Here’s the latest trend in foreclosures and real estate– Zombie Foreclosures. See this article from the Chicago Tribune: http://www.chicagotribune.com/classified/realestate/foreclosure/sc-cons-0418-umberger-20130419,0,2297043.column What is a “Zombie” foreclosure? It’s where the foreclosure has started, the owners often leave the house empty, but the bank doesn’t finish the foreclosure process.
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An Oldie but a Goodie- How much does it Cost to File Bankruptcy?
This is a question that is very hard to answer without an attorney meeting with you. The legal fees and court costs of a bankruptcy are the last part of the process. First, the attorney needs to know which companies you owe, for what, and
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Do I Have to Pay Taxes on Debts I Included in Bankruptcy?
Hopefully, you have filed your taxes by now, but if you haven’t, you could still file for an extension to October 15th. (By the way, the extension doesn’t extend the due date for the payments!) Many times people who file for bankruptcy get 1099-C “Cancellation
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What is an In Rem Judgment in a Foreclosure?
This question came from Avvo.com: My condo was sold at sheriff’s auction and the foreclosing bank was the purchaser. I have received Notice of Motion for Order Approving the Sale.It says “That there shall be an IN REM deficiency judgment entered in the sum of
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Announcing Our New Gurnee Office Location
If you are in the northern Lake County area, we can meet you at our new Gurnee office. So you can call to discuss your situation and set up a free first consultation with an experienced bankruptcy and foreclosure defense attorney. We are just east
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Will I likely be sued if I walk away from my foreclosed condo with association fees still due after my bankruptcy?
Question from Avvo.com: Will I likely be sued if I walk away from my foreclosed condo with association fees still due after my bankruptcy? My answer: The Bankruptcy Code (the law) says that you are responsible for any association dues after you file a bankruptcy
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Is a Deed In Lieu a Good Option?
Here is a question I answered about the “Deed in Lieu” option. Deed in Lieu means giving the bank back the house by agreement, right away, instead of making them go through the whole foreclosure process and spending the legal fees required. Question: I can
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Small Businesses: Top 5 Warning Signs of Financial Problems
When small business owners meet with me, they often are so deep into their problems that they didn’t see them sooner. Sometimes, a business owner is focused on keeping the business alive that they continue to run the business at a loss for several years
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Credit Scores- Myths v. Reality
Here is a link to a great article with some tips for consumers. How is your credit score determined? What are the real facts? Important stuff to know, for your financial life now and in the future. http://articles.chicagotribune.com/2013-01-04/site/sc-cons-0103-karpspend-20130104_1_credit-scores-numerical-snapshot-credit-reports If you have questions about Debt and
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Real Estate Taxes and Bankruptcy in Illinois – Recent Court Decisions may help Homeowners
The Background: Most people who get a mortgage on their home pay an “escrow” to the mortgage company or bank. They hold the money in an escrow account to pay the real estate taxes and sometimes the property insurance also. That way, instead of trying
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