Tag Archives: Chicago Chapter 13 Bankruptcy Lawyers
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 »
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 »
Chicago Schools Mull Bankruptcy
Faced with a $1 billion deficit and almost no way to make up the difference, the Chicago Public Schools are once again contemplating bankruptcy. But what would happen if a petition is filed? Both Governor Bruce Rauner and Mayor Rahm Emanuel have floated Chapter 9 bankruptcy as the best available option, as the state… Read More »
Bankruptcy In The Ohio Valley
Although the gross numbers have dropped precipitously, the filing rate for all kinds of bankruptcies remains high in Kentuckiana. The number of cases has dropped by 40 and 44 percent in Kentucky and Indiana since 2010, but the states still rank eighth and sixth in terms of the number of filings per person. Statistically,… Read More »
Can I File Bankruptcy Again?
They say that lightning never strikes twice in the same place; unfortunately, financial misfortune comes with no such guarantee. Job loss, serious illness, divorce, and other unexpected emergencies may occur once in a lifetime or once a year, and it is almost impossible to predict when the next storm will arrive. That unpredictability and… Read More »
This Is The End?
A prominent financial planner has advised the city of Chicago and state of Illinois to file bankruptcy and start over, because their financial problems are completely overwhelming. Former FDIC head William Isaac said that now may be a good time to seek Chapter 9 protection, because the city and state are in “dire financial… Read More »
Bankruptcy And Mortgage Modifications
Illinois is second only to New Jersey in terms of underwater mortgages. When the loan balance exceeds the home’s value, refinancing is typically not an option. So, distressed homeowners in these circumstances must often turn to a lender-offered mortgage modification for relief. Despite the rosy success stories on bank websites, the mortgage modification saga… Read More »
