Call today for an initial consultation

847-426-7990

30 N. Western Avenue, Carpentersville, IL 60110

Carpentersville foreclosure defense lawyerIf you are struggling to make your mortgage payments, the threat of losing your home can be a terrifying thought. After a mortgage is in default, the lender can sue to have the right to sell the property in what is known as a foreclosure sale. Throughout the United States, more than four million people have lost their homes to foreclosure since 2007. If you are facing the potential foreclosure of your home, you should be sure to understand the procedures that will be followed and the legal options available to you.

The Foreclosure Process

When a mortgage has not been paid, a lawyer from the lending institution may begin a lawsuit by filing a complaint in court. After that, a summons and complaint are delivered by a process server or a sheriff. The summons is a notification of the case being filed. Within 30 days of receiving the summons, you must either file an answer and court appearance or a motion of your own.

A status date is stamped on the complaint itself. This is the first court date if neither party files a motion to be heard prior to that date. During the status hearing, the bank’s lawyer will update the assigned judge regarding the status of the property. At this time, you may be able to request mediation, during which you and a representative of the lender will meet with a mutual third party to discuss loss mitigation. This means that options other than foreclosure can be discussed, and you may be able to work out an arrangement that will allow you to stay in the home through solutions such as a repayment plan or loan modification. There are also options in which you may be able to sell the home without going into foreclosure.

...

McHenry County prenup attorneyAlthough prenuptial and postnuptial agreements are often associated with the benefits they may provide during the divorce process, not all of their perks are related to divorce, or even legal separation. While you are blissfully planning your upcoming nuptials or are happily married, you may find the idea of a prenup or postnup unromantic or unappealing. However, these types of contracts do not doom your marriage to failure. Marriages that begin with such contracts often have a more open and honest beginning, which can create a stronger foundation for a long-lasting union.

These are some of the primary benefits that many couples enjoy when they create a prenuptial or postnuptial agreement:

Open Communication Before You Say “I Do”

Finances are often a hot topic during divorce cases, especially when it comes to hidden debts or assets. Many people enter into marriage only to discover that their new spouse has thousands of dollars in student loan debt. When you add that to the price of a potential mortgage and the wedding expenses themselves, there may be little left with which to begin a family. A discovery of this magnitude can put a strain on any union and alter the dynamic of a family, forcing spouses to adjust their goals and expectations for their marriage.

...

Posted on in Bankruptcy

Kane County bankruptcy and divorce lawyerFor many families today, divorce and bankruptcy tend to go hand-in-hand. Every situation is different, but divorce may occur as a result of financial strain, or a separation may result in economic pressure for both spouses. Regardless of what starts the struggle, both divorce and bankruptcy can be emotionally complicated. However, if you plan ahead and understand the legal issues you must address, this will help the process proceed more smoothly and result in less of a strain overall. Typically, couples choose one of two options:

Option 1: File for Bankruptcy First

Filing for bankruptcy first offers many benefits. For instance, you and your spouse can file for bankruptcy jointly, which saves money and may increase the number of exemptions you are allowed to take. Additionally, if one spouse is the sole breadwinner of the household, you have a higher likelihood of qualifying for Chapter 7 bankruptcy, which eliminates most unsecured debts, will help you get out of high car payments, and can reduce the fight over finances during divorce.

Once the bankruptcy process is complete, most of the concerns about a couple’s debts and assets will have been settled, making the process of property division easier. If you choose to file for bankruptcy after divorce, not only must you reach an agreement regarding debts and assets, but creditors may still attempt to collect on any joint debts, which can result in further contention between ex-spouses. Also, one spouse may choose not to file for bankruptcy, thus creating a situation with a non-dischargeable obligation owed to the other spouse.

...

McHenry County bankruptcy and debt lawyerWhen finances get tight, most people take an in-depth look at each of their monthly expenses and consider cutting out what they do not need. If, after making adjustments to your budget, you still cannot make ends meet, you may begin researching and considering the option of bankruptcy.

On payday, the first bill paid often covers housing. Next come all of the other expenses necessary to make the house run, such as electricity, water, and other utility bills. The phone bill, car note, and insurance payments rank next in the order of importance. If there is anything left of the paycheck, many people who are experiencing financial hardship must decide between paying their court-ordered maintenance (formerly known as alimony) or child support payments and buying food for themselves.

When times get tough, many find that bankruptcy is a prime solution to make a fresh financial start. Unfortunately, many people wait months or until there are looming legal repercussions to seek help. At this point, a significant number of bills may be months past due, and outstanding debts and interest (known as “arrears”) can add up quickly. When your domestic support payments (child support and maintenance) are past due, the punishments can also be damaging to your future, and worse, result in a jail sentence. If you are considering filing for bankruptcy, you may wonder if your past-due child support and maintenance payments are dischargeable.

...

McHenry County divorce lawyerYounger children undoubtedly need more hands-on attention in all areas of life. In addition to learning how the world works, their psyche needs development. Negative experiences can leave a lasting impact on infants, toddlers, and young children. Although older children and young adults are more capable of understanding situations and are generally self-reliant, coping with the divorce of their parents has a dramatic impact on their lives as well. Whether they are a pre-teen or an adult, your children still need you to help them through your divorce.

Show Them They Are Loved

While younger children often need to hear that your divorce was not because they did anything wrong and that both parents still love them, older children and young adults also need to witness that they are loved. Older kids likely already know that the divorce is not their fault; their concern is how this will impact the future. Will you both be able to attend their graduation? Will you be civilized at their wedding? Who will attend family events? Older children need to know that your love for them is greater than the anger you and your spouse have toward each other.

...