Chang and Carlin, LLP: October 2013

Monday 14 October 2013

Top Reasons To File For Chapter 13 Bankruptcy

The Law Offices of Chang and Carlin guide individuals and families through their financial struggles, helping them make a fresh start through Chapter 7 and Chapter 13 Bankruptcy.

People who face extreme financial difficulties have the option of filing for bankruptcy in order to get respite from their financial burdens. However, it is important to make careful assessment of each aspect before one decides to proceed with a bankruptcy case. Each situation is different and so is each chapter of bankruptcy. Therefore, this article will look at the top reasons why Chapter 13 Bankruptcy in Chicago is a popular and effective option.

1. In case of Missed payments on mortgage or car. If you have missed payment on home mortgage or car loan and you don’t want your home to be foreclosed or your car to be repossessed then you should file for Chapter 13 Bankruptcy. In a Chapter 13 Bankruptcy you will be able to spread out those payments over 36-60 months, and your creditors cannot foreclose on your home, repossess your vehicle.

2. In case of second or third mortgage. If you have a second or third mortgage on a house that is currently valued at less than the first mortgage, then you should definitely go for Chapter 13 Bankruptcy filing. The bankruptcy judge has the power to completely discharge any additional mortgages.

3. For loan modification. Banks can take months, even over a year, to decide if they want to give you a loan modification. But, if you can have your Chapter 13 plan confirmed while you await the bank’s decision, as long as you are being making payments equal to 31% of your gross income, which is usually much less than the amount homeowners are currently paying.

4. When monthly debts make it hard to pay mortgage or car loans. According to Chapter 13 bankruptcy lawyers in Chicago, in a Chapter 13 Bankruptcy, you will most likely be able to wipe out most of your unsecured debts, like credit cards, so you can put your earnings toward what is most important: your home or car.

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If any of the above cases apply to you then, you should definitely consider filing for Chapter 13 Bankruptcy with the help of experienced Bankruptcy lawyers in Chicago. The experienced bankruptcy attorneys at the law offices of Chang and Carlin will also help you decide your best options during the bankruptcy process.

Our goal at Chang and Carlin, LLP is to change your financial future. To book your appointment or get more information about Chapter 13 and Chapter 7 Bankruptcy in Chicago, contact us at 1-866-790-8601 or Request a Free No Obligation Bankruptcy Filing Consultation Today.

Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg, Joliet, and Warrenville.

Ways To Tackle Insolvency

The Law Offices of Chang and Carlin, LLP guide individuals and families through their financial struggles, helping them make a fresh start through Chapter 7 and Chapter 13 bankruptcy.

Chang and Carlin’s Chicago bankruptcy lawyers, are asked numerous questions by their clients. The questions pertain to various aspects of bankruptcy and debts. Recently, an interesting question was asked by a client about how to deal with insolvency. Let’s take a look at this question:

What is insolvency?

Insolvency means that either you aren't making enough money to pay your debts, or that you owe more money than the value of the assets you own.

What to do

· The first step if you can't pay your debts is to work towards a 'compromise' with the people or organizations you owe money to (the creditors). A creditor's compromise is an informal agreement that may allow you to reduce the amount you owe, alter your payments to something you can afford, and possibly allow you to keep your business going. The compromise process can be drafted by an experienced attorney like Chang and Carlin LLP’s expert Chapter 7 bankruptcy attorneys in Chicago.

· Summary Instalment Order: Summary Installment Orders provide debtors in financial difficulty with the option to repay all or some of their debts in installments over a period of three years, or up to five years in special cases. Your credit rating could be affected for up to seven years.

· No Asset Procedure: A No Asset Procedure is an alternative to bankruptcy for those with debts between $1000 and $40,000, who have not previously gone bankrupt or undergone a No Asset Procedure, and who have no assets. It lasts one year, and is an official declaration to those you owe money to that you have no means to repay them and no assets left to sell.

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These were some steps that you can take to deal with insolvency issues. However, it’s always in your best interest to take the necessary steps under and expert guidance. The attorneys at the law offices of Chang and Carlin help people with Chapter 13, Chapter 7 bankruptcy in Chicago, Foreclosure, and IRS and tax related issues.

All You Need To Know About Non Priority Debts

The Law Offices of Chang and Carlin guide individuals and families through their financial struggles, helping them make a fresh start through Chapter 7 and Chapter 13 Bankruptcy.

If you are in debt you're probably being harassed by people you owe money to (Your creditors) on a consistent basis. Before you start talking to your creditors, you'll need to sort out how much money you owe and who you owe it to. You'll also need to sort out which are the most urgent debts to pay and if you've got enough money pay them.

There are certain types of debts which need to be paid on urgent basis (priority debts) as the consequences of not paying them can be very serious. Therefore one needs to organize debts on the basis of urgency. In the view of expert Schaumberg bankruptcy attorneys, if you have the knowledge of priority and non-priority debts then you'll be able to organize your finances better.

Therefore, with the help of this article, let’s find out what are non-priority debts and the ways to deal with non-priority creditors.

Non-Priority debts

According to the experienced Chicago bankruptcy lawyers, there are certain types of debts which need not be paid on urgent basis. Such debts include-

· Benefits overpayment

· Credit debts such as overdrafts, loans, hire purchase, credit card accounts and catalogs

· Student loans

· Money borrowed from friends or family.

You can’t be sent to the prison for not paying the non-priority debts but, if you don’t make any efforts to pay without explaining then you may be dragged to the court by your creditors.

Ways to deal with Non-priority creditors

Maintaining good contact is the key to dealing with these creditors. If you are being bugged by the non-priority creditors then here’s what you need to do-

· Don't ignore letters or phone calls from your non-priority creditors. Get in touch with them as soon as possible once you know there are problems paying them.

· Write to them to explain why you're in debt, that you're trying to deal with your debts and that you'll contact them again shortly when you're in a position to know how much you can afford to pay.

· Ask them if you can stop paying interest on your debts in the meantime. This is called freezing the interest.

· When you write or speak to your creditors, make sure you explain your situation fully. If they know about your circumstances, they might be prepared to give you extra time to pay.

Reasonable Fees for Bankruptcy and Foreclosure Help for Illinois Residents + an Initial Free Consultation

These were some helpful tips that you can use to deal with non-priority creditors. However, if you still face difficulties dealing with the creditors you can always seek guidance from the expert Chicago bankruptcy attorneys at the law offices of Chang and Carlin.

Knowledge Of Bankruptcy Laws Can Help You Save Your Home

Chang and Carlin, LLP provides legal services for people who are struggling under the pressure of mounting debt. Their Chicago area attorneys help people under financial stress to liquidate their debts by filing for bankruptcy.

A house is not just built with cement and bricks; our precious memories are also an inseparable part of our homes. Unfortunately, people who are saddled with debt face the very real fear of losing their home. However, if a person who is in debt has enough knowledge of bankruptcy law to act quickly, then they may be able to save their home. So, here are a couple important bankruptcy laws that can help with foreclosure prevention.

Chapter 13 and your home

Filing a Chapter 13 Bankruptcy is a good option for homeowners who are behind on their mortgage payments and need time to catch up on their payments so they can keep their home. You can pay off any late mortgage payments during the length of the repayment plan. You will need enough income to meet your current mortgage payments and your other expenses at the same time you’re paying off your late mortgage payments. If you make all the required payments under your Chapter 13 plan, you can avoid foreclosure and remain in your home.

Chapter 7 Bankruptcy and your home

According to Chang and Carlin, LLP’s experienced bankruptcy attorneys in Chicago, while Chapter 13 can be used to prevent foreclosure in the long term, Chapter 7 provides a temporary relief from foreclosure. Filing for Chapter 7 results in an immediate “automatic stay” that prevents your creditors from taking any action against you such as foreclosing on your home. However, a creditor can ask the bankruptcy court to lift the automatic stay.

Which one is better for me?

If you are considering filing a bankruptcy case and you are wondering which one would be better for you then here are some issues to consider:

§ Whether you want to keep your home or just delay a foreclosure

§ Whether you have other property such as a car you want to keep

§ Whether you are able or willing to pay for some of your debts through a Chapter 13 payment plan

§ The type and amount of bankruptcy exemptions available to you

§ Your estimated payment under a Chapter 13 plan

If you are still not clear about the course of action that would be the best for you, then you should consider hiring an expert bankruptcy attorney. Chang and Carlin, LLP’s experienced bankruptcy and foreclosure attorneys in Chicago have been helping individuals to secure a better financial future with their valuable help and guidance.

Chang and Carlin, LLP

Monday 14 October 2013

Top Reasons To File For Chapter 13 Bankruptcy

Reasonable Fees for Bankruptcy and Foreclosure Help for Illinois Residents + an Initial Free Consultation

Ways To Tackle Insolvency

Reasonable Fees for Bankruptcy and Foreclosure Help for Illinois Residents + an Initial Free Consultation

All You Need To Know About Non Priority Debts

Reasonable Fees for Bankruptcy and Foreclosure Help for Illinois Residents + an Initial Free Consultation

Knowledge Of Bankruptcy Laws Can Help You Save Your Home

Reasonable Fees for Bankruptcy and Foreclosure Help for Illinois Residents + a Initial Free Consultation

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