Will County Bankruptcy and Home Foreclosure Lawyers

Attorneys Help Clients Keep their Home and Stop Foreclosure

Having your home foreclosed and being forced to move out is one of the most devastating experiences individuals and families can go through. Many good people go through this because of financial hardships due to job loss, disabilities, health problems, and other adverse circumstances. If you have fallen behind on your mortgage payments, and you have received a notice of foreclosure, there may be a way to keep your home by filing for Chapter 13 bankruptcy.

At Scheinbaum & West, LLC, we have helped hundreds of clients who have gone through financial difficulties remain in their homes. Our attorneys have extensive experience and in-depth knowledge of bankruptcy, foreclosures, and the best strategies to use to keep your house. We are a small firm with a personalized approach, and we work closely with our clients to thoroughly analyze their situation, so we can help them develop the right plan to put them on the path to saving their home.

There are two types of consumer bankruptcy, Chapter 7 and Chapter 13. Each type of bankruptcy impacts a home foreclosure differently. Here is a look at each in further detail:

Chapter 7 Bankruptcy and Foreclosure

Chapter 7 allows you to eliminate most types of unsecured debt, giving filers a fresh financial start. Unfortunately, since a home mortgage is a secured debt, Chapter 7 cannot stop a home foreclosure. It may help delay a foreclosure, which may give debtors enough time to get caught up with their payments or move out in a more orderly fashion. It will eliminate any possible mortgage deficiency.

Chapter 13 and Foreclosure

If you are behind on your mortgage, you have a source of income, and you want to stay in your home, then Chapter 13 might be the best option. Chapter 13 allows you to repay the amount that you are behind to the mortgage company, including legal costs, while resuming your regular monthly mortgage payments. Chapter 13 can also be used to repay unpaid real estate taxes. The repayment plan you propose and have approved by the court can allow up to five years to complete, and assuming you make all your payments, you will be able to reinstate the mortgage and remain in your home.

Call Our LaSalle County Bankruptcy and Foreclosure Attorney

When you are behind on mortgage payments, and the mortgage lender is ready to foreclose, it may seem like there is no hope. For many individuals who have fallen on hard times, Chapter 13 bankruptcy can be a good solution to prevent losing your home. To learn more about bankruptcy and foreclosures and what option may be right for you, contact our office today at 815-729-9860.

We represent clients for Chapter 7 and Chapter 13 bankruptcy in Joliet, Will County, Bolingbrook, Plainfield, Naperville, Cresthill, Lockport, Homer Glen, Mokena, Ottawa, LaSalle County, and surrounding Illinois communities.