Chapter 7 Bankruptcy

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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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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Forest Park Bankruptcy Attorney Says Be Aware Of Competition

08/01/11

As a bankruptcy attorney, you have to be aware of your competition.  A lot of people claim to do bankruptcy law.  There are a lot of attorneys out there that do a case here and there that have advertisements out there, doing bankruptcy law.  There are other attorneys that did other areas of the law [...]

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Pennsylvania woman tries to kill herself and son over foreclosure

07/31/11

Regretfully a Pennsylvania woman tried to kill herself and her son due to the foreclosure of their home.   It is said that people are brought to such despair.  Many people if they can afford their regular monthly mortgage payment could cure their mortgage loan in Chapter 13 over 5 years.  While it is a [...]

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Family Farmers and Family Fishermen can modify the loans on their primary residences in Chapter 12

07/31/11

You may have heard many times that the one thing that is untouchable in bankruptcy is the loan on the principal residence.  You cannot touch the mortgage, but you can cure it.  That is true for Chapter 13 and Chapter 11 but the exception is Chapter 12 where you can in fact modify the mortgage [...]

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What Practicing Law Is Like For A Rockdale Bankruptcy Lawyer

07/30/11

Let’s talk about what the job of being a bankruptcy attorney is all about.  One of the things you’re going to find about being a bankruptcy attorney is the unbelievable ability to help people get out of a very stressful time in their life.  People are drowning in debt.  It could be the result of [...]

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Maywood Bankruptcy Lawyer Discusses Paid Off Home And Filing Chapter 7

07/30/11

Let’s talk about the case of Miss Wright, who comes to us from Maywood, Illinois.  That’s Cook County, Illinois.  She has not filed a bankruptcy before.  She does have a single-family home in Maywood, which is paid for, which is going to cause a problem with a Chapter 7.  She has no vehicle.  She’s on [...]

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