Foreclosure Alternatives

Foreclosure Defense Attorney

In Illinois, foreclosure occurs after three months have passed with unpaid mortgage. Usually unpaid mortgages occur after a major accident, a major health problem within the family, losing one's job or any such unforeseeable act. See our Foreclosure Law and our Fighting Foreclosure page for more information on foreclosures. Even when dealing with foreclosures, there are several alternatives to take and a bankruptcy attorney can help you tremendously.

Chapter 7

Filing a Chapter 7 bankruptcy is a temporary alternative to foreclosure. It's temporary as it doesn't always enable you to keep your house. It buys you time to attempt to work a loan modification or a short sale of your house, but with a bankruptcy lawyer you're able to see if this is the right option for you.

Chapter 13

A Chapter 13 bankruptcy may be the best decision for you, and a bankruptcy attorney would have to evaluate your case before you went with that. A Chapter 13 would enable you to put all of your debt within one payment plan that you could afford. Any one of our attorneys at Bizar & Doyle would be more than willing to help you file for Chapter 13 or see if you qualify for Chapter 13 so that you could still keep your house and your valuable assets.

Bankruptcy Lawyer

Short sale and loan modifications are the other options when dealing with foreclosure alternatives. A short sale is a sale of your house to the bank for less than the full amount of the mortgage. Even if this is done, however, you still may owe more taxes from the mortgage. Loan modification is where you modify or change your mortgage payment. This is not always possible for homeowners and sometimes can be more work than is really necessary.

Having a house foreclosed is never an easy subject to tackle alone. You shouldn't have to do it by yourself. Let us help you by contacting our caring and experienced attorneys from our firm.

Contact a Bankruptcy Lawyer from our firm if you wish to seek foreclosure alternatives or have questions regarding foreclosure and your options.