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.

Life Insurance And Bankruptcy – What is the Difference?

Chang and Carlin, LLP is a well known firm serving the Illinois area. When looking for a trustworthy Chicago Bankruptcy Lawyer, this is the firm to contact. They have years of experience in filing diverse real estate and bankruptcy cases.

Life insurance is a vital means of ensuring your loved ones are well-looked after should anything unfortunate befall you, but, in bankruptcy, life insurance plays an additional role of providing that same security to your loved ones while providing a sometimes necessary monthly expense that can sometimes significantly impact either your eligibility for a Chapter 7 Bankruptcy or the size of your Plan payment in a Chapter 13 bankruptcy Chicago. Therefore, it is very important to know how life insurance can help you through your difficult times. Let’s take a look.

Can I get life insurance while going through bankruptcy?

Most life insurance companies are looking for the bankruptcy to be discharged before they will consider you for life insurance. But with recent changes in economy and increase in number of filings, more companies are willing to consider you for coverage, especially with the Chapter 13 filings. The only correct way to obtain life insurance is to consult with an experienced Chicago bankruptcy lawyer.

Can I deduct life insurance premiums in bankruptcy means test?

With certain limitations, life insurance premiums can be deducted on bankruptcy’s means test. Since the means test determines whether you are eligible to file Chapter 7 Bankruptcy or, if you are filing under Chapter 13, knowing the amount you must pay into your Chapter 13 plan to be able to deduct life insurance premiums may be to your advantage when you file for bankruptcy.

Good faith standard

The good faith standard looks at your average monthly income and compares it to your average monthly expenses (as a household in both cases, not just as an individual). If there is “too much” money left over after those expenses are subtracted from that income, there is a possibility that the Trustees in your bankruptcy case may file a motion to have the case dismissed. Therefore, the term life insurance with $0 present-day cash-value (benefit only to be paid out upon the demise of the policy holder) is a very useful expense to have on the list of your expenses.

For more information about how life insurance and other more obscure expenses may affect your bankruptcy eligibility, or to schedule an appointment with a Chapter 13 bankruptcy lawyer Chicago, please Request a Free No Obligation Bankruptcy Filing Consultation Today. or call them at 1-866-790-8601.

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.

Why Honesty Is The Best Policy In Bankruptcy Cases

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. Chang and Carlin, LLP’s bankruptcy lawyers in Chicago can help you get the immediate debt protection you need and help you get out of debt.

When you are over your head in debt, bankruptcy may seem like the perfect cure-all. It can truly wipe the slate clean. More than 1 million people file for personal bankruptcy every year, seeking relief from debt collectors and the weight of their bills. However, due to the fear of losing everything, some debtors don’t disclose details about their property and assets when they file. Not only is this unlawful, but it could get you into big trouble.

This what can happen if you are caught hiding property or information:

•  Your discharge will be denied: Using Chapter 7 or Chapter 13 bankruptcy Chicago, you can discharge your debts but if you are caught hiding any property or asset, your entire bankruptcy petition will be thrown out, and you will be liable for all your debts.
•  Your case could get dismissed: In some cases, your case will remain active but the hidden asset in question may be used to satisfy creditors as a result.

•  Reversal of discharge: If the court learns you hid assets after your debt were discharged through bankruptcy, the discharge may be revoked.

•  Loss of exemptions: Bankruptcy laws allow you to protect a limited value in certain property, such as a car or family heirloom. You may lose your exemptions if you do not disclose all your assets in your filing.

•  Federal charges: If you provide false information anytime during your case this could lead to criminal charges including imprisonment and hefty fines.

These are just a few of the potential results of hiding assets, and the eventual consequences may be even worse! If you want to protect certain assets during bankruptcy, contact the law offices of Chang and Carlin, LLP today.

For more information on Bankruptcy law or to schedule a FREE initial bankruptcy consultation with an experienced bankruptcy lawyer in Chicago, call Chang and Carlin, LLP 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.