Sometimes, when I see people, they are already in “survival mode”. They have cut all of the unnecessary expenses, such as landline phone, cable TV, newspaper subscriptions, etc. But, when your hours are cut, or you have extreme medical bills, or are laid off, you
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Archives for General Bankruptcy Topics
Should You File a Chapter 13 Before or After you Get your Tax Refund?
Here is the question from AVVO.com” Filing Chapter 13, should we file before year end or wait until we get our tax return (money from refund)? Husband and I are filing Chapter 13, just have been trying to save up for lawyer. As we are
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Can a Second Mortgage Holder Foreclose on Your House in Illinois?
Here is the Question from Avvo.com: I am current on my first mortgage with Chase, my taxes are current. My 2nd mortgage with OCWEN is in default can they foreclose? My 1st mortgage 406,000 My 2nd mortgage 60,000 Our current home value 362,000. My Answer:
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As an authorized third party on a home mortgage, can I file a Bankruptcy and include the lender in the schedules?
Here is another question asked on AVVO.com about co-borrowers, mortgages and bankruptcy: As an authorized third party on a home mortgage, can I file a b/k and include the lender in the schedules? The house is in foreclosure, the original borrower is deceased and the
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Are Second Mortgages Discharged in Chapter 7 Bankruptcy?
Here is another important question: Are second mortgages usually discharged in chapter 7 bks? Our bk was discharged in 2011. I was checking our credit report that shows that our two second mortages were discharged at that time. We have been paying both mortgages since
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Legal Guide to Bankruptcy Attorneys’ Fees in Illinois
In times where people are in financial trouble, and looking for a lawyer, they, understandably, are concerned about how much a bankruptcy case will cost. This guide will explain generally, what to expect when you see an attorney for bankruptcy . This applies to Bankruptcy
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Is it Necessary to Reaffirm your Mortgage in Chapter 7 Bankruptcy to Refinance Later? No!
Here is a common question: How can we file a reaffirmation for our mortgage? We filed for bankruptcy 7 a couple of years ago, but we did not include our mortgage. We ran our credit and we realized that our Mortgage payments were not appearing
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Cost of Chapter 13 Filing in Illinois, and Can the Case be Converted to Chapter 7 if it doesn’t work?
Chapter 13 legal fees can vary from attorney to attorney. In the Northern District of Illinois, there is a “no-look fee”, for which courts approve the fees, that are presumed to be reasonable. Right now, they are $4000.00 plus costs. The legal fees, if the
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New Bankruptcy Means Test Figures as of November 15, 2013- What does it Mean?
As part of the Bankruptcy Reform act of 2005, every person filing bankruptcy has to complete a “Means Test”. The means test uses figures from the IRS as to median incomes throughout the US. The figures are updated so that, as of November 15, 2013,
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What to do if you are in Foreclosure and your Real Estate Taxes are behind?
This question about foreclosure and property taxes came in recently. The person asking the question said later that they wanted to keep the house. So Generally, I laid out the options when facing foreclosure. Here is the question: We haven’t paid our property taxes for
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