Have you heard of a Transfer on Death Instrument (TODI)? A lot of people in Illinois don’t actually know about these despite Illinois being one of the few states that actually allow them. A TODI is a tool that allows you to pass certain assets through your estate without having them go through probate. This means you can legally transfer assets to an individual or legal entity without having to spend the time and Read More

“Equity” has become a buzzword in recent years when talking about opportunities and wealth. A lot of people spend their time chasing equity as a means to build something worthwhile in their lifetime. One of the best and surest ways to build equity in your life is by becoming a homeowner. Rent is a 100% Interest Payment You are more than welcome to stick to renting and saving up money, but this is quite honestly Read More

You found your dream home. You work with the seller and secure a mortgage from the bank. Now you have the keys and a monthly mortgage payment – you’re all set, right? Not quite. We’ve found many homebuyers end up being completely unaware of some of the additional costs associated with buying a home. We won’t call them “hidden” costs because they’re a part of paying for homes across Illinois, but we want to make Read More

Okay, you may have seen that headline and raised an eyebrow a bit. There’s no “deadline” for filing for bankruptcy, right? Technically, no. There are no deadlines for filing for bankruptcy as a whole (there are deadlines embedded in the process, however). Still, if you’re considering filing for bankruptcy there are reasons you shouldn’t wait any longer. At Velazquez Consumer Law, LLC we’ve been working to make Read More

Look, we know we’re not the first to tell you that the economy isn’t in great shape. Inflation is up and it’s leaving many companies and people to pinch pennies as we head toward the end of 2022. There are some signs that the worst may be behind us, but experts don’t believe inflation is going anywhere anytime soon. The chances of the government stepping in and handing out another stimulus check are slim to none – Read More

When you tune into just about any finance news network or read an article on a finance news outlet, you’re going to see a lot of talk about interest rates. There have been several changes to federal interest rates in 2022, but we want to tackle that conversation head-on. Unfortunately, we are hearing from many people who want to buy a home but are being scared off by all the hype surrounding “high” interest rates. Read More

Your estate plan should be viewed as a living, breathing plan. It’s not something you can sit down with an attorney one time and sort out. There will be necessary maintenance over time, and while the general rule is you should update your estate plan every three to five years, the “back to school” season is another great opportunity to take a look. It’s not just an easy reminder on the calendar – your estate may Read More

There’s a misconception that filing for bankruptcy will wipe your slate clean, leaving you with no debt and a new start. Bankruptcy does provide a pathway to a new beginning financially, but it’s likely that you’ll still carry some debt after your case – albeit a much more manageable number than before. Chapter 7 and Chapter 13 bankruptcy both have certain untouchable debts. These debts are often protected by law Read More