A new report cited in this article, states that nearly 29% of borrowers are underwater on their homes. Underwater means that the person owes more than their mortgages and therefore, they have no equity in their home. In Chicago and the surrounding counties real estate prices have fallen in the recent past. As a Chicago bankruptcy attorney, I rarely speak with or meet with clients who now have equity in their homes due to the drop in real estate in the surrounding area.

In some circumstances it may make sense for the client to walk away from the home if it is significantly underwater by filing a Chapter 7 bankruptcy in Chicago. Or repaying any arrears through a Chapter 13 plan over time. To speak with an experienced Chicago bankruptcy lawyer please call my office at 312-489-8182 to discuss your personal financial situation and set up a free consultation.

Marc