Stop Foreclosure Through Bankruptcy
Lose the Debt, Keep the Property – Call Us for Help!
Are you behind on mortgage payments and facing home foreclosure? Filing for
bankruptcy could be the best option for stopping foreclosure and getting your debt
problems under control. At Sulaiman Law Group, LTD., we have significant
experience handling bankruptcy cases for clients throughout Chicago and
the surrounding areas. Our attorneys can help you explore debt relief
strategies that may help you keep your home while resolving your debt problems.
Contact Sulaiman Law Group, LTD. at (312) 313-1613 to speak with a Chicago bankruptcy attorney.
Save Your Home and Eliminate Debt with Bankruptcy
In Illinois, there are two ways that your property can be taken against
your will: eminent domain and
foreclosure. If the bank or mortgage company is trying to foreclose, you can fight
back to retain your home. In fact, it may be possible to keep your property
and discharge the debt. At Sulaiman Law Group, LTD., our Chicago bankruptcy
lawyers level the playing field for honest, hard-working property owners
who have been manipulated by the mortgage industry.
Chapter 13 has been the only way to keep one's home. Through Chapter 13, you
reaffirm your intention to pay the monthly mortgage and agree to pay the
arrears over time. Assuming you are able to make all 60 installments on
your repayment plan, you are still stuck with the same mortgage. In
Chapter 7, you do not have to reaffirm the mortgage or make up the arrears. In exchange
for surrendering the property, the deficiency is discharged.
Can I Surrender My Home without Actually Leaving?
But what if you surrender the property without actually leaving your home?
The judicial foreclosure process typically takes 14 to 18 months to complete.
Until you are asked to leave by the sheriff, it is still your home for
all practical purposes. If you keep making the house payments, taxes and
insurance, you can maintain residence indefinitely. Meanwhile, you would
still receive your Chapter 7 bankruptcy discharge, giving you a clean
According to the U.S. Department of Housing and Urban Development, you
may be eligible for an FHA loan two years after a Chapter 7 discharge.
In fact, under HUD criteria, you could be eligible for an FHA loan as
soon as 12 months after a discharge if you can demonstrate your financial
affairs are under control and you are not likely to lapse into debt. Ideally,
you would be able to remain in your current home long enough to transition
into a new house.
Contact Sulaiman Law Group, LTD. Today to Get Started
If you are considering bankruptcy to stop foreclosure, it is important
to act in a timely manner. If a crucial deadline passes, your options
can be limited significantly, and a poorly timed bankruptcy can leave
you worse off than you were before. Our attorneys have handled numerous
bankruptcies and can guide you through all stages of the process. If bankruptcy
is not right for you, we can help you explore other options such as foreclosure
Are you facing foreclosure or other debt problems in Chicago?
Contact us for an initial consultation.