effective one. The LLC itself is a cross between a sole proprietorship and a corporation. It is considered its own entity separate from the owner of the business. However, it retains the benefits that can be derived from pass-through taxation.
For Illinois couples who are getting divorced, dividing up a pension plan or 401(k) must be done carefully in order to avoid expensive mistakes. First, it's necessary to have a document called a qualified domestic relations order for each account that must be divided.