If you are behind on your second mortgage, you technically can be foreclosed upon by that second mortgage and eventually lose the home. The second mortgage might not be the one who gets paid or made whole but they can push the issue and actually do the bidding for the first mortgage company in a […]
This is the case of Carla Salerno from Chicago, Illinois who is interested in filing for bankruptcy. Ms. Salerno does not own any real estate. She is currently renting from a landlord at the same address as her but on the second floor. It is a month-to-month lease. She does not own a vehicle. She […]
This is the case of José Manuel Verones who comes to me with Wauconda, Illinois seeking debt relief. Mr. Verones is not a homeowner and he currently lives with his parents so he doesn’t have a formal lease. He’s got a 2000 Chevy Malibu which is worth $2000 and it is paid for. He has […]
The simple answer is yes, the condo associations can be put in a Chapter 13 bankruptcy and be repaid over a 3 to 5 year period. Much like a mortgage that you fell behind on, the condo association is a secured debt, secured by your property that you need to pay in order to keep […]
A Chapter13 plan is a very complicated mathematical computation which is why you should always have an attorney when filing Chapter 13. A Chapter13 plan is determined by three factors, your income, your expenses and your assets. The court only will approve a Chapter13 bankruptcy if you can afford it which is why it’s such […]
This is the case of Dante Shorr who comes to me from North Chicago, Illinois seeking information on bankruptcy. Mr. Shorr has never filed for bankruptcy before. He is not a homeowner and he has currently living with family. He has a paid off vehicle which is a 1985 Lincoln Town Car which is worth […]
Taxes can be eliminated in certain circumstances and in certain circumstances your attorney will be able to advise you. For example, if you have tax debt that is more than three years old and if you filed a return for those years and if you did not commit any type of fraud, then the debt […]
Chapter 7 bankruptcy, known as the fresh start bankruptcy, is a way to get out of debt. However, student loans are not eliminated under a Chapter 7 except in extreme hardship cases. In my experience, an extreme hardship case is almost impossible to find. You must be in a position where you can no longer […]
This is the case of Joseph Loomis who comes to me from Aurora, Illinois for consultation regarding debt relief. Mr. Loomis has never filed for bankruptcy before. He is not a homeowner and he is not renting, either. He is living with his parents. He has a 2012 Ford Transit which is financed by Ford […]
A Chapter 7 Bankruptcy is advantageous to a consumer because it offers a “fresh start”. Throughout a consumer’s lifetime, bills are accrued by means of credit cards, medical visits, automobile purchases, etc. Through a Chapter 7 Bankruptcy, a debtor can ultimately be discharged from these obligations, which is known as the “fresh start”. Furthermore, there […]