Illinois Foreclosure Defense Attorney

In the wake of the economic downturn, a foreclosure crisis has swept across the nation. Many people are finding themselves unable to make their mortgage payments and falling further and further behind. If you are facing foreclosure or the threat of foreclosure on the horizon, personal bankruptcy may be the best way to save your home. At Carol Cádiz, Attorney at Law, P.C., we can help you stop a foreclosure in its tracks and get you back on the road to financial fitness.

Bankruptcy Stops Foreclosure

There are two types of personal bankruptcy—Chapter 7 bankruptcy and Chapter 13 bankruptcy. When you file for either type of bankruptcy, an automatic stay is immediately put into effect that stops a foreclosure on your home from proceeding. Chapter 7 bankruptcy, or liquidation, can usually delay a foreclosure for about two to four months while the bankruptcy is pending. You may be able to use that time to work out a deal with your lender to keep your home. If not, you will at least have time to make arrangements for where to live once the foreclosure resumes.

Chapter 13 offers a more permanent solution by allowing you to repay your back mortgage debt over time. In Chapter 13 bankruptcy, you create a payment plan that outlines how you will repay your debt over a three to five year period. During your bankruptcy, you continue to make your mortgage payments and gradually pay of the outstanding mortgage debt. At the end of your bankruptcy, you will be current on your mortgage.

If you are behind on your mortgage and facing the possibility of losing your home, there is no reason to wait to find a solution. Our firm can help you save your home and renew your finances. Contact us to discuss your options and start looking forward to a better financial future.