In you are like many Illinois homeowners, your debts have gotten so out of hand that you cannot pay them and you fear losing your home to foreclosure. But what if you could strip the lien from your home that your second mortgage represents? As Home Guides explains, that may be exactly what you can do by means of a Chapter 13 bankruptcy.
If you are considering bankruptcy as a way to regain hold of your finances, you are not alone. More than 796,000 people across the nation decided to file for divorce from June 2016 to June 2017. Of these filers, approximately 489,011 chose to file for Chapter 7 bankruptcy, or liquidation bankruptcy. As the most common type of bankruptcy, Chapter 7 has definite advantages and disadvantages when compared to other types of financial debt relief. Chapter 7 is designed to wipe out most of your debt, including medical expenses, credit card debt and other bills, and help you start fresh with a clean financial slate. Student loans, delinquent child support payments and money owed to the government cannot be eliminated in a chapter 7 bankruptcy.