How A Bankruptcy Can Change Your Life

So you have filed bankruptcy. This financial setback can be an emotionally trying time, and you might have a good deal of anxiety about how you will be able to get back on your feet. It can certainly take time and consistent effort to regain the goodwill you had with the lenders and vendors you deal with. It is not going to be easy to recover all that you lost, but it is not impossible. You can rebuild your finances and your life, if you develop a plan of attack and decide not to let history repeat itself.

If you feel unsure about where to begin with the reconstruction of your life, you can approach your bankruptcy lawyers in Chicago for guidance. Many reputed law firms make sure they counsel those who have filed for bankruptcy to ensure they do not repeat their mistakes. Apart from that, there are a few things you need to keep tabs on:

1. Avoid applying for credit cards or loans for as long as you can. Stop using your current credit card too, or at least avoid them as much as possible. If you are using a credit card, make sure your payments are up to date.
2. Pay all your bills on time. This is the best way to show your creditors that you are credit worthy. This is crucial to reviving your credit rating.
3. There is no harm in asking for financial planning assistance from a professional financial planner, or the Chicago bankruptcy lawyer who may have already helped you with filing your bankruptcy
4. Plan your expenditures. Record your expenses and income on a daily basis to track your finances. The records will help you to easily spot areas where you can curtail your expenses.
5. Try to find an additional source of income so that you can make your repayments sooner and also begin saving, rather than borrowing.

Filing for bankruptcy can be one of the most challenging experiences in one’s life. It is not just the mental stress and financial problems that have to be dealt with, but there you may also feel a certain social stigma. Although bankruptcy will be removed from your credit rating in 7 years, banks will continue to look at your loan request doubtfully for a much longer time. Make sure you do not give them additional reasons to be skeptical.

If you’re on the lookout for financial advice in Chicago, Illinois, take action and get in touch with the offices of Chang and Carlin, LLP, and follow their strategy to get your life back on track! Contact us today for a FREE Legal Consultation.

 

Missing Out On Mortgage Payments? Rush To A Real Estate Attorney

Foreclosure, in simple terms, is the bank’s attempt at recovering the money lent to you by re-selling the property that you have taken the loan for. It is an unfortunate situation to be in, but if you have months of over-due mortgage payments, then foreclosure is a very real threat. You may have a dozen genuine reasons for being behind on your payments, but to the bank, your financial challenges constitute an impending loss on their books, which they will try to minimize. However, keep in mind that foreclosure may not be your only option. You still may be able to save your home from being foreclosed and also maintain your credit rating. The first step to discovering your options is to contact a qualified lawyer with experience in foreclosure.

When you realize that you may not be able to make payments on your property for the next few months, it is time to get in touch with a foreclosure attorney in Chicago. The sooner you begin, the more options you may have. An attorney may be able to change the terms of your loan in your favor, reduce you interest rate, altered the term of the loan from adjustable to fixed, and possibly even reduce or put your mortgage payments on hold for awhile. Having a qualified attorney by your side can have a surprising effect on banks and other lenders. 

Getting in touch with a real estate attorney in Chicago is a good idea if you have already missed a mortgage payment. While Illinois laws do not throw a person out of their home for missing a few payments, this can kick-start the legal process of foreclosure. If you get on top of the situation quickly, you may still have a chance at retaining your property.

If insolvency is the reason behind your missing mortgage payments, then filing for bankruptcy through a bankruptcy attorney in Chicago is also good idea. A qualified attorney may be able to get the lenders to agree to a delayed or reduced payment. They might advise you to file for bankruptcy under Chapter 13 Bankruptcy, wherein you could get from 3 to 5 years to pay up the mortgage amount. Moreover, any smart lender will know that a temporary compromise with a client is more profitable than the hassles and expenses involved in a foreclosure, and will be likely to take your lawyer’s suggestions if they are feasible enough.

So don’t fret over missing a mortgage payment or two. Take action and get in touch with the offices of Chang and Carlin, LLP, and follow their advice to get your life back on track! Contact us today for a FREE Legal Consultation.