In recent years, mortgages have spun out of control for individuals and families all over the country. People were riddled with debt that outgrew the value of their home, leaving them with the potential to lose their home when they fail to make house payments.
As a La Grange lawyer defending individuals against the foreclosure process, I have seen these struggles firsthand. My goal in these cases is to help my clients protect their assets and the homes they have worked hard to sustain. Chapter 13 bankruptcy is a viable option in these cases and helps individuals with homes and assets to protect, specifically.
How Can Chapter 13 Bankruptcy Help Save My Home?
One of the main fears that individuals have about filing for bankruptcy is the potential to lose their home, car or other assets in the process. In reality, filing bankruptcy will place an automatic stay on foreclosure actions that you may have against you, allowing you time to restructure debts into repayment plans that work for you. Filing for Chapter 13, as opposed to Chapter 7 bankruptcy (in which assets are sometimes liquidated), allows the debtor this option.
If you have multiple mortgages on a home that is not valued as high as the debt against it, then there is potential for the second mortgage to be eliminated through bankruptcy as well. Depending on the value of your home, that second mortgage may be considered unsecured debt, therefore making it eligible for discharge. The nuances of this area of law, especially in relation to foreclosure, are very complicated, so make sure to discuss your case with an attorney to get the best information possible in your case.
Contact Cook County Foreclosure Law Attorney David P. Lloyd Today
Plant the seed today for a fresh start tomorrow. By scheduling a free consultation with David P. Lloyd, Ltd., online or by telephone at 708-937-1264, you can work directly with an Illinois lawyer who knows bankruptcy and how it can unearth new potential. There is no need to hesitate in getting information that addresses your unique needs. I look forward to hearing from you.
My firm is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.