LIBRARY

I am in a Chapter 13 so how/why would a Motion for Relief be granted? It depends. First, what is the Motion for Relief on? Is it on a piece of property that you are surrendering? If so, then there is no need for concern. If it is a piece of property that you are […]

Delay of foreclosures hurts neighborhoods A delinquent property in a neighborhood brings down property value. This may be caused by homeowners letting home maintenance slip because they cannot keep up with mortgage payments. It may also be because people suspect a short sale or foreclosure sale in the near future. This effect can come into […]

Raising mortgage rates in Illinois Freddie Mac and Fannie Mae, which back about half of the mortgage in America, are supervised by The Federal Housing Finance Agency. This agency wants Fannie and Freddie to increase mortgage rates for loans in Illinois. In Illinois, foreclosures take on average twice as long as foreclosures in Missouri. Averaging […]

Tax Debt resulting in loss of home In an economy where people have to choose whether to pay their mortgage or buy food or pay real estate taxes, taxes may fall behind on the list. It is reasonable to think that the mortgage company has to be paid or they will foreclosure. This is true. […]

Credit Reporting Bureaus: Supervised The three major credit reporting companies: Equifax, Experian and Transunion maintain files on millions of people. The files include information that directly effects credit scores, approval for loans, and interest rates offered on new credit. The type of information that the files include are credit card accounts, student loans, vehicle loans […]

Inherited IRA Exempt in Bankruptcy It was previously held in In re Clark that inherited individual retirements accounts (IRA’s) were not exempt under bankruptcy laws. In that particular case an IRA was established by Debtors mother and was later inherited by Debtor. When Debtor filed bankruptcy Debtor claimed the IRA as exempt and the Chapter […]

Credit Scores and Disputes Your credit score is important. It can effect whether you are denied credit for a home or car loan, can cause higher interest rates, effects auto insurance prices and can even effect whether you will be hired for a job. Given that it can affect some many everyday things, it is […]

The simple answer is, it depends. First it matters where the money is coming from and when you become entitled to the money. For example, if the money is from an inheritance and the person died before you filed the Chapter 7 or within 180 days from when the Chapter 7 was filed then chances […]

  If you are only collecting Social Security then your creditors cannot garnish your wages and cannot freeze your bank account if the only source of income going into the bank account is social security. So why file bankruptcy? In some cases, we may advice that you do not necessarily need to file since the […]

My Foreclosure is Tomorrow. Is it too late? Yes and no. If a foreclosure is scheduled on your home you want to act immediately, rather than wait until the day before the sale to seek an attorney. However, luckily there is something referred to as an “emergency petition”. This is a skeleton of the entire […]