February 2016 Archives

Is there property that is exempt from liquidation in Chapter 7?

Chapter 7 is known as the liquidation bankruptcy and this can cause concern for many people living in Illinois. However, the Illinois General Assembly has established certain laws that grant exemption status to some types of personal property.

Understanding how debts are organized in a chapter 13 bankruptcy

Filing for chapter 13 bankruptcy in Illinois gives you the ability to pay off creditors under more manageable circumstances. At Ledford, Wu & Borges, LLC, our team works with people like you so they can understand their options and know what to expect when filing for bankruptcy. When it comes to chapter 13, you should be aware of how your debts will be organized because if affects how much you will have to pay.

Which debts cannot be discharged in a chapter 13 bankruptcy?

Filing for a chapter 13 bankruptcy in Chicago is particularly advantageous if you are in a position to pay off some of your debts. Through this option, you can work with creditors to develop a plan to pay them in installments. You may be able to save your home from foreclosure, reschedule your secured debts and lower the payments on your outstanding balances.

Illinois county awaits mortgage mediation program

Someone concerned about making mortgage payments may understandably worry about an impending foreclosure. Fortunately, there are ways that Illinois residents can avoid losing their homes. It is important for anyone in that situation to know how to work with the lender to negotiate a better rate, delayed payment or other option that would alleviate financial distress. One county is awaiting approval for a program that would help homeowners do just that.

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