Did you know that filing for Chapter 7 bankruptcy could actually be the first step toward owning your dream home? It might sound surprising, but for many, bankruptcy is not the end—it’s a fresh start. Let me explain how it works and how you can use this opportunity to rebuild your financial future.
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Illinois homeowners filing for Chapter 7 bankruptcy often face a critical decision regarding their mortgage. It’s essential to understand that Illinois offers limited homeowner exemptions: $15,000 for a single homeowner and $30,000 for a married couple. This typically means you may not have much equity in your home. When filing for Chapter 7 bankruptcy, you
When burdened with overwhelming debt and a strong desire to own a home, initiating bankruptcy can be the constructive first step. This often misunderstood step can pave the way for your homeownership dreams. You heard me correctly. File Bankruptcy. By wiping out unsecured debts, you can start fresh. But don’t waste your bankruptcy. Treat it
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Is your home in foreclosure, or have you missed three or more payments? We are here to help. Can You Stop Foreclosure? Some options are temporary. When you defend the foreclosure in state court, you will stop the foreclosure for some time. Generally, it only delays the foreclosure and is not a permanent solution. Other
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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
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Home 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
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Mortgage companies in Illinois will proceed with a foreclosure at some point when a homeowner falls behind on payments. Probably the most effective way of stopping or preventing a foreclosure is filing Chapter 13. The basic requirements are You can down load for free our eBook: SAVING YOUR HOME And Other Real Estate in Illinois.
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Foreclosure Home VideoMany people avoid bankruptcy on the belief they can never get a mortgage. That is not true. Actually, the opposite may be true for many good folks. If you have too many debts or have a low credit score obtaining a mortgage is too difficult. To get a mortgage you have to resolve your debt problems. Bankruptcy
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Bankruptcy Home VideoIn essence, Chapter 13 bankruptcy is a repayment plan. There are many reasons why you may choose to file for Chapter 13 bankruptcy, as well as many benefits associated with doing so. This section is concerned with one of those benefits: the opportunity to save your home. For homeowners who have defaulted on their mortgage
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Chapter 13 Home Homeowner VideoAre you a Homeowner overwhelmed with debts but afraid of what will happen if you file Bankruptcy? This is a reasonable concern. In Illinois, 48,673 people filed for Bankruptcy in 2019.* Chapter 7-30,695: to get a discharge of debts and get a “Fresh Start.” Chapter 13-17,816 to manage their debts. ROBERT J. ADAMS & ASSOCIATES
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