Save Your House by Consulting a Foreclosure Attorney in Chicago
Foreclosed homes have been all too common in recent years. Each home has a story to tell, of a lost job, medical bills, family stress and arguments, calls and letters from creditors, sleepless nights and sacrifice. No one planned or intended it to end that way, but something bad happened. One payment was missed and then another; finally, the bank sent a foreclosure notice. Anticipating a Sheriff’s Sale is a nightmare.
The home does not have to be lost. Many people have found a way to save their homes through the protection of Chapter 13 Bankruptcy. Foreclosure proceedings are halted when the bankruptcy is filed and the bank will stop calling. A debt repayment plan will be presented to the court and creditors for approval. The homeowner is allowed three to five years to catch up on the over-due mortgage payments. Child support and tax bills will need to be paid in full. The amount repaid on unsecured debts, such as credit cards, will be different in each case.
The debtor will make a monthly payment to the court for disbursement to creditors according to the repayment plan. The homeowner needs to have an income sufficient to pay the monthly mortgage payment as well as the past due amount. The homeowner will need to show the court that there is sufficient income to meet the required payments. Many incomes types, including retirement income, can be included. While Chapter 13 Bankruptcy is not the solution for everyone, it has allowed many homeowners to remain in their homes. When the repayment plan has been concluded, the homeowner is current on their mortgage obligation and their home has been saved.
Chicago Debt Solutions provides a professional, personalized solution to someone buried under debt or requiring foreclosure defense. The attorneys present their clients with all available options and explain the differences between the various approaches to debt relief. The attorneys, Julie Trepeck and Michael Bane, founded Trepeck Bane, P.C., dba Chicago Debt Solutions, so that they could utilize their extensive legal experience as advocates for people facing severe financial difficulties. Anyone threatened with the loss of their home should seriously consider contacting a Foreclosure Attorney in Chicago. You can also visit their Google+ page for more information.