If your home is being foreclosed on and you want to do all you can to stop it legally, you need to get professional help as soon as possible. You can get Foreclosure Lawyers in Marion IL to help make sure that you keep your home while declaring chapter 13 or chapter 7 bankruptcy, but it is extremely difficult for the average home owner to know all the important steps they must take to protect their home without legal help.
Your Chapter 13 bankruptcy in Marion, IL is actually a reorganization of your existing debts and your home debt is considered to be one of the allowable debt for reorganization. Even if you have already received a foreclosure notice on your home, it is not typically too late to protect your home and your other assets by declaring bankruptcy. Your foreclosure lawyers can help you determine the type of bankruptcy that is right for you. Chapter 13 bankruptcy is usually the best choice for people who have fairly significant assets and for people who want to be sure to retain all their assets by making agreed upon payments to the creditors. The Chapter 13 bankruptcy does not eliminate all of your debt but rather reorganizes it into more manageable portions, allowing you to get caught up and therefore get your home out of foreclosure and get your other debts current. A chapter 13 bankruptcy repayment plan will typically last for between three and five years. Your attorney can help you plan your finances to make sure that the agreed upon repayment plan is viable for you before you proceed.
Chapter 7 bankruptcy is also an option you can ask your Foreclosure Lawyers in Marion IL about. Chapter 7 bankruptcy is a discharge of your existing debt, so you would normally lose all of your major property so that it can be sold to pay creditors and you would then owe nothing further. However, the state of Illinois allows for certain bankruptcy exemptions. This means that you are allowed to keep a vehicle and your primary living space (up to a set value.) Your foreclosure lawyer may be able to stop the foreclosure and allow you to keep your house in a chapter 7 bankruptcy, provided you keep making payments as agreed.