La Grange Bankruptcy Attorney

LaGrange bankruptcy attorney states that many people got into houses that they couldn’t afford and when their adjustable-rate mortgage went up, they really couldn’t afford the house. People who are trying to save the house in Chapter 13 under those circumstances have to make a change in circumstances on their end. They as the debtor either need to get higher income, additional income, a different job, help from family and friends or some other form of income whether it be from borrowing from retirement or liquidating assets to pay for a Chapter 13. If a debtor really does not have the ability to make any changes, then we have to be realistic and say you know what? Maybe a Chapter 13 is not in your best interest. Let’s consider filing Chapter 7 bankruptcy where you can at least get back on your feet and start living your life again and start living within your means so that you don’t have to be debt ridden for the next 10 to 15 years.

Many debtors do not want to hear that. Many debtors want to keep that house no matter what it takes. They behave they might get a modification. They might be able to do a short sell. They believe that the value of the property might go up in the next 3 to 5 years. They want to keep that house.

If you can show me that you have the ability to pay back the mortgage arrears and make your current monthly payment post-petition, then I as a bankruptcy lawyer will give you an opportunity to prove it. I believe in giving everyone a second chance, a third chance; if it’s a legitimate chance. I believe that people who really desire to make a change in their life can do so if they put their mind to it. I have had many clients who fell behind in their mortgage and they made drastic changes so that they would be able to save their house. I have had people who took on second and third jobs. I have had people who took in roommates. I had people who liquidated assets. I had people who did just about anything they could to satisfy the mortgage company both post-petition and the trustee with the amount to pay back the arrears.

The bankruptcy process can be difficult to get through without the solid advice of counsel. If you try to go it alone, you may find yourself unable to complete your case.

Posted in Illinois Bankruptcy |