Purchasing a home requires planning and budgeting skills. Mortgage payments must be included on family calendars and paid on time. The joys of home ownership are great, but can require sacrifice. When hardships happen, it can make the home ownership even more stressful and financially difficult. In Illinois home owners do have the option of a short sale for their homes to quickly get rid of a home they no longer can afford.
Bankruptcy is a difficult decision to make but sometimes it is the only option. If you having a difficult time paying your bills on time or at all, then bankruptcy should be a real consideration. But before you file any paperwork to begin the process, try these other options first.
There is a lot of talk about how important it is to maintain a good credit profile. If you have poor credit, it can be a challenge to achieve many things that can be made so much easier by maintaining your credit worthiness. However, the problem may be that you do not fully understand what affects your score and how different things can hurt your score. According to Yahoo Finance, it can be simple to understand.
Although it can seem that filing for bankruptcy will solve your financial and legal problems, that is not always the case for everyone. Whatever you may think is the right way to go, it is always important to weigh your options and take your time making such a big decision.
Reasons that you should file include the following:
Texas Congressman Ruben Hinojosa has emerged from Chapter 11 bankruptcy, according to a recent article in the Huffington Post. Hinojosa filed for personal bankruptcy about two years ago after he could no longer handle his debts financially.
Some good news came for San Bernardino, California residents in mid-April when the city announced that it “will resume paying into the state pension fund on July 1,” according to Reuters News. Yet with this announcement came the information that the city will, at the same time, “continue to renege on other debts including payments to bondholders.” The city was the first in a debt-stricken state to halt all contributions to the city’s pension fund—the nation’s largest.
The Lawyers’ Committee for Civil Rights Under Law is warning consumers not to be taken in by bogus home loan modification scams. The organization is seeing more and more attorneys lending their name to fraudulent companies promising owners loan modifications and lower mortgage payments in return for thousands upfront. But the companies fail to deliver and the homeowner is out all the money they put up.
When people become overwhelmed by their debts, they often turn to bankruptcy for much-needed relief. Even as they gain a fresh financial start, however, the bankruptcy process and its aftermath may take an emotional toll that can be difficult for families to overcome.
In Illinois, 13,520 properties received foreclosure letters last month—equating to roughly one out of every 392 houses in the state. This figure is up 9 percent from November 2011, and puts Illinois only behind Florida and Nevada in terms of foreclosure rates.
Illinois’ Cook County had the highest figures in the state: 2,299 homes received initial notices of default, 2,651 homes were scheduled for court-ordered sales, and 2,086 homes were repossessed by lenders. The cities of Rockford and Chicago ranked 11th and 13th in foreclosure rates.
A New Jersey man has been sentenced to 18 months in prison for concealing assets in a November 2008 bankruptcy petition he filed. Brian Young, 39, was the sole proprietor of Brys Landscaping, d/b/a AAA Interlocking Pavers, when he filed a petition for Chapter 7 bankruptcy protection in the state of New Jersey.