Strategic default on your mortgage. is a chapter 13 better?

I've recently read the following article on Zillow.com's blog.
http://www.zillow.com/blog/2011-04-27/the-consequences-of-walking-away/?scid=emm-052311_MayBuzzRoundup-walkaway

It does offer some useful advice, but I think a chapter 13 should be looked at first.  If you are in default on the first mortgage, a chapter 13 can catch you up.  If the second mortgage is wholly unsecured, we can strip off the lien and pay it at a discounted rate, often for pennies on the dollar with no interest in many instances.  

A wholly unsecured second mortgage is where the balance on the first mortgage is greater than the value of the property.   We've seen many cases like this lately due to the collapse in real estate values over the last few years.

Contact us for a free Illinois bankruptcy evaluation at 312-427-7400.  Thanks

New advertising sources

Chapter 7 & Chapter 13 Bankruptcy - Free Consults

Trying this as a new advertising source to bump up exposure for our bankruptcy law firm

Racial discrepancy in bankruptcy filers?

In a recent report by the Woodstock Institute, the answer could be yes.

In the report found here "Bankruptcy filers in African-American neighborhoods choose potentially risky Chapter 13 more often than filers in white communities.   Women in Cook County’s African-American neighborhoods file for bankruptcy at a disproportionately high rate, a new report from Woodstock Institute found. The report also found that bankruptcy filers in African-American communities are far more likely to choose Chapter 13 bankruptcy over Chapter 7, a trend that may indicate limited economic benefits of the bankruptcy process to filers in these communities.  "

This is interesting.  Is it based on community relations? education?  religion? advertising?  my hunch is that it may be a combination of all of the above.   

I suggest the appropriate course based on the facts I am presented with.  I'll listen to what the client has to say, what their goals are as well.  I will follow my clients' request for whichever bankruptcy chapter, but if it is not my suggestion, I'll set out my reasons for my recommendation, and then let the client decide. 

Chicago Bankruptcy Lawyers near you

Leeders & Associates, Ltd. has several office locations to serve your needs throughout Chicago, the surrounding suburbs, and can handle cases throughout the state.   The firm focuses on consumer and small business bankruptcy cases, filing cases under Chapter 7 and chapter 13.  We also handle divorce and family law matters in Cook, Dupage, Will, and Lake County.    Finally, we handle real estate closings in and around Chicago and suburbs for both buyers and sellers.


With convenient office locations, Leeders & Associates, Ltd. strives to provide you with top notch service at affordable prices.  We even offer free consultations too.


Visit us on the web at www.leederslaw.com or check out our Facebook page.

20 E. Jackson Blvd. Suite 850 Chicago, IL 60604
10540 S. Western Ave Suite 402 Chicago, IL 60643
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228 N. Genesee St. Suite 205, Waukegan, IL 60085
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code in order to get a fresh start.

Chicago Bankruptcy Lawyers near you

Leeders & Associates, Ltd. has several office locations to serve your needs throughout Chicago, the surrounding suburbs, and can handle cases throughout the state.   The firm focuses on consumer and small business bankruptcy cases, filing cases under Chapter 7 and chapter 13.

With convenient office locations, Leeders & Associates, Ltd. strives to provide you with top notch service at affordable prices.  We even offer free consultations too.
Come visit us today.
312-427-7400
www.leederslaw.com
http://www.facebook.com/pages/Leeders-Associates-Ltd/89033773748