When a person falls behind on their mortgage they may have a few choices of how to fix the loan or save the home. This Chapter 13 article does a good job of discussing the positives and negative aspects of filing a Chapter 13 Bankruptcy or a Chapter 7 bankruptcy in Chicago.

It states that you can avoid the tax liability associated with a deficiency that survives the sale of your home. The article also discusses how it may be possible to strip liens on homes that have become substantially undervalued. It also discusses that while the bankrupty filing can hurt your score and stay on your record for 10 years, at the same time it can give a realistic manageable timetable to payoff all your debts and come out of the bankruptcy caught up on all your debts and still have possession of your home or car. However, it is urged that you do your homework when selecting your attorney.

A Chapter 13 reorganization is complicated and you should find a Chicago Bankruptcy Lawyer that has a wealth of regular experience in creating chapter 13 plans and representing Chapter 13 clients so as to make sure you get a plan that best fits your personal financial needs. have drafted numerous Chapter 13 plans and I feel confident I can get you into a Bankruptcy plan that fits your personal needs. So call or email us today so we can get you a free consultation at 312-489-8182 so you can Lose your Debt and keep your Dignity!

Marc

Many home owners have spent the last two years struggling to pay their mortgages when interest rates jumped on their loans and the economy tanked, most were seeking relief with a loan modification. However, when one closely examines these modifications two things become clear.

First, that very few modifications are actually successful and this leaves many home owners behind on mortgage payments and in foreclosure, this leaves the person little choice but to file a Chapter 13 bankruptcy to save their home or walk away from the property. Second, even if the modification is accepted it is usually only a temporary fix, many modifications restructure only for a few years and after that the payment will return to the original loan terms and the old payment amount and interest rate.

Therefore, the lenders are guaranteed to never actually lose any of the money owed to them and the Debtor will pay in full. Over a year ago there was a great solution proposed to all these home loans that had variable rates or were substantially upside down on their value. This article discusses how a Chapter 13 Bankruptcy could be filed and the Bankruptcy Code would be amended to allow the Debtor to cram down the value of the home or reduce the interest rate.

Either one or both options would allow the Debtor to stay in their home and make the home affordable based on current interest rates. However, the bill died in Congress for many reasons, but most likely because this option would make the banks take some financial hit. So if you have attempted a modification and failed please call our office for a Chicago Bankruptcy Attorney that can try to help you save your home. Or call our Bankruptcy office today, to set an appointment for a free consultation, as it may be possible that a Chapter 7 Bankruptcy may help you in addition to a Chapter 13. Either way I will do my best to make sure I find out if Bankruptcy can help you. So call or email today so you can lose your debt and keep your dignity at 312-489-8182.

Marc Wagman

Attorney at Law

Many of our clients come int our Chicago Bankruptcy offices and state that they feel bad or morally wrong for wanting to file a Chicago Bankruptcy Case. However, as evidenced in this business bankruptcy article, businesses file Bankruptcies everyday. In fact, some of the richest business moguls in America have filed multiple bankruptcies throughout their lives. When a business files it is considered by society to be a savvy business move, however when a consumer files this is considered morally wrong? This is quite hypocritcal and you SHOULD NOT feel bad. If you qualify for a Chapter 7 or Chapter 13 Chicago Bankruptcy then there is nothing wrong with using one of the few federal laws created to protect a consumer against creditors when they get into trouble. If you are having financial problems and creditors are harassing please do not hesitate to call a chicago bankruptcy lawyer today. Check out our Bankruptcy website to see you may qualify or fill out a contact form and we will contact you asap so we can talk to you and let you know that there is nothing morally wrong with filing a bankruptcy. So stop delaying your relief from all those harassing creditor calls to your home or your work.

After all the big bailouts in the last year most banks survived, yet many banks still refuse to begin lending to potential property purchasers or small businesses. This latter issue has caused many small business owners to have to file a Chapter 7 or Chapter 13 bankruptcy in the Chicago area.

This is a unfortunate situation as small businesses are one of the main drivers of our economy. If you are a small business owner in the chicagoland area you may need a Chicago bankruptcy attorney. If you still have income coming into the business we may be able to file a Chapter 13 consolidation plan that will allow you to keep all your property and keep your business running all the while consolidating all your creditors into one affordable payment.

If you do not believe your small business will hang on then you should seriously consider a Chicago Chapter 7 bankruptcy because most of your debts may also be tied to you personally so it is important to find a good Chicago Bankruptcy Lawyer that will determine the best course in order to file Bankruptcy that protects your personally and your business professionally. So please call or email us today or check out my website and fill out an evaluation form so I can contact you ASAP and relieve you of some of that stress that your creditors are causing you. I routinely file case in and represent bankruptcy clients in Dupage County, Cook County, Lake County, and Will and Kane Counties. I want you to lose your debt, Keep your dignity!!! Please call my office today for a free consultation at 312-489-8182!

Attorney Marc Wagman

President Obama declares in this article, that when analyzing the US Budget that nationally the debt will double and this WILL lead to long term increased unemployment. If you are someone who is facing unemployment a Chicago Bankruptcy may be beneficial to you. To determine the benefits of a Chicago Bankruptcy click here. There are two types of Bankruptcy that can be filed if unemployment has caused you to lose control of your bills and debt. The two choices of Bankruptcy are Chapter 13 and Chapter 7.

The Bankruptcy laws changed in 2005 and now there is a more complex calculation to determine your Chicago Bankruptcy eligibility, click here to better understand this calculation called the Means Test. It is important to select a Chicago Bankruptcy attorney that understands this complex calculation and how to apply to your personal financial to this calculation to get you the very best results for your Chapter 7 or Chapter 13 Chicago Bankruptcy case, read the following page to gain information on what you need to look for when selecting your Chicago Bankruptcy Attorney or Chicago Bankruptcy lawyer. Please call my office to schedule a free consulation at 312-489-8182!

Marc

While this is not the current law in Bankruptcy law it is a hope of most Chicago Based Bankruptcy Attorneys that in the future their clients may be able to negotiate the mortgage on their home when the file a Chapter 13 Bankruptcy. As this article outlines, this type of law has helped farmers when enacted in prior Bankruptcy law reforms. This so called cram down law has also greatly helped Chicago Bankruptcy filers with their upside vehicles. Basically, when a Chicago consumer files a Chapter 13 Bankruptcy they are able to only have to pay back the value of the car, in full with interest, instead of what is owed on the contract. This ability was diminished some by the Bankruptcy reforms of 2005, the contract for the purchase of the car must be older than 910 days to qualify, but it still exits and provides great relief for the Chicago Bankuptcy Consumer.

Until Congress makes such a change home owners are left on their own to modify their home loans. However, if not successful please call our office today so we can help you protect your home from foreclosure through a Chapter 13 Bankruptcy filing. We are Chicago Bankruptcy attorneys that specialize in getting your Chicago Bankruptcy filed as fast as possible to protect your car or home. We also examine the possibility of a Chapter 7 Chicago Bankruptcy in order to assure you have all the legal choices at hand to make sure you make the best decision for your financial future. I have an office in Palos Heights, Naperville, and downtown to serve my clients. Please visit our website today! I am an experienced Chicago bankruptcy lawyer who offers a free consulation please call me at 312-489-8182!