Chicago Area Stop Home Foreclosure Lawyers
Illinois Bankruptcy Attorneys
Millions of people have lost their homes to foreclosure. All too often, people who have lost their homes could have avoided a home foreclosure if they had known more about their legal rights and options.
The U.S. Bankruptcy Code provides powerful protection that can help many people save their homes and other real estate from foreclosure. With a Chapter 13 bankruptcy, you may be able to stop foreclosure, even if your mortgage lender has already started the foreclosure process.
Do not delay. Take immediate action if you are at risk of losing your property to foreclosure. Contact an experienced bankruptcy attorney at Edwin L Feld & Associates for assistance. With eight convenient office locations, we are able to provide local representation to clients throughout the Greater Chicagoland area and surrounding suburbs.
How Can Chapter 13 Bankruptcy Help?
Even if you are behind on your payments to your mortgage lender, a Chapter 13 bankruptcy is designed to allow you to avoid a foreclosure. With a Chapter 13 bankruptcy, you may repay any mortgage arrears gradually over the course of a three- to five-year Chapter 13 debt repayment plan. To be eligible for a Chapter 13 bankruptcy, you must have a regular source of income that will allow you to continue to make monthly payments under the terms of your Chapter 13 debt repayment plan.
A Chapter 13 bankruptcy has additional benefits that may provide critical debt relief:
- Your real estate taxes that are behind can be included in your chapter 13 plan.
- You may be able to strip a second mortgage lien if the value of your home is less than what you owe on your original home loan. The second home loan may then be treated as an unsecured debt and may potentially be discharged as part of your Chapter 13 bankruptcy.
- While you must repay secured debts for property you wish to keep (e.g., your home and car), unsecured debts are treated in a different fashion. With your Chapter 13 plan, you are required to pay only what you can afford to pay (as determined by the bankruptcy court) toward unsecured debts. After the successful completion of your Chapter 13 plan, the bankruptcy court may discharge all or a portion of your remaining unsecured debts, including credit card debts, medical bills and other unsecured debts.
Contact Our Chicago Area Stop Home Foreclosure Attorneys
To schedule a free consultation with an experienced bankruptcy lawyer at our firm, contact us toll free at 888-645-4357. You may also contact us by e-mail.