YOU CAN SAVE YOUR HOME!

YOU CAN SAVE YOUR HOME option to keep your home, and if you're in dire financial straits you should think about it. Depending on your situation, bankruptcy may be an Deficiency Judgement If my home has been foreclosed, can I avoid the deficiency judgement? $4 YES! If you find yourself in a foreclosure, not only may you end up losing your home, but you may also end up owing money on your home. In Ilinois, lenders can foreclosure on you and seek a deficiency judgement against you for the difference between what you owed on your house and what the lender was able to get for your house in an auction. Now while in recent years, some courts have not been willing to enter this deficiency judgement against borrowers, most courts are now entering them if sought by the lenders. Once the deficiency judgement is entered, the lender can seek to garnish wages and the judgement can follow the borrower for up to 20 years. However you can avoid this by filing a chapter 7 bankruptcy. Eviction I often get asked the question will filing bankruptcy stop the EVICTION NOTICE landlord eviction? And the answer is in certain situations it will and in others it will not. If your landlord has been threatening eviction or if your landlord has already started the eviction process, you might be able to stay in your home by filing bankruptcy. When you file bankruptcy, the bankruptcy court issues an automatic stay that freezes any eviction proceedings. With evictions, timing is everything. If the landlord has already received the judgement of possession, a bankruptcy probably will not be able to stop the eviction. However if the landlord has only threatened an eviction or if the landlord has filed for eviction but has not yet received that judgement of possession, filing bankruptcy will Likely stop the process. Even if the bankruptcy court allows the eviction to move forward, filing bankruptcy can provide valuable time to find al- ternative housing and can protect you from the landlord coming after you for past 2 rents. The sooner you take action when dealing with the possibility of an eviction, the better your chances are working out a deal with the landlord or having the court keep the landlord from evicting you altogether. Foreclosure Hello. I often get asked the question can I avoid my house from being foreclosed by filing a chapter 13 bankruptcy? FORCLOSURE And the answer is YES! When you're facing foreclosure, you may feel helpless. But if you live in Illinois and your mortgage company is foreclosing on your home, you may be able to stop the foreclosure proceedings by filing a chapter 13 bankruptcy. Now when you file a chapter 13 bankruptcy, an automatic stay is ordered which immediately stop the foreclosure process. The chapter 13 plan will let you keep your home by finding a payment amount you can afford. Part of the plan may involve asking the court to wipe out any 2nd or 3rd mortgage leaving a single mortgage to pay making the home much more affordable. Most Chapter 13 plans last 3 to 5 years. During that time you'll be making payments on your house to catch up on the amount you're behind and keep current. These payments will usually be less than what was being paid before the bankruptcy. If you're facing foreclosure, there's a way out. Contact BillFreedom.com today at O (888) 825-2545 BILL FREEDOM We have convenient offices in Chicago, Tinley Park, Joliet, Oak Brook, Schaumburg and Park Ridge. Just give us a call.