Author Archives: Jessica Holguin
Disclosure In Illinois
When you sell a residence in Illinois, you must fully inform the prospective buyer about the physical condition of the property. The physical condition includes the home’s history of flooding and its flood risk, any unsafe conditions in the home, municipal code violations, environmental issues, boundary line disputes, and any defects or deterioration in… Read More »
Bankruptcy And Your Job
In a financial crisis, bankruptcy is sometimes the most responsible thing a person can do. Nevertheless, if you file for bankruptcy, some people around you may begin to wonder if you’re still responsible and trustworthy. You can’t help that, but one thing you shouldn’t have to worry about is your job. The law prohibits… Read More »
Help For Hurting Homeowners
If your monthly mortgage payment is overwhelming, and you are considering bankruptcy, take a look first at a government program called the Home Affordable Refinance Plan (HARP). By refinancing your home at a lower interest rate, you can slash mortgage payments by as much as $4,900 a year. To enable more struggling homeowners to… Read More »
Credit Cards After Bankruptcy
Initially, the idea sounds absurd, but if done right, it’s one of the smartest moves you can make. Getting new credit cards immediately after a bankruptcy can lift those credit scores that plummeted when you filed. If you make regular, on-time payments, you can boost your credit score substantially in a relatively short time…. Read More »
Three Smart Strategies For Debt
Before you consider bankruptcy or just start throwing money at mounting debts, one of these three debt strategies might just work for you. In the Chicago area, it’s best to discuss your alternatives first with an experienced Chicago bankruptcy lawyer who’s helped others in similar situations. The three strategies are: 1. The bottom-up strategy…. Read More »
Divorce or Bankruptcy?
For many people, divorce and bankruptcy are connected; in fact, financial issues are a frequent cause of divorce. Is it smarter to file for divorce first or to file for bankruptcy first? In most cases – but by no means all – you should take care of the bankruptcy first. If your financial problems… Read More »
Emergency Bankruptcy
In Illinois, it’s possible to file an “emergency” bankruptcy to stop a foreclosure, a vehicle repossession, a utility shut-off, or a wage garnishment. Before you take any action, however, speak first to an experienced Chicago bankruptcy lawyer. An emergency bankruptcy may work as a quick fix to deal with an imminent problem – and… Read More »
You Won’t Lose Everything
When your debts are mounting and you simply see no way to pay them, you’ll probably consider bankruptcy. You’ll also probably worry about what you’re allowed to keep when you declare bankruptcy. Whether you file for Chapter 7 or Chapter 13 bankruptcy, the list of exemptions is the same; instead, the difference is what… Read More »
Reverse Mortgages and Older Homeowners
For many of us, the older we get, the fewer options we have, especially when it comes to finances. That’s just reality. However, you may have more options than you’re aware of. Many older people justifiably feel that their financial options are limited. You may not be able to borrow, for example. But you… Read More »
Mandatory Disclosure
Illinois law requires sellers of residential property to disclose specific defects and other problems with the property. If you’re selling, you may think disclosure is an aggravation, but disclosure protects both buyers and sellers. If there’s a defect with the home or property, the buyer could sue at some point after the closing. Disclosure… Read More »
