Bankruptcy

Credit card debt piling up? Medical bills unpaid? Collection agents calling non-stop? Losing your home or your car because of unpaid payments? Save what you can!!! Get the relief you need!!! Call us to see how we can help you get a new start and get the relief you need from the weight of all of these bills. Call 773-467-0400 for a free consultation with an attorney in our firm.

Why you may be able to walk away from your second mortgage and owe nothing to the Bank?

In not too distant past, when the economy was booming and real estate values were sky high, a lot of people took out second mortgages as home equity lines of credit on their homes.  Since then, the economy has taken a major beating and most homes lost substantial value, thus placing many homes upside down in terms of what the home is worth vs. what is owed on it.  For many, the value of their home does not exceed the balance on their first mortgage, and the home value does not reach at all to the second mortgage.

Now, there may be a solution to this problem.  Through Chapter 13, people can get rid of their second mortgage at a great discount, often for as little as five or ten cents on the dollar.  So, for example, if you have a second mortgage on which you owe $50,000.00, Chapter 13 may allow you to pay as little as $5,000.00 or even $2,500.00 total, over the course of up to 5 years, and wipe out the rest of your liability on the second mortgage.  This could be a major benefit for homeowners and is worth looking into. For more information contact us at (708) 974-0000 to find out how we can help you reduce your mortgage debt and keep your home. Convenient locations in Chicago (Jefferson Park), Oak Brook and Palos Hills.

Unpaid Tolls and a Suspended License Plate – What Can I Do?

One of the effective methods used by the Tollway Authority here in Illinois to collect unpaid tolls is by suspending the license plates of the vehicle involved. The tolls are not even the worst part of the total amount because more often than not the penalties and interest drastically increase the amount due. Two ways to handle the matter are either a settlement or a payment plan with the the Tollway Authority. If, as often happens, the settlement amount is not feasible or the payment too high, then a Chapter 13 bankruptcy is a quick and efficient manner of releasing the suspension on your license plates. The payment plan to the trustee is much more manageable in most cases and the suspension is released a short time after filing. If you are facing a situation such as this call our offices for a free consultation to see if you qualify.

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Chapter 13 Bankruptcy and Discount Car Payoff

WHY CHAPTER 13 MAY ALLOW YOU TO PAY OFF YOUR CAR AT A SUBSTANTIAL DISCOUNT

It is common knowledge that the value of a new vehicle depreciates by as much as 30% in the first two years.  Yet, the balance on the car loan, coupled with the annual interest rate, typically drops at a much slower pace.  A number of consumers have vehicles that are several years old and the value of the vehicle is much less than what is owed on the car.   With Chapter 13, if you purchased the car at least 910 days ago, you may be able to pay only what the car is worth and wipe out the rest at pennies on the dollar.  Also, if you have a high interest rate on your car, no matter when it was purchased, Chapter 13 may allow you to substantially lower your interest, thus saving you thousands of dollars. For more information contact us at 877-282-6190.

Can you walk away from your second mortgage and owe nothing to the Bank?

In many cases the answer is YES! In the not too distant past, when the economy was booming and real estate values were sky high, a lot of people took out second mortgages as home equity lines of credit on their homes.  Since then, the economy has taken a major beating and most homes lost substantial value, thus placing many homes upside down in terms of what the home is worth vs. what is owed on it.  For many, the value of their home does not exceed the balance on their first mortgage, and the home value does not reach at all to the second mortgage. Using the parlance of today – the home is “underwater.”

Now, there may be a solution to this problem.  Through Chapter 13, people can get rid of their second mortgage at a great discount, often for as little as five or ten cents on the dollar.  So, for example, if you have a second mortgage on which you owe $50,000.00, Chapter 13 may allow you to pay as little as $5,000.00 or even $2,500.00 total, over the course of the bankruptcy payment plan, and wipe out the rest of your liability on the second mortgage. Imagine owning your home and having the luxury of having equity instead of being over your head in mortgage debt?!?! This is a major benefit for homeowners and is worth looking into. For more information contact us at 877-282-6190 to find out how we can help you reduce your mortgage debt and keep your home. Trust our experienced lawyers to help you get your mortgage debt under control and turn a new page in your home ownership.

Eliminating Mortgage Debt

An effective method in today’s real estate environment (with market prices having declined significantly) to reduce a home owner’s mortgage debt is to discharge said debt in a Chapter 13 bankruptcy filing. This applies to second mortgages, often also called equity lines of credit.  In bankruptcy lingo it is called “stripping-off” the mortgage. Essentially, a lawsuit is filed within the context of the bankruptcy filing, whereby the second mortgage is reduced to the status of an unsecured creditor and paid off as such within the bankruptcy payment plan. At the end of the bankruptcy a discharge is issued for that mortgage and a release is issued from the lender whereby the mortgage is removed from the title of the real estate.