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Envision Mortgage Solutions is an Illinois Residential Mortgage Licensee and a local Chicagoland company to provide personal service: Crestwood Office
4731 Midlothian Tpke #32
[contact us] [directions]Crestwood, IL 60445 [708] 597-8884
Licensed with the Illinois Department of Financial & Professional Regulation # MB.6759105 and is a member in good standing with the Illinois Association of Mortgage Professionals www.iamp.biz, the National Assoc. of Mortgage Brokers, and the Illinois Secretary of State. |
Alternatives to Filing Bankruptcy
There is just no easy way to get out of debt, you have to face up to the
consequences. A bankruptcy is not always the answer, as the effects are long
lasting.
How to Avoid Foreclosure
When you miss your mortgage payments, foreclosure may occur. This is the legal
means that your mortgage company can use to repossess (take over) your home.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a liquidation proceeding. The debtor turns over all non
exempt property to the bankruptcy trustee, who then converts it to cash for
distribution to the creditors.
Bankruptcy and My Bills
The underlying policy of bankruptcy law is that the honest debtor who is in debt
beyond his/her ability to repay the debt should be given a fresh start through
the discharge of debts in a bankruptcy proceeding.
Bankruptcy and Bill Collectors
One of the major benefits of filing for protection under Chapter 7 is that many
creditor actions are stayed. This means that debt collection efforts and
foreclosure is halted.
Your Property and Assets
Once the bankruptcy is filed, all the property of the debtor at the time of the
filing and certain other property to be received in the future, becomes the
property of the bankruptcy estate.
Your House and Car
Depending upon which exemption scheme is selected and your circumstances, you
may exempt up to $100,000 in equity.
About the Bankruptcy Process
When making financial decisions during the process, you should consult your
attorney. In particular there are three items worth mentioning.
Bankruptcy Questions & Answers
I am a co-signer for a debt, how does bankruptcy affect my
obligation?
If the debt is a dischargeable debt then you will not have to pay it. However,
the cosigner will become primarily responsible for the debt.
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