Category Archives: Chapter 13
Foreclosures in Illinois, U.S. Increased in May; Chicago Bankruptcy Offers Relief
For every step the housing market takes forward, it seems to take two steps back. Despite previous signs of recovery, foreclosure activity jumped 9 percent in May, according to recent data from RealtyTrac. That means that 1 in every 639 homes in the U.S. received a foreclosure filing last month. In Illinois, roughly 1 in… Read More »
For Underwater Georgia Homeowners Who Are Delinquent, Atlanta Bankruptcy Provides Relief
New statistics show that one in every three U.S. homeowners is underwater on their mortgage. In Atlanta, the numbers are even worse. More than half of homeowners in the Atlanta area owe more on their home loans than their homes’ market values, according to the data by MSNBC.com. However, the picture may not be as… Read More »
While More Underwater Homeowners Are Making Payments, Delinquent Borrowers Can Still Benefit from Chicago Bankruptcy
The statistics are startling: 16 million U.S. homeowners – or one of three people with a mortgage – owe more on their home loan than their house is worth. In Chicago, those numbers are even higher. Just over 41 percent of owner-occupied homes with a mortgage have negative equity, according to MSNBC.com. Yet despite the… Read More »
Johnson, et al. v. Fink Shows How Chapter 13 Bankruptcy in Chicago Could Be Beneficial
As our Chicago bankruptcy lawyers have discussed on our blog many times, Chapter 13 bankruptcy in Chicago has gained popularity in recent years. This form of bankruptcy allows debtors to pay back a portion of what they owe over a three- to five-year period. It also protects their assets, such as a house or vehicles…. Read More »
Chicago Bankruptcy Numbers Take a Dip in 3rd Quarter Because of Loose Credit
A recent look at the most recent bankruptcy numbers shows that there was a drop in filings in the Bankruptcy Court for the Northern District of Illinois during the third quarter. Most analysts believe that this is because creditors have loosened their standards for handing out credit. As you likely have seen in recent weeks,… Read More »