Chicago Bankruptcy Lawyer

Recent Posts in Mortgage Category

  • Property of the Estate & Inherited Property

    11 USC 541(a) dictates that upon the filing of a bankruptcy case, an estate is created. This estate includes all legal and equitable interests of the debtor at the time of filing, and in certain instances, interests in property that arise after the filing of a bankruptcy within a certain period of time. Essentially, once the bankruptcy is filed, the resulting estate is comprised of everything the ...
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  • Chicago Foreclosures Spike in October 2013

    According to a story published in the Chicago Tribune on November 13, 2013, Chicago-area foreclosure filings rose nearly 30% in October 2013. This number, while lower than this past summer and the past few years of extreme foreclosure rates, signals that the economic recovery is far from complete. A spike in foreclosure filings as winter comes indicates that for some, household income has gone ...
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  • Missing Mortgage or Association Payments During Bankruptcy

    The filing of a Chapter 13 has an interesting effect. It consolidates and reorganizes all of your personal debt into one payment to the trustee each month. The analysis that goes into this deals with all of your expenses, income, assets, and debt to determine the payment. The payment can go up if it includes payment for certain secured debt in the plan, like a car of mortgage. This can help ...
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  • Eliminating a Second Mortgage in Bankruptcy

    In today's upside down real estate market, it is quite common for prospective debtors to seek bankruptcy help in an attempt to remove a second mortgage on their property. These mortgages were taken out of the equity when the home still had good value, but with the recession's plummeting home values now sit as fully unsecured liens. A good portion of these prospective debtors are those who normally ...
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  • Saving a Home in Chapter 13 Bankruptcy

    For a home on the brink of or in active foreclosure, the options to the homeowner(s) may seem limited. They can try a loan modification to save the home, but often they feel they have to ditch the home and move on. They try to do this through a short sale, deed in lieu of foreclosure, or perhaps even just abandoning the home altogether. Little do they know, however, that Chapter 13 offers perhaps ...
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  • Chapter 13 Debt Limits

    In Chapter 7 bankruptcies, the amount of the debt owed by the debtor isn't as vital a consideration in the case because the obligation is going to be discharged 100% and not paid back. Thus, a debtor filing a Chapter 7 bankruptcy must only focus their analysis on whether they qualify because of income, assets, or other issues. This isn't necessarily the case in a Chapter 13 . Chapter 13's, you'll ...
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  • Bankruptcy and a Second Mortgage

    During the years leading up to the mortgage crisis and collapse of late 2008, second mortgages borrowed against the equity of a home were common. People felt comfortable taking them out because home values continued to soar, meaning that there was a low perceived risk at the time of using that extra equity to pay for college, home remodeling, or other various expenses. Only after the bottom ...
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  • Selling Real Estate in an Active Bankruptcy

    In any bankruptcy, whether it be a Chapter 7 or Chapter 13, the issue of real estate is nearly always at the forefront. In Chapter 7 liquidations, the amount owed on any liens on the property, together with what the value is of the home, go a long way to determining whether it will be shielded from liquidation. In a Chapter 13, numerous real estate assets can drive up the percentage to be paid to ...
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  • Foreclosures in Bankruptcy

    In today's financial climate, an increasing number of people are having difficulties keeping up with a tumultuous real estate market. In the bankruptcy sense, this involves a spike in foreclosure rates. Foreclosure, or the possibility of such, can happen for many different reasons. Maybe someone lost their job, their mortgage rate readjusted, or they simply got in over their head at a time when ...
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  • Secured Property and Bankruptcy

    A common misconception, one routinely brought up by clients when interviewing with their bankruptcy attorney for the first time, is that they think they're going to lose all of their property. Whatever the reason the myth originated, it is simply not true in the majority of cases. Most of the time, a debtor will be able to keep their secured property when filing Chapter 7 bankruptcy. Secured ...
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