Overwhelmed by Bills and Loan Payments?
If you are behind on your bills and mortgage payments and worried about losing your home, the situation may seem hopeless. By seeking debt relief assistance, however, you can take action before the situation gets worse. Depending on the details of your finances, filing bankruptcy can temporarily delay or permanently stop home foreclosure.
At The Law Offices of Chad M. Hayward, P.C., we represent people in Illinois who are facing foreclosure or who are struggling to pay other bills. Whether you are being harassed by debt collectors, have had your car repossessed or lost your driver's license because of unpaid tickets, we can help. To schedule a free consultation with a Northbrook bankruptcy attorney, please call 888-804-8641 or contact us online.
Bankruptcy, Foreclosure and the Automatic Stay
Under Chapter 7 bankruptcy, if you want to discharge (eliminate) a secured debt such as a mortgage or car loan, you must return the property to the creditor. If you want to keep your home or your car, you must continue to make the mortgage payments or car payments.
Chapter 13 bankruptcy is often a better option for keeping secured property because your monthly payments will be consolidated and lowered for three to five years. This repayment plan gives you an opportunity to catch up on your payments.
Both chapters of bankruptcy provide the benefits of the automatic stay. The automatic stay halts all collection actions while the bankruptcy is in progress. This means no creditors can take action against you, garnish your wages, repossess your vehicle or foreclose on your home during this time.
While bankruptcy works for many people, it may not be right for you. Our experienced lawyer will also discuss other means of debt relief such as loan modification and debt consolidation.
Contact an Illinois Chapter 13 Bankruptcy Lawyer
Please call our Northbrook office at 888-804-8641 to schedule a free consultation. We have offices in Chicago, Aurora, Joliet, Schaumburg, Palos Heights, Northbrook, Oak Brook and St. Charles.
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