Illinois Bankruptcy Lawyers Offer Chapter 13 as Alternative to Foreclosure

Have you noticed the post office getting a little louder lately? OK, probably not, but the recent surge in foreclosures has also led to a surge in jingle mail.

What is jingle mail? It's when homeowners walk away from their house rather than go through the foreclosure process or continue paying an upside-down mortgage. In some cases, they simply put their house keys in an envelope and mail them to the lender, hence the jingling sound.

Homeowners that walk do it because they mistakenly believe there is no other solution. They're upside-down on the mortgage - meaning their home is worth less than the loan they must still pay - or maybe they simply can't afford to make their loan payments any more.

But jingle mail is not the only option.

In fact, it's actually one of the worst decisions you can make. Why? Because you can never truly walk away from something to which you are legally bound. Just because the keys are gone doesn't mean your house isn't still tied to your name. When your home goes into foreclosure and gets sold, you are still liable for the balance on your loan. You may even need to pay taxes on that balance, depending on your state's laws. Then, of course, the foreclosure will go on your credit report for years, whether or not you were living in the house when it occurred. And here's the worst part - on top of all those liabilities, you'll still be stuck with all of your debt - but no house to live in.

If you want to avoid foreclosure and the hassles that come with it - not to mention if you'd like to keep your house - there are smarter and more efficient ways to do it. However, there's only one surefire way and that's Chapter 13 bankruptcy.

When you file for Chapter 13, an automatic stay stops any creditor actions - including foreclosure - while you work out a realistic payment plan for your debt. What could be better than having the U.S. legal system on your side while you gain control of your finances? Of course, the bankruptcy plan that's right for you will depend on your individual situation. So why not sign up for a completely free one-on-one debt analysis with one of our bankruptcy lawyers in Chicago or Atlanta? Why walk away from problems that will continue to haunt you when you can solve them, once and for all?

To find out more, give DebtStoppers a call toll-free today at 800-440-7235 or visit us online at

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