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.

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

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.