When you can’t pay your mortgage on time, you start to panic. How much time do I have to get caught up? What happens when a foreclosure is filed? How soon can they sell my house, and what can I do to stop them? What follows is a description of the process of foreclosure and […]
How Does The Foreclosure Process Work In Illinois? Read Post »
Foreclosure VideoIf you have unpaid property taxes, you may be at risk of losing your home — even if your mortgage is paid off. Chapter 13 bankruptcy may be the solution to saving your house and curing your debt problems. The Chicago bankruptcy attorneys of Robert J. Adams & Associates can help you get into a
Finding a Solution For Unpaid Real Estate Taxes Read Post »
Real Estate Tax VideoA chapter 7 bankruptcy is a filing with the U.S. bankruptcy court to obtain a discharge of listed debts. In other words, at the end of the bankruptcy, the debts listed you will not be owed money anymore. It’s oversimplification because there are debts that are not discharged and there are debts you wish to
What Is A Chapter 7 Bankruptcy? Read Post »
Bankruptcy Chapter 7 VideoLAST RESORT Banks, credit card companies, and finance companies insist that Bankruptcy is the last resource. Why? From their point of view it makes sense: they will be able squeeze the last few dollars from people and small business with severe financial problems. When the Bankruptcy law was changed in 2005 banks said by people
Reasons Not To File A Bankruptcy Read Post »
Bankruptcy VideoHome ownership is one of the great American dreams. Very little compares to the pride of home ownership. It gives one the status of being in the middle class. One that has provided security and comfort for the homeowner’s family and self. For most of us to buy a home or other real estate requires
What Are The Nuances Associated With Home Ownership? Read Post »
Homeowner VideoCorporations (including Not-For-Profit Corporations), Partnerships, and Individuals who exceed the debts limits for a Chapter 13 are candidates for a Chapter 11. The definition of a Small Business in a Chapter 11 is one where the debts don’t exceed about $2.5 million (currently $2,566,050). The debt limit excludes amounts owed to persons considered “insiders” such
What Is A Chapter 11 Reorganization For Small Businesses? Read Post »
Chapter 11 Small Business VideoIn Illinois, a home owner has 30 days after he or she has a notice of intent to foreclose notice by mail before a foreclosure suit can be filed. WILL MY FINANCIAL REPUTATION BE RUINED IF I GO INTO FORECLOSURE? Foreclosure filings are listed on one’s credit report. It does lower the score. CAN I
What Triggers A Foreclosure? Read Post »
Foreclosure VideoNot being able to pay your bills as they become due lowers your score dramatically to the lower 500s, sometimes the 400s. If it is multiplied with a lawsuit, a garnishment, repossession, multiple items with the credit bureau, your score goes down dramatically. If you get rid of all those debts, you start from scratch,
How Does Filing Bankruptcy Have Favorable Impact on Credit Score Read Post »
Bankruptcy Credit Score VideoFor reorganizations there are 2 main Chapters available: Chapter 13 and Chapter 11. Only an individual may file a Chapter 13. High amounts of debt can push an individual into Chapter 11. Corporations and partnerships must file Chapter 11, although there is a provision for a small business Chapter 11 with slightly different procedures from
What Is Reorganization Under The Bankruptcy Code? Read Post »
Chapter 13 Reorganization Video