WHEN HOMEOWNERS ARE CONSIDERING FILING A CHAPTER 7 OR A CHAPTER 13 THEY ARE NATURALLY CONCERNED ABOUT THE FATE OF THEIR HOME. WILL I LOSE MY HOME? Illinois is one of many states that have their own exemptions for homeowners rather than using the federal bankruptcy exemptions. The homestead exemption in Illinois is $15,000 for an individual […]
Homestead Exemptions In Illinois Read Post »
Home VideoWOULDN’T IT BE NICE TO GET RID OF A 2ND MORTGAGE AND SAVE THOUSANDS OF DOLLARS? Homeowners and other property owners often discover that their property’s market value is less than the balance of the first mortgage. On top of that many have second mortgages and/or Home Equity Loans. How do you keep the property and
Eliminating 2nd Mortgages Also Called Stripping or Cramming Down Read Post »
Mortgage VideoThe IRS requires creditors to issue a 1099-C form to individuals who have had their debts forgiven or settled for less than the amount owed. It applies to debts in excess of $600. www.irs.gov I don’t owe the money but now the IRS is sending me a huge tax bill!! What’s going on and what can
1099-C: Tax Consequences of Forgiven or Settled Debts Read Post »
1099-C Taxes VideoFrequently, individuals ask about giving property away, such as a car, just before filing a Chapter 7. These transfers not only fail to help the bankruptcy process, the transfers might be unnecessary with the right legal advice. THE PROBLEM WITH LAST MINUTE SALES AND TRANSFERS Maybe an individual has a car worth $15,000 that they
Transferring Or Selling Assets Before Filing Bankruptcy Read Post »
Debt VideoAmerican workers take pride in their work, and American ingenuity and labor has given birth to some of the world’s greatest achievements, indeed. But the economy rises and falls from year to year and unfortunately for some Americans that means lost jobs, and lost jobs often creates debt. Let’s face it, no one wants to
Swimming In Debt? It Might Be Time To Call A Chicago Debt Collect Read Post »
Debt VideoWhen you can’t pay your mortgage on time, you start to panic. How much time do I have to get caught up? What happens when a foreclosure is filed? How soon can they sell my house, and what can I do to stop it? What follows below is a description of the process and answer
Home Foreclosure In Illinois Read Post »
Foreclosure Home VideoCondominiums (Condo) include multi-unit apartments and townhouse and some single family house. While co-ops are a bit different the following generally apply to the following. DUES Owners of Condo units are responsible for monthly dues or assessments. In addition the Condo Association can levy special assessments. The special assessments can be required to be paid
Delinquency – Condo Dues In Illinois And How Bankruptcy Can Help Read Post »
Bankruptcy Condominium VideoPeople are always concerned that they can lose their car or furniture when they file a Chapter 7 case. While it is a reasonable concern, the law recognizes that one can keep more than just the shirt on his back when going through bankruptcy. Property exemptions determine what property debtors may keep. Illinois has its
Personal Property Exemptions In Illinois For Chapter 7 And Chapter 13 Read Post »
Chapter 13 Chapter 7 VideoThere are times when it is best to convert a Chapter 13 case to a Chapter 7 and get a “fresh start.” The question is why you filed a Chapter 13 and whether you still need to keep paying into your Chapter 13. Is it a good idea to convert my Chapter 13 to a
Should I Convert My Chapter 13 to A Chapter 7? Read Post »
Chapter 13 Chapter 7 VideoFolks frequently ask if they are eligible to file a Chapter 7 or Chapter 13 case. This article will acquaint you with the 2, 4, 6, 8 Rule and give eligibility guidance. I filed a Chapter 7 or Chapter 13 in the past: Can I file a case now? This article is limited to whether
Can I File a New Bankruptcy Case? Read Post »
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