What Happens To Your Estate Plan After Getting Divorced?

No one has ever accused going through a divorce of being boring. Even though the process can last years, it is often overwhelming. It can be stuffed to the brim with things required from both spouses, ranging from signing agreements to changing their last name. One of the most important aspects of the divorce process is often overlooked: changing your Estate Plan. An Estate Plan is a legally binding plan that Read More

Why the Real Estate Boom is Good for Sellers and Buyers

The real estate market looks completely different than it did two years ago, and for the first time in a long time, it might actually be better than before. There is no denying that we are in the middle of a real estate boom in 2021. In Illinois, we are seeing more real estate business than ever before. Houses are selling in seconds for more than their asking prices! As a buyer or a seller, there are certain ways Read More

Chapter 7 vs. Chapter 13: Which Bankruptcy is Right For You?

At Velazquez Consumer Law, LLC, we know that bankruptcy can be a terrifying thought. We like to remind all of our clients that it isn’t the end of the line and you don’t have to do it alone. Most clients starting to consider bankruptcy do not even realize that there are multiple types they can file for. Bankruptcy is an option to help remove debt for those who have incurred crippling amounts of it. While there are Read More

4 Reasons Why You Should Make an Estate Plan

While most people have heard of making a Will or perhaps even a Trust, they often do not understand the full scope of Estate Planning. Making an Estate Plan is not simply a tool for the rich and powerful to divy up inheritances. It is a process that every adult in the United States should utilize to protect themselves, especially if they have a family. An Estate Plan is a legal document crafted with a lawyer and Read More

6 Tips for Making an Offer on a Real Estate Purchase

If you have made it to the offer stage of a real estate purchase, you are probably breathing a sigh of relief. You have decided which property is best for you after weeks or months of searching. You are starting to imagine yourself living or working there. You are ready to complete the purchase, and the first step of that process is making the offer. Unfortunately, making the offer is not something that is simple. Read More

How to Adjust to Life After Bankruptcy

Filing for bankruptcy is a major life change. If you have been through the process and come out the other side, congratulations! You’ve survived and now you have been given an opportunity for a fresh start. We know it might not always seem like a good thing - and we know it isn’t always easy. However, being offered a new beginning doesn’t come often, so now is the time to make the most of it. One thing is certain: Read More

Do You and Your Spouse Need Separate Wills?

Estate planning, the legal term for determining what happens to your remaining money (known as assets) and belongings after you die, is an essential part of any adult’s life. It can be particularly important for couples with children, as a Will can dictate who takes care of your children if you were to unexpectedly pass away before they became legal adults. Creating the actual Will is where things can get Read More

Why Title Insurance is Important

When purchasing a house, there are many things to consider. Purchasers spend their time trying to find matching appliances, negotiating prices, and waiting on approvals. Title insurance, however, is often not something buyers think about much. Surveys have shown it is actually currently more popular than ever, and on a steady rise. So what is it? In the same way that car insurance protects your car and medical Read More

You Want to File for Bankruptcy But Keep Your Home. What Should You Do?

One of the most common questions bankruptcy professionals receive from individuals who have just filed for bankruptcy (or are thinking about filing) is: “Will I lose my home?” As much as we wish that we could provide a succinct answer, the truth is that your chances of keeping your home if you file for bankruptcy depends on several factors. It is generally true that filing for Chapter 13 bankruptcy is better for Read More

Proof of Funds Letter in Real Estate Transactions

When you’re involved in a financial transaction as complex and high-stakes as a home sale, you want assurances, as a seller, that a prospective buyer has the ability to perform under the terms of the contract. In other words, you want (and need) assurances that a buyer can pay the agreed-upon price. The proof of funds letter is crucial in this situation for the sellers (and, often, the buyer).  What are the Contents Read More