Chicago Home Foreclosure Lawyer · Foreclosure Prevention Attorney
If you are facing foreclosure of your house, filing bankruptcy will put an immediate stop-action on the proceedings. Although the credit industry wants you to believe the myth that you will lose your home if you file Chapter 7 or Chapter 13, it isn't always the case. Depending upon the circumstances of your mortgage debt — there is a good chance that you will be able to keep your house, after eliminating your credit card debt in Chapter 7 or reorganizing your debts under a court-supervised Chapter 13 repayment plan.
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Bankruptcy is an excellent option for people who once had no trouble meeting their mortgage obligation, but are now juggling monthly payments for credit cards, medical bills and other consumer debt that has accumulated over the years. The Law Offices of Chad M. Hayward has helped thousands of individuals and families stay in their homes.
By filing bankruptcy, you can:
- Strip off a second mortgage and return your house payment to the original mortgage amount
- Strip off a judgment or lien placed against your house by a creditor
- Reorganize your debt payments for delinquent property taxes
- Put an automatic stay (stop) to any collections actions in process by your bank
Is Keeping Your House Always the Best Option?
There is no question that some people simply took on too much of a mortgage during the days of the rising housing market several years ago. As the market crashed, however, other accumulated debt made many people house-poor. If you are in significantly over your head with a mortgage you can't afford, it may be that keeping your house isn't your best option, even after you eliminate or reorganize your debt.
But if eliminating your debt, or reducing monthly payments significantly puts you back into a position of affording your house payment, bankruptcy may be the fresh start you are looking for. We offer a free consultation to discuss your financial circumstances and what options you have for staying in your home.
From anywhere in Illinois, reach us to schedule an appointment at any one of our local community offices by calling 312-546-4689 or toll free 888-804-8641.
Chicago
Aurora
Joliet
Schaumburg
Palos Heights
Northbrook
Oakbrook
St. Charles
You can also contact us by e-mail with a brief description of your legal problem.
We look forward to helping your resolve your legal problem efficiently and cost-effectively.
