Chicago Foreclosure Defense Lawyer
Stop Foreclosure Now! Call (312) 957-8077 for a Free Consultation.
If you have found yourself in a serious rough patch, several areas of your life may be affected, including your ability to manage day-to-day expenses. One of the most devastating ramifications of financial instability is the looming threat of foreclosure.
Fortunately, there are a number of ways to get back on the road to recovery before matters get any worse. If take the right steps quickly, you may even be able to stop the foreclosure process altogether! With the help of a Chicago foreclosure defense lawyer from our firm, we can help you find a financial solution that is best suited for the circumstances that you are up against!
Fighting Foreclosure Through Bankruptcy
One of the most effective ways to halt foreclosure in Chicago is to initiate the bankruptcy process. As soon as you have filled out all of the necessary paperwork and submitted your petition to the court, they will move quickly to order an automatic stay. This will essentially act as a "cease and desist" order for any creditors that have attempted to collect on overdue debt, as they will be strictly prohibited from continuing their efforts until the bankruptcy process has been concluded.
The automatic stay is applicable to all impending foreclosures, so you would be able to stay in your home for the time being. It does not necessarily mean that their efforts will not be continued thereafter, however, as an automatic stay will typically only give you a few months to develop a plan and get your finances in order.
Foreclosure During Chapter 13
If you are looking to completely stop the foreclosure process, consider filing for Chapter 13 bankruptcy. This is a more gradual way to alleviate debt, as it would allow you to reorganize your finances and develop a manageable payment plan that would span over a period of 3-5 years.
If you have at least enough income to meet your current mortgage payments – regardless of how far behind you have fallen – while you repay your debt under the new structure, you should be able to avoid foreclosure and keep your home when the process has finally been concluded.
Filing for Chapter 7 will only delay the foreclosure process – as the debtor would only be afforded a few months to develop a plan under the protection of an automatic stay.
Keep Your Home! Trust in Our Chicago Foreclosure Lawyer.
If you have been faced with the threat of foreclosure in Illinois, you should not hesitate to consult Attorney Joseph P. Doyle as soon as possible. Moving quickly is critical, as you may only have a small window of time to resolve your debt-related issues and successfully fight the foreclosure of your home. Taking the first step is often the hardest part, but all you have to do it pick up the phone and dial (312) 957-8077!