According to this article in CNN, home prices are still heading lower in most areas in the country. According to FISERV a financial analytics company home prices still haven't hit rock bottom. As a Chicago bankruptcy attorney, I speak to numerous clients each week that are signficantly underwater on their properties. RealtyTrac has reported a significant increase in foreclosure filings. Due to the large amount of foreclosures in the Chicago area home prices still have a way to go before we hit bottom.

In most circumstances, borrowers are not going to have equity for a significant time in the future. If you are significantly underwater on your mortgage a Chapter 7 bankruptcy in Chicago may make sense. Or you can choose a Chicago Chapter 13, and in some circumstances you can strip a second mortgage if there is no equity to support the lien and pay that debt as unsecured. As a Chicago bankruptcy lawyer, I have helped numerous clients over the years with insurmountable debt. My office offers a free consultation for your first appointment. If you are experiencing financial problems please call my office at 312-489-8182 or fill out an inquiry form on my website. I want you to lose your debt and keep your dignity.

Marc