Category Archives: Chapter 13 Bankruptcy
Will Bankruptcy Ruin My Security Clearance?
Many Indiana families depend on government paychecks, either directly or indirectly. Like most other people, these families typically live hand to mouth. Even a temporary income disruption, like the 2018-19 partial government shutdown, can be the difference between treading water and going under the financial waves. Eventually, many of these families may consider filing… Read More »
Understanding Chapter 13 Bankruptcy In Indiana
Most lenders begin auto repossession procedures after two or three missed payments. Depending on the borrower’s credit history, the lender’s disposition, and a few other factors, the process could begin even sooner. That short leash does not give distressed borrowers very much breathing room. To get needed breathing room, most distressed debtors should probably… Read More »
Using Chapter 13 To Save Your Illinois Home
Nationwide, the home foreclosure rate has dropped significantly since the end of the Great Recession. As a result, many government-sponsored mortgage modification programs have ended. But the home foreclosure rate has remained rather high in the Prairie State. Today, Illinois has the fourth-highest home foreclosure rate in the nation. Since many government-backed relief programs… Read More »
How To Keep Your Car After You File An Illinois Bankruptcy
In 2018, the number of seriously delinquent auto loans (more than 90 days past due) reached a five-year high. The worse news is that the risk of auto repossession starts much earlier. In most states, including Illinois, lenders can technically repossess vehicles after just one missed payment. If the borrower has a less-than-stellar credit… Read More »
Is Chapter 13 Right For My Chicago Family?
Although many home mortgage lenders are patient for a few months, they can technically begin foreclosure proceedings after just one missed payment. Basically the same thing applies to other secured debts, such as vehicle loans. In financial matters as well as other life situations, it is usually a very bad idea to rely on… Read More »
Can Chapter 13 Bankruptcy Save My Car?
Legally, banks may begin automobile repossession procedures after just one missed payment. If the borrower has been late before, the lender may file repossession paperwork as soon as possible. It is almost impossible to undo automobile repossession. The original lender usually keeps the note for the duration of the loan, so there are usually… Read More »
What’s The Difference Between Chapter 7 And Chapter 13?
Shortly after they fought a war to rid themselves of British oppression, the Founding Fathers wrote the Constitution of the United States. Since they understood that oppression comes in many forms, the Constitution’s authors specifically include provisions for a bankruptcy law. Over the years, Congress has revised the bankruptcy law several times, most recently… Read More »
Which Type Of Indiana Bankruptcy Is Best?
Most Hoosiers live hand to mouth. According to a May 2018 report, about 40 percent of Americans cannot pay a $400 emergency expense. So, when the financial storms of life hit, many people are hard-pressed to deal with them. These storms include rather common events, such as divorce, job loss, and serious illness. These… Read More »
Five Tips For Recovering From An Illinois Bankruptcy
Bankruptcy filings are down overall, but not in Chicago. In 2015, the Northern District of Illinois was the busiest bankruptcy district in the country. Many of these people filed bankruptcy to take advantage of the automatic stay. Section 362 of the Bankruptcy Code stops almost all creditor harassment, including repossession and foreclosure. Others sought… Read More »
How Can Chapter 13 Save My Indiana Home?
In many cases, homeowners can miss up to four installment payments before the bank begins foreclosure proceedings. But in other cases, the bank pulls the trigger after just two missed payments. Either way, things quickly go from bad to worse for Indiana homeowners. An acceleration notice is usually part of the pre-foreclosure process. Basically,… Read More »
