Though home foreclosures have decreased, many families are still facing the frightening prospect of losing their homes to their mortgage holders because of financial trouble. For more information about foreclosure in Illinois, check out these frequently asked questions.

What is the foreclosure process?

Illinois uses a judicial foreclosure process, which requires the lender to file a lawsuit and receive a judge’s permission before foreclosure can take place. To begin the process, the homeowner is served with a notice of default after he or she has missed two or three payments notifying the homeowner of the amount he or she must pay to avoid foreclosure. If this amount is not paid, the lender will file a lawsuit to initiate foreclosure and notify the homeowner, who then can appear in court and explain to a judge why he or she should be allowed to keep his or her home. The court will decide if the process should go forward. If the foreclosure is approved, the county clerk will schedule a time to auction the home.

How long does foreclosure take?

Because it requires significant court involvement, judicial foreclosure can take about 200 days, on average. Scheduling court appearances, allowing time for other parties to take action, and other court actions can be time consuming. Homeowners who take actions to stop or postpone foreclosure will find that this will prolong the process, as well.

How can homeowners stop foreclosure?

Illinois foreclosures can be halted by the homeowner at any point up to the day of the foreclosure sale if he or she can find the money to pay the missed mortgage payments. Filing for bankruptcy may be another way to help a homeowner keep his or her residence, but only a qualified attorney can evaluate the merits of this in a given situation. Illinois mandates a period of usually 90 days between the foreclosure judgment and the sale of the home to give homeowners a chance to redeem their homes.

If you’re facing foreclosure in the Chicagoland area, don’t try to deal with the courts or your lender on your own. Instead, call Cutler & Associates, Ltd. today at (847) 849-1834. Our experienced attorneys can help you get your finances under control.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. 

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In recent blog entries, you’ve read about foreclosure in Illinois, debt discharge in bankruptcy, the Service Members Civil Relief Act, and many other important financial subjects. If you’d like more information about these topics, check out the articles below. 

• For information about judicial foreclosure, take a look at this link.

• Medical debt has become one of the primary reasons cited for filing bankruptcy in recent years—and that includes filers who have insurance.

• This article contains a list of debts that can and cannot be discharged.

• Learn about the process of debt discharge in bankruptcy from the U.S. Courts.

• Foreclosure and bankruptcy can both help consumers deal with financial hard times, but it is vital to choose to correct option. Check out this article for more information, but always consult an attorney before making any final decisions.

If you’re worried about paying your bills and considering bankruptcy, call Cutler & Associates, Ltd. today at (847) 849-1834 to schedule a free consultation with a bankruptcy attorney in one of our offices in the Chicago area.

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If you’re thinking about filing for bankruptcy, you may feel ashamed, like you have let down your family. Nothing could be further from the truth—instead; you’re taking a big step toward improving your financial situation and making a fresh start. In this process, you need a committed ally who will make bankruptcy as painless as possible. At Cutler & Associates, we pride ourselves on helping clients file bankruptcy, deal with their financial problems, and move on with their lives. Read on for just a few of the things that make us one of the best bankruptcy firms in the Chicago area.

An attorney will return your calls.

At other law firms, clients who call with questions or concerns have to wait days to hear from someone—and even then, it might not be the attorney himself. This isn’t the case at Cutler & Associates. We know that your case is important to you, and it is important to us, too. We answer phone calls and e-mails quickly to put your mind at ease.

We are knowledgeable and professional.

Our attorneys are skilled, experienced, and professional. You can trust us to represent your best interests throughout the bankruptcy process. We will help you make the best choices for your situation to maximize the benefits of bankruptcy and help you start over financially.

We’ll treat you with respect.

At Cutler & Associates, we know that filing bankruptcy isn’t easy. All filers deal with feelings of shame and guilt, and everyone is reluctant to ask for help. Our attorneys will treat you with compassion, courtesy, and respect to make the process as easy for you as possible. After your initial consultation, you’ll leave our office knowing that we’re working with you to help you change your life.

If you’re in financial trouble in the Chicago area, call Cutler & Associates, Ltd. today. We offer free consultations, personalized attention, and expert legal representation to help you get back on your feet. To make an appointment with our office, call (847) 849-1834.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. 

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Unlike many other bankruptcy law firms, Cutler & Associates, Ltd. goes the extra mile to give clients the attention they need to put their mind at ease. For a look inside our firm, check out this video clip of Attorney Stuart Swanson.

http://www.youtube.com/v/5Fa1dGKUkrA?hl=en&fs=1

When clients enter one of our offices, whether it is in Chicago, Skokie, Oak Brook, or Schaumberg, he or she meets with a knowledgeable attorney who will guide him or her through the bankruptcy process. All of our attorneys give out their cell phone numbers and personal e-mail addresses to clients, so they can contact us at any time if they have concerns.

Like Attorney Swanson says, few other law offices will take the time and extra effort to make themselves available to clients like this. If you’d like to see what sets Cutler & Associates, Ltd. apart from other bankruptcy firms, call (847) 849-1834 today to schedule an appointment in one of our offices.

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In many cases, bankruptcy is not the result of spending sprees or credit card debt; instead, almost 60 percent of bankruptcy filers cite medical bills as a primary reason for their financial situation. Read on to find out how Chapter 7 and Chapter 13 bankruptcy each deal with medical debt.

Chapter 7

Chapter 7 bankruptcy, also known as a liquidation bankruptcy, will discharge all medical debts. Through this kind of bankruptcy, a filer’s property is sold, and the proceeds are used to pay creditors, including medical bills, as much as possible. When this is completed, the unpaid bills are discharged, and creditors cannot pursue the debtor for those charges. Though Chapter 7 does provide a financial fresh start, it stays on a filer’s credit report for ten years and can negatively affect his or her ability to get a loan or buy a home.

Chapter 13

Chapter 13 bankruptcy can also deal with medical debts, but through a slightly different mechanism. Chapter 13 allows a filer to keep his or her property but sets up a payment plan through which the filer pays almost all of his or her disposable income to the creditors every month. This plan will last between three and five years, at which time the filer will receive a discharge of his or her medical debts. Chapter 13 bankruptcies can also take a toll on credit scores and will stay on the filer’s credit report for seven years.

Is Bankruptcy Right for You?

The sad truth is that all it takes is one unexpected injury or serious illness to create overwhelming medical bills that can lead to bankruptcy. If creditors are harassing you about your medical bills or if your monthly payments are more than your monthly income, it may be time to consider bankruptcy as a way to get your financial life back on track.

If medical bills are overwhelming your budget, call Cutler & Associates, Ltd. today to discuss bankruptcy as an option for financial help. You can contact our Chicago-area offices by calling (847) 849-1834. We offer free consultations.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. 

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Unfortunately, members of the military can experience many negative legal and financial ramifications of their service. Thankfully, the Service Members Civil Relief Act seeks to help these men and women deal with these difficulties by providing necessary assistance and accommodations. Find out more about the provisions of this important act by taking a look at this video.

http://www.youtube.com/v/Z5dxGNgyc_4?hl=en&fs=1

Passed in 2003, the Service Members Civil Relief Act provides a number of ways for service members to receive financial and legal assistance, like lowered interest rates on mortgages and credit cards or eviction protection.

If you’re a member of the armed services facing bankruptcy or foreclosure, you may have protections available to you that you don’t even realize. To discuss your rights under the Service Members Civil Relief Act, call Cutler & Associates, Ltd. at (847) 849-1834 today to set up an appointment in one of our Chicagoland offices.

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If your debts have become overwhelming, you may be considering bankruptcy as a way to deal with them and get back on the road to financial health. For many people, bankruptcy can discharge the majority of debt and allow them to get back on their feet; however, not all debts can be discharged in bankruptcy. For more information, read on.

What is a discharge?

In bankruptcy, a discharge is a filer’s release from responsibility for certain debts. After arrangements have been made by the bankruptcy trustee to pay as much of the filer’s debt as possible, a discharge is issued. At this point, the filer is no longer responsible for those obligations, and his creditors cannot attempt to collect the amount they were owed. The discharge is usually automatic, unless a creditor objects to it.

What debts can be discharged?

Most debts that are not tied to property, known as unsecured debts, can be discharged. This includes credit card debts, medical bills, utility bills, and other personal debts. Some tax debts can be discharged, if they are more than three years old, but this depends on a filer’s particular situation. If your debt belongs mainly to these categories, bankruptcy might be suitable for you.

What debts are not discharged?

Though many debts can be discharged, some important ones cannot. Student loans, child support, restitution, court fines, recent income taxes, and court judgments must still be paid despite bankruptcy. If the filer wants to keep the property the debt is attached too, secured debts like car loans and home mortgages must also be paid. If not, he or she can choose to have the debt discharged, but the lender will repossess the property. Hence, prospective bankruptcy filers whose debt is mostly of these varieties will need to consult carefully with a lawyer before making their decision to file, in order to make sure it is their best option.

No matter what kind of debt you have, we at Cutler & Associates, Ltd. can help you deal with your financial obligations. Call (847) 849-1834 today to schedule a free consultation with a bankruptcy attorney in one of our Chicagoland offices.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. 

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Are you thinking about filing for bankruptcy but don’t know what steps to take to get the process started? Check out the resources below to get some helpful answers:

• Though many debts can be discharged through bankruptcy, some cannot. For more information about which debts will stick around even after bankruptcy, read through this BankRate.com article.

• If you think bankruptcy will ruin your life or your credit, check out these tips for getting back on track after bankruptcy.

• As this Time Magazine article shows, bankruptcy has a long history in America.

• If you have a retirement account, take a look at this article to see how it will be affected by your bankruptcy filing.

• It seems smart to use all of your tax refund to pay down debt, but you should keep some of it in an emergency fund, according to Kiplinger.com.

If you’re going through tough financial times, Cutler & Associates, Ltd. can help. Call (847) 849-1834 today to set up your free bankruptcy consultation with one of our expert attorneys.

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If you’re thinking about filing for bankruptcy, you may be unsure if you should file for Chapter 7 or Chapter 13. Chapter 7 erases some of a filer’s debt by liquidating his property, while Chapter 13 sets up a long payment plan to pay off debts. Though both are very effective ways for dealing with debt, they are meant for different financial situations. Read on for information about when you may want to consider filing for Chapter 7 bankruptcy.

Debt

To qualify for Chapter 7, you’ll need to supply information about your income in relation to the amount of money you owe. If you have so much debt that you will never realistically be able to pay it off, Chapter 7 might be right for you. Chapter 7 bankruptcy is more ideal for people who have a large amount of unsecured debt, like credit cards, medical bills, or utility bills. These debts will be discharged, or released, through Chapter 7 bankruptcy proceedings, and any wage garnishments or creditor phone calls regarding them will cease immediately. However, if your debt is mostly from sources that cannot be discharged, like student loans or court-ordered restitution, you may find that Chapter 7 doesn’t provide much help, as you’ll still have to pay those debts.

Property

Most property is liquidated or sold during Chapter 7 bankruptcy proceedings to pay creditors, meaning the potential loss of your car, home, boat, or other large items. If you have a lot of big-ticket items that you want to keep, Chapter 7 might not be the best bankruptcy choice for you. On the other hand, if you don’t have property to lose and want to discharge your debts quickly, this type of bankruptcy might be the best way to get a fresh start as soon as possible.

If you’re considering bankruptcy in the Chicago-land area, call (847) 849-1834 to reach Cutler & Associates, Ltd. Our expert bankruptcy attorneys will help you find the best solution to your financial problems, so you can get back on your feet.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. 

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To prepare for tax time, take a look at this video that explains what constitutes a tax return.

Simply, a tax return is all the forms the IRS requires of you to determine your income, deductions, and credits for the year. The forms you use will depend to some extent on your financial situation. If you are claiming any credits, you’ll need to file additional forms for those as well.

http://www.youtube.com/v/JV9uSAXs7ok?hl=en&fs=1

When you get your tax return, think carefully about how to spend it. You may want to pay down some of your debts, but that is not always the best idea. Instead, consider establishing an emergency fund with that extra money, so you don’t have to accumulate more debt if unexpected expenses arise.

If you need help dealing with debt, call Cutler & Associates, Ltd. at (847) 849-1834 to discuss your bankruptcy options.

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