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
The Road from Bankruptcy to Homeownership Read Post »
Bankruptcy Credit Credit Score Home Homeowner Mortgage
This article addresses individuals and organizations overwhelmed by debt. Banks and financial institutions invest significant resources in discouraging people from filing for bankruptcy. However, upon closer examination, these “reasons” are often biased toward the big money industry. Let’s debunk some common misconceptions. It is an Admission of Failure Using our American Bankruptcy laws recognizes that
Reasons not to file Bankruptcy Read Post »
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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
Save Your Home From Foreclosure in Illinois Read Post »
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In 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
How Can Someone Save Their Home With Chapter 13 Bankruptcy? Read Post »
Chapter 13 Home Homeowner VideoThrough Chapter 13 2nd mortgages can often be eliminated and reduced to an unsecured claim. There are two sections of the Bankruptcy Code that in essence say a junior mortgage is a secured claim only if after deducting all senior liens there is still some equity left for the junior mortgage. If the property has no
How Can A Second Mortgage Be Eliminated? Read Post »
Homeowner Mortgage VideoHome ownership is one of the great American dreams. Very little compares to the pride of home ownership. It gives one the status of being in the middle class. One that has provided security and comfort for the homeowner’s family and self. For most of us to buy a home or other real estate requires
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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
Will I Lose My House if I File for Bankruptcy? Read Post »
Bankruptcy Home Homeowner VideoIs 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
Save Your Home From Foreclosure in Illinois Read Post »
Bankruptcy Foreclosure Home Homeowner Video