Bankruptcy And Foreclosure: Can I Save My Home?

Chapter 7 & Foreclosure Filing bankruptcy can go a long way toward saving a home that's in foreclosure. Each chapter of the bankruptcy code will affect the outcome or the continuation of a foreclosure case differently. Under chapter 7 bankruptcy law, and automatic stay will kick in which will temporarily halt a foreclosure case. In a chapter 7, the creditor will bring a motion to modify the automatic stay and will be able to proceed where it left off in the foreclosure process. This delay can last anywhere from one month to four months depending upon the timing and conduct of the creditor. Chapter 13 & Foreclosure Under chapter 13 bankruptcy law, the foreclosure case may possibly + Read More

Credit Card Spending Can Lead To Bankruptcy Filing

In Chicago and around the country, people are over spending on their credit cards. Maybe it’s the have it now, pay for it later mentality. Maybe it’s the convenience of not having to carry cash. Maybe it’s the enticements of rewards by using the card. Whatever the reason, folks have become too reliant on credit cards in their lives. The video below talks about how using your credit card instead of cash can actually increase to the total dollars that you spend. In many cases, this will lead to an eventual bankruptcy filing. Jesse Barrientes: I find that a lot of folks are simply using the credit card to live. They are paying – they are buying groceries or they are buying things + Read More

Bankruptcy & The Right Time To File

Chapter 7: Time To File? David Siegel: When would somebody want to file a Chapter 7 bankruptcy as opposed to not filing at all? What is the reason why someone would file a Chapter 7? Jesse Barrientes: I guess there are a lot of different reasons. One would be for example if somebody filed a lawsuit against you and what somebody gets a judgment, and I think we talked about that at one of our programs. We have gone through the small claims process and some other processes. But once a creditor obtains a judgment, than they do what they call supplementary proceedings that include the possibility of attaching of lean to your wages, wage garnishment or of attaching to your bank account or any + Read More

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