Springfield Bankruptcy Proceedings and Home Foreclosure Lawyer
Learn Your Rights: Bankruptcy and Home Foreclosure
Michael J. Logan, Ltd. · Springfield, Illinois
More Than 3 Decades' Experience as a Bankruptcy Attorney
Call 866-258-6719 or E-Mail
If you have a house payment you no longer can afford and there is no real equity in the house, you can discharge the mortgage in a Chapter 7 bankruptcy and you would have to leave the home within a period of time. If you wish to keep your residence but you are behind in your monthly payments, filing a Chapter 13 bankruptcy will allow you to keep paying the current mortgage payment and cure any arrearages through payments to the trustee in the plan.
Seek Early Legal Advice Regarding Bankruptcy and Home Foreclosure
The best time to contact a debt relief lawyer is as soon as you know that you will fall behind on your mortgage payments. The earlier you get an experienced bankruptcy lawyer on your side, the better your chances to either save your house from foreclosure or walk away from unmanageable mortgage payments with minimal negative effects on your credit.
At the law office of Michael J. Logan, Ltd., we have more than 35 years' experience helping local Springfield residents work out solutions when they face foreclosure proceedings. If alternatives to bankruptcy exist to help you, we will explore those options with you. However, if bankruptcy is the best way to respond to threatened foreclosure proceedings, we will guide you through every step of the bankruptcy process.
Different Options Are Available Depending on Your Specific Circumstances
The two most common types of bankruptcy petitions are useful in different types of home foreclosure circumstances. If you are hoping to walk away from a mortgage and a house that you can no longer afford, then a Chapter 7 bankruptcy petition may allow you to wipe out your debts. Alternatively, you may be able to use a Chapter 13 bankruptcy repayment plan to force your mortgage lender to accept a more manageable monthly mortgage payment. Both forms of bankruptcy offer what is called an "automatic stay". This stay will temporarily halt all legal collection actions. The stay can be very helpful in giving you the breathing room necessary to make crucial decisions and prepare for your next steps.
Get a Confidential Case Assessment by a Knowledgeable Bankruptcy Lawyer
For answers to your questions about bankruptcy and foreclosure, make an appointment with attorney Michael J. Logan today. Or, for a private assessment of your financial circumstances, complete a confidential case assessment. Attorney Logan will review your information and respond via e-mail or a telephone call.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.