As soon as you are served with a foreclosure notice, you should consult a Chicago bankruptcy attorney. A Chicago foreclosure attorney can help you delay the foreclosure process through a Chapter 7 petition or save your home altogether by filing a Chapter 13 bankruptcy petition. If you are filing for bankruptcy, the court will automatically issue an order for relief, which prohibits your creditors from continuing their collection activity and can postpone a foreclosure sale.
Representing You in Court
Even after filing for bankruptcy, you may have to go to court in order to prese rve your homeownership. Without the help of a foreclosure attorney, it will be much more difficult to state your case and protect your interests. The banks you face in court will have legal representation, so you will be at a disadvantage if you go to court without a foreclosure lawyer by your side. If you are filing for bankruptcy in Chicago, a bankruptcy lawyer can maximize your chance of keeping your home, ensure that you never miss a legal deadline, and help protect your rights during this stressful time.
Responding to a Foreclosure Notice
Once you receive a foreclosure notice, you have a certain time period to respond. This time frame is even shorter once the foreclosure summons and complaint are filed in court. Usually, you and your bankruptcy lawyers will have only a few weeks to investigate the complaint and challenge your bank. In fact, banks count on you not being able to file on time, which will result in a default judgment for the bank. Consulting with Chicago bankruptcy attorneys will keep you on track so you don’t miss this deadline.
Investigating Foreclosure Alternatives
As a bankruptcy attorney will explain to you, there are many alternatives to foreclosure. Once you consult a Chicago foreclosure attorney, he or she will investigate your case and provide you with a detailed analysis of your options. Foreclosure attorneys are experts at investigating foreclosure alternatives, including loan modifications and short sales. A foreclosure attorney can also help you reduce your monthly payment or reduce the interest rate on your mortgage.