If your house is worth less than the first mortgage, you can wipe out second mortgage liens in a chapter 13 bankruptcy case. Â This is through a procedure called “lien stripping”. Â Basically, you do have to pay what you owe under a chapter 13 plan. Â However, you first get the court to declare that the [...]
October 2009
Mortgage foreclosures in Illinois are picking up again
Chapter 13 bankruptcy provides a powerful tool — You can provide for special treatment of co-signed debt, allowing it to be paid more than other similar creditors. In this way, you can “protect” your co-signer from having to repay part or all of the debt you incurred with their help. But what happens when you [...]
Chapter 13 Plans must be proposed to last a minimum of 36 months, and a maximum of 60 months. Three to five years is a long time! And a lot can change during that time. As plans are proposed and confirmed by the court based upon your set of circumstances at that time, it is [...]
Sometimes the bank forgets to file the paperwork to put a lien on a car’s certificate of title when they make a car loan. Does that mean you don’t owe the money? Or if you file bankruptcy, you get the car for free? Usually it’s not so simple. When you take out a loan on [...]
Must You Have A Lawyer To File Bankruptcy? Certainly not! You have the absolute right to represent yourself. But, the better question is: “Should you have a lawyer to file bankruptcy?” Let’s make a list of the pros and cons to have an attorney, starting with all of the reasons not to have one: 1. [...]
