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March 2019 Archives

Guidelines to follow when filing for Chapter 13 protection

While there are several guidelines that must be met to file for Chapter 13 bankruptcy, there is no income limit to do so. However, an Illinois consumer seeking such protection will need to take a credit counseling course as part of the process. It will also be necessary to create a payment plan that is approved by the trustee, the bankruptcy judge, and the creditors involved in the case.

Divorce and claiming dependents with the IRS

Who gets to claim dependents on their taxes can make a big difference after a divorce in Illinois. The person who claims dependents may also get to claim Head of Household status. Dependent status also impacts who gets the advantages of the Child and Dependent Care Tax Credit, the Earned Income Tax Credit and the Child Tax Credit. Often, the terms of the divorce agreement will set out who has the right to claim dependents, but where that is not the case, the IRS has rules that it will apply.

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Rockford, IL 61108

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