Chicago Bankruptcy Attorney Blog

The current bankruptcy code and Illinois laws can offer you a "fresh start" and you may be able to keep several of your assets and equity through the property exemptions set forth in the Federal Code and the Illinois bankruptcy statutes. When certain items of property are exempt, they are safe from collection by creditors. Creditors can object to your exemptions so it is important to consult an experienced bankruptcy attorney.

The Illinois Bankruptcy laws allow you to keep your car under certain circumstances. If you owe on the car and there is more than $2,400 in equity in the vehicle, you may be able to keep the car after negotiating with the bankruptcy trustee. If the vehicle is financed there is an option to "reaffirm" the loan and keep the car.

If you have less than $15,000 in equity in the home you can request a "homestead exemption" and so long as you pay the mortgages, you should be able to keep your house. If you have more than $15,000 equity it is possible that the home may be sold to pay off creditors; fear not, you may be able to keep the home after all by filing for Chapter 13 reorganization instead of Chapter 7.

The attorneys at Michelotti & Associates can help you prevent losing your property exemptions and help DuPage and Cook County residents move forward with a "fresh start" in 2010. If you have been worried about creditors seizing your assets, you need to take the proper steps to protect your financial well-being. Find out how the Chicago and Oak Brook offices of Michelotti & Associates can help you properly file for bankruptcy and its property exemption provisions to keep you on the road to financial recovery.

For more information about bankruptcy protection please view our blog archive below.

E-mail Bankruptcy Attorney Joe Michelotti.

For more information please visit our web site.

Foreclosure is a legal proceeding through which a lender seeks to obtain a court order that your property must be sold to pay off the defaulted home loan. Prior to the foreclosure home owners have a redemption period to pay the mortgage loan and protect against the court ordered seizure and sale of the home.

In the event a temporary economic problem caused the home loan to fall past due to the point of foreclosure, bankruptcy laws help home owners keep their property though what is referred to as an "automatic stay." Simply described, once a bankruptcy petition is filed, an automatic stay prevents creditors from continuing collection action such as: 1) suing to collect on debt, 2) suing to seize personal property, 3) suing to enforce a lien on a property and 4) writing off or seizing pre-bankruptcy debts owed to the individual filing for bankruptcy.

There are some limitations but in most cases, once the bankruptcy petition is properly filed your Chicago bankruptcy attorney can use the automatic stay to legally stop the continued foreclosure action so that the debtor can negotiate with the bank and bring the home out of foreclosure.

The attorneys at Michelotti & Associates have over 20 years of experience navigating the bankruptcy code and helping DuPage and Cook County residents keep their homes and get back on track. If your lender has threatened a foreclosure you need to take the proper steps to preserve the hard work and equity you have in your home. Find out how the Chicago and Oak Brook offices of Michelotti & Associates can use the automatic stay provisions to help you defend against a foreclosure proceeding.

For more information about bankruptcy protection please view our blog archive below.

E-mail Bankruptcy Attorney Joe Michelotti.

For more information please visit our web site.