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You Can Keep Your Car During Chapter 7 Bankruptcy, But Should You Sign a Reaffirmation Agreement?

08/06/11

In our current tenuous economic climate, more and more normal, honest, hardworking people are turning to bankruptcy for relief from overwhelming debt. In fact, most people who file for bankruptcy are perfectly responsible citizens who have lost homes, lost law suits, incurred unexpected medical bills or other large, unforeseen expenses. One of the most commonly [...]

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How is a Short Sale Different from a Foreclosure?

08/05/11

With the housing market the way it is, many people want to know: what is the difference between a short sale and a foreclosure sale?  And what difference does it make in bankruptcy?   In a short sale, you have defaulted on your loan and cannot make the payments, but your lender decides to allow [...]

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Banks Foreclose on Homes With No Mortgage!

08/05/11

 In the current home foreclosure crisis, it seems some banks have become trigger happy.   It has become a bit of a recent anomaly why banks have suddenly and mistakenly gone after some homeowners with whom they have no claim.  Recently, Bank of America mistakenly brought a foreclosure action against a couple who had bought their [...]

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The Liquidation Analysis/Best Interests of the Creditors Test for Chapter 13

08/04/11

When considering a Chapter 13 Bankruptcy, one of the first questions that every debtor wants to know is how much their monthly Chapter 13 Plan payment will be. As with most legal questions, the answer is that it depends. One of the ways to determine how much this payment will be is to perform a [...]

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Filling a pro-se Chapter 13 to stop a foreclosure, a bad idea, but sometimes necessary

08/04/11

  It is of course a bad idea to file on your own, but I recognize that in some cases it is necessary as you may not have the funds to hire an attorney.  Sometimes, you can hire an attorney once you have filed, and your case can succeed.  It used to be a lot [...]

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How Does Bankruptcy Affect Your Eligibility for HAMP?

08/04/11

Many homeowners applied for HAMP modifications through The Home Affordable Modification Program in hopes of avoiding bankruptcy. But then they discovered that mortgage servicers are horribly slow in processing the paperwork. Plus, the mortgage companies will not even acknowledge that they received the documents, pushing homeowners closer and closer to bankruptcy. As a result, many [...]

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Filing For Bankruptcy Can Improve Your Credit Score

08/04/11

Deciding whether to file for bankruptcy is not easy. One main concern is whether your credit rating will be hurt so much that you won’t be able to get a loan or home mortgage, even at a high interest rate. This may surprise you: In many cases, the damage done to your credit score by [...]

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Befuddled by Student Loan Consolidation

08/03/11

It is a harsh reality of today’s post-collegiate environment – two-thirds of all students now graduate with burdensome debt that can follow for many years to come. Following a recent news story on CBS Evening News, a comment was made that a student CAN have their federal student loans discharged in a Chapter 7 bankruptcy [...]

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Credit Score Not Paramount States Cicero Bankruptcy Lawyer

08/02/11

I wouldn’t worry so much about the credit score.  The credit score, to me, is not as important as getting out of debt.  I’ve had many people who’ve come to me, they sit in front of my office, and they said, “You know what?  I’ve got A-1 credit.  My number is such-and-such.  I’m hesitant to [...]

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Immediate Benefits From Hiring A Countryside Bankruptcy Lawyer

08/02/11

Once you hire a law firm, you are represented by that lawyer.  Therefore, if any creditor calls you and bothers you, you have the right under federal law, under the Fair Debt Collection Practices Act, to let them know that you have hired an attorney, his name is David Siegel, this is his number, and [...]

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