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Grayslake Real Estate And Bankruptcy Law Blog

Is Chapter 13 or Chapter 7 best for you?

Illinois residents like you who have fallen into debt still have options to get back out of it. We at the Law Office of Paul R. Idlas are here today to give a brief rundown of Chapter 13 and Chapter 7 bankruptcy, two of the most common types.

Chapter 7 bankruptcy involves the liquidation of your assets to pay off unsecured debts. This can be difficult due to the fact that not much is exempt from liquidation. You could lose cars, property, expensive jewelry and more. On the plus side, it allows you to wipe your debt away quickly. You can also start with a clean slate instead of having to worry about repayment plans.

What are the best ways to sell your home quickly?

When you are selling your Illinois home, sometimes you may really take your time with the process. You might want to thoroughly clean house and declutter so you are relocating with a fresh start. Other times it may take a while because you need to renovate and decorate your new place before moving there. However, there may be times when you need to move with speed due to a job relocation, financial or personal reasons. In those cases, what are the best ways to sell your home quickly?

According to Forbes magazine, there are certain techniques that real estate agents suggest that have been shown to expedite the sale of a residential property. First, be aware that buyers love receiving a financial incentive. This can be accomplished in a variety of ways, such as lowering your asking price slightly below market value to make the purchase more attractive to those seeking their next home. You might also offer to pay for some of the closing costs. Or, pay the broker a higher commission as incentive to have your home shown more frequently. 

The correlation between divorce and bankruptcy

Strained finances can push any couple over the edge into divorce territory. Financial stress is one of the most-cited reasons marriages end.

It is not a surprise that the divorce process itself can lead to a worse financial situation. What was once difficult with two people may now feel impossible with just one. If you were part of a two-income household, the cut of one entire paycheck may make digging out of debt hopeless. Bankruptcy is becoming more common among divorced people.

Keeping your home during bankruptcy

When you decide to file for bankruptcy in Illinois, you may worry about losing one of your most important possessions--your home. At the Law Office of Paul R. Idlas, we want to help you understand what might happen to your house once you start resetting your finances. 

You may think that filing for bankruptcy means you will lose all of your possessions which have any value. The Washington Post says this does not always include your home. There are different types of bankruptcies and the particular terms of each one determine whether you may keep your house. If you file for Chapter 13 bankruptcy, you typically set up a payment plan. In this situation, you may generally keep your home. However, it is essential to make timely payments to ensure you retain all of your valuable assets. 

What should you know about selling your own home?

When you sell your Illinois home, you may want to conduct the sale by yourself instead of work with a real estate agent. In this situation, there are a few things you should consider so you can make sure the transaction is a success. 

Some people may think that if homes in their neighborhood are selling, they do not need to do much more than put out a "for sale" sign. According to U.S. News and World Report, it is important to take the sale seriously. Selling a house can be a full-time job, and people need to make sure they put together a good listing. Some homeowners may want to hire a professional photographer to make sure photos of the house stand out among the other listings. It is also important to understand where people should post their listing. Some homeowners may want to use Craigslist and Facebook to find a buyer, while others may decide to use a multiple listing service so more people see the house.

How can you stay out of debt?

Illinois residents like you have two primary issues to worry about if you have been buried in debt: how to get out of it, and how to stay out of it. We at the Law Office of Paul R. Idlas will discuss a few methods that can keep you from falling back into debt once you have found a way out.

There are many different ways to stay out of debt. Sometimes, it might take some trial and error to find the methods that work best for you. One way to start is by removing your easy access to credit cards. This can include:

  • Setting a self-monitored credit limit
  • Only spending what you have the cash equivalent of
  • Leaving your credit card at home
  • Setting detailed budgets

Comparing Chapter 13 and Chapter 7 bankruptcy

Illinois residents who are looking into bankruptcy options in order to relieve debts have two primary options. Chapter 13 and Chapter 7 bankruptcy both have their unique benefits, allowing different people in different situations to find use in them.

The United States Courts examines Chapter 7 bankruptcy, which tends to be a better option for people who have no way to repay their debts. This option will allow for the person filing to liquidate their assets in order to pay back certain debts. Some, such as school debt, is not able to be paid off. However, most debts like credit card debt and medical bills can be. Through liquidation, the debt can be forgiven much faster. However, Chapter 7 bankruptcy will stay on a person's record for longer and they will usually not have a say in what items are liquidated.

What is a debt settlement company?

When experiencing crushing debt in Illinois, it is important to know your relief options. That way, you can make an informed decision about where to go for help. You may have questions about the legitimacy and effectiveness of debt settlement companies. 

According to the Consumer Financial Protection Bureau, there are legitimate debt settlement companies that must comply with rules set down by the Federal Trade Commission. Debt settlement companies are usually for-profit enterprises, which means that the law allows them to charge you a fee for their services. However, the company cannot collect any fee from you until negotiation has taken place with creditors and all parties have reached an agreement. 

3 functions of an attorney during a real estate transaction

When it comes time to sell your home, you want to make sure everything goes smoothly. After spending some time and money on prepping the house for sale, the last thing you want is for things to go wrong during the selling process.

An attorney is one member of your real estate team you may not have thought important. After your realtor gets buyers in the door and ready for a contract, your attorney can take over and handle these three details to make your selling experience more tolerable:

Will Chapter 7 discharge recent credit card debt?

You likely have heard that if you file Chapter 7 bankruptcy in Illinois, the Bankruptcy Court will discharge all of your credit card debts. In general, this is true. However, it may not discharge your very recent credit card debts.

Bloomberg News reports that Section 523(a)(2)(C)(I) of the Bankruptcy Code contains a little known presumption against such discharges. The presumption applies to any credit card debt of $675 or more that you assume for the purpose of buying consumer goods within 90 days of filing bankruptcy.

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