Avoiding a Second Mortgage in Bankruptcy As a consequence of the decline in the real estate market many clients are asking about the status of their second mortgages. It is not understood by most lay people under what circumstances a second mortgage can be “avoided” or stripped from an underwater home. The most common second [...]
Deciding Which Bankruptcy Chapter Is Appropriate
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Bankruptcy may provide some relief to a borrower under financial stress and overwhelmed with debt. Typically, there are two types of bankruptcy available to a debtor, Chapter 7 bankruptcy and Chapter 13 bankruptcy. The requirements and benefits offered by the two types of bankruptcy differ greatly. ATampa bankruptcy attorneycan explain the differences between the two [...]
Bankruptcy Reform
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People who are facing mortgage foreclosure routinely ask me if they can get their house payment lowered by filing bankruptcy. This question highlights a common misconception of bankruptcy law, and may be the result of news articles dealing with the mortgage foreclosure crisis. Last year the House of Representatives passed H.R. 1106: The Helping Families Save Their Homes Act [...]
What Would You Do If You Were Me?
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Can you get a handle on your debt in six months? The answer to that question is very difficult. I am often asked by clients, “Do you suggest I file?” “Would you file if you were me?” My basic rule of thumb is this if you feel that you can bail yourself out of debt [...]
How A Bankruptcy Lawyer Can Help Clients Discharge Debts
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Chapter 13 bankruptcy may provide some relief to borrowers overwhelmed with debt. Often, the most significant benefit that bankruptcy offers is the discharge of debt. The discharge releases the debtor from all debts included in the bankruptcy. Under current bankruptcy law, creditors included in the bankruptcy may not initiate or continue any legal or other [...]
When You Hire An Illinois Bankruptcy Lawyer, How Long Will The Case Take?
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How Long Does a Bankruptcy Case Last in Illinois? As an Illinois bankruptcy lawyer, my clients are often concerned with the timing of their bankruptcy. They want to know how long their bankruptcy will last and when they’re entitled to a discharge. Bankruptcy law is federal law, meaning it applies throughout the country in largely [...]
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