Chicago Bankruptcy Attorneys and Firm That Is Unique
Our attorneys know Chicago and its people. Every bankruptcy and foreclosure attorney at our small boutique law firm graduated from a Chicago law school. The firm’s attorneys, Gregory K. Stern, Monica C. O’Brien, Rachel S. Sandler, and Dennis E. Quaid, take pride in providing personalized representation to each and every client. This personal touch, plus nearly 100 years of combined bankruptcy experience, is what makes our firm unique.
The bankruptcy and foreclosure attorneys at our office have experience in Chapter 7, Chapter 11, and Chapter 13 bankruptcies,loan workouts, foreclosures, and debt restructuring and settlement. Our clients have found relief from their credit card debt, business debt, wage garnishments, parking tickets, pay day loans, tax debt, and vehicle repossessions. The Chicago bankruptcy and foreclosure attorneys at our office are members of the Chicago Bar Association and the Illinois Bar Association. We recognize the unique difficulties and responsibilities Chicagoland area communities face and tailor our services to meet your needs.
Bankruptcy – Your Fresh Start!
The thought of filing bankruptcy can be overwhelming and scary. You need to know that you are not alone and that we are here to help. Nearly 900,000 people and businesses file for bankruptcy each year in the United States. For instance, in June 2016 alone, 72,450 new cases were filed in U.S. The bankruptcy laws were put in place to help individuals and businesses that are facing financial difficulties. Filing for bankruptcy affords the opportunity to eliminate bills or restructure debt over a period.
There are various types or “Chapters” of bankruptcy that are available depending upon your needs. The goal of any bankruptcy filing is to get a fresh start by having debts discharged or restructured.
Deciding whether or not to file bankruptcy is both a personal and challenging decision. There are many reasons why people file for bankruptcy, but it is important that you choose the right type of bankruptcy to address your particular financial problem. Many people recognize that they need help but do not know or understand their options. Our attorneys are available to meet with you or talk on the telephone to answer your questions and discuss what type of bankruptcy is best suited for you.
Why Declare Personal Bankruptcy?
Although bankruptcy seems simple and straightforward enough, it is not. There can be many reasons to declare bankruptcy including:
- Medical Expenses
- Reduced Income/job loss
- Foreclosure
- Credit Debt/overspending
- Divorce
- Unexpected Expenses
- Utility Payments
- Vehicle Repossession and/or Parking Tickets
- Wage Garnishmnet
- Pay Day Loans
- IRS actions
According to some estimates, 62% of all bankruptcies in the U.S. are related to excessive medical costs. Of course, one frequent reason for bankruptcy is the foreclosure of a home. This is because the home mortgage is generally one of the bills that people will always make if at all possible. If the situation reaches the point of foreclosure, call Gregory K. Stern, P.C. Bankruptcy and Foreclosure Attorneys for Chicago because they also defend foreclosure cases.
The best way to know whether bankruptcy is necessary in your case is to contact a bankruptcy attorney. A skilled attorney will know which Chapter is the best to file and how to avoid filing if that is your preference.
Who Can Declare Bankruptcy?
Most individuals and business can declare bankruptcy; however, the specifics of your case will determine what type of bankruptcy to file. There are a few eligibility requirements that need to be considered depending on the kind of bankruptcy you want to file.
Consideration #1: Prior bankruptcy filings. The Bankruptcy Code provides very specific limitations on how often individuals can receive a discharge. If you have previously filed and received a Chapter 7 or Chapter 13 discharge, you may not be eligible to receive another.
Consideration #2: Do you make too much money? This factor is highly scrutinized with Chapter 7 cases. If a household’s income is above the medium income based upon guidelines set forth by the Internal Revenue Service (link to IRS medium income), a “Means Test” will be completed to determine whether Chapter 7 is an available option. A “Means Test” analysis is a complicated matter that requires consideration of some different factors. If you are unable to pass the Means Test for filing a Chapter 7, there still may be other bankruptcy or non-bankruptcy options available. Most people are unaware of the alternatives to bankruptcy. For instance, other options include:
• debt settlement
• business and corporate wind-down
• defense litigation
• debt negotiation and restructuring
• asset protection
Alternatives to Bankruptcy
Bankruptcy
If you are facing foreclosure or currently in foreclosure, bankruptcy may be an option. A bankruptcy can cure a mortgage default or it can delay a foreclosure proceeding. It can also eliminate or prevent a mortgage lender from seeking a personal deficiency against you. Call the bankruptcy and foreclosure defense attorneys at Gregory K. Stern, P.C. to discuss your options.
Strategic Default
Many homes have not recovered from the housing market crash in 2008. In fact, many homes are still underwater, meaning that there is no equity in the home because the debt on the property is greater than the value of the property. In some instance, the homeowner may decide that keeping the property is not in their best interest. They may stop making monthly mortgage payment, forcing their lender to initiate a foreclosure action. This is known as a strategic default. While this may sound enticing to some homeowners, there are disadvantages to a strategic default, including but not limited to the possibility of a deficiency judgment and a negative impact on your credit score. If you are considering walking away from your property call Gregory K. Stern, P.C. to discuss your options.
Deed in Lieu of Foreclosure
Our foreclosure defense attorneys can negotiate with the bank for a deed in lieu of foreclosure. The goal of a deed in lieu of foreclosure is to exchange the deed to the property for forgiveness of the mortgage debt. Essentially, the homeowner would give ownership of the property to the bank and the bank would forgive the mortgage indebtedness. While a deed in lieu of foreclosure has advantages to a strategic default, it requires extensive negotiation with the lender. Call at Gregory K. Stern, P.C. to discuss your options with our foreclosure defense attorneys.
Short Sale
Your home may be “underwater,” meaning that the debt on the property is greater than the value of the property. In some situations, you can negotiate with the bank to agree to allow you to sell the property for less than you owe and forgive the balance of the loan. Our attorneys can negotiate with the bank to convince the bank that a short sale is in everyone’s best interest.
Loan Modification
If you are facing or currently in foreclosure you may be eligible for a loan modification. You can work with your lender to obtain a loan modification which changes the terms of your mortgage loan so that you can afford your monthly mortgage payments.
Foreclosure FAQs
If you are having difficulty making your mortgage payments and expect that foreclosure is in your future, call the foreclosure defense attorneys at Gregory K. Stern, P.C. We know how to help fight or best mitigate the damage brought about by foreclosures. Since our founding, we have been helped thousands of families in Chicago and Cook Country.
We know that facing a foreclosure can be overwhelming and emotional for any individual or family. Our attorney know that the situation may be greater than just foreclosure and we take a personalized approach with all of our clients. We will look at the big picture and assess the situation with your goals in mind. There is no one-size-fits-all solution.
More importantly, we can provide you with the legal guidance and expertise needed during one of the most difficult times you will ever face. In many cases, bankruptcy may be an option. In others, it may be the only viable option. Each situation is unique, so we will proceed and advise you accordingly.
Call the bankruptcy and foreclosure defense attorneys at Gregory K. Stern, P.C. Our phone number is 312-427-1558 and we are located at 53 West Jackson Boulevard, Suite 1442, Chicago, Illinois 60604. There is no charge for your initial consultation and we will help you. Call now.
Real Estate Transactions
We have been representing clients for years in regard to getting out of real estate sale contracts, enforcing real estate sale contracts, modifying or amending real estate sale contracts, and other matters related to real estate contracts. We also prepare real estate sale contracts and related documents for individuals buying or selling properties on their own. We also prepare contracts for deed instruments, depending on the circumstances of the client.
Gregory K. Stern P.C. law firm combines more than 50 years of combined experience facilitating complex real estate transactions. Our name has been associated with the local real estate market for many years. We understand the stakes and strive to achieve your goals. Significant time and financial resources go into transactions and require an advocate at your side who will protect your interests.
Call and ask for our real estate attorneys at Gregory K. Stern, P.C. Our phone number is 312-427-1558 and we are located at 53 West Jackson Boulevard, Suite 1442, Chicago, Illinois 60604. There is no charge for your initial consultation.
“This has been one of the most stressful and difficult times in my life. Your legal expertise, confidence, and willingness to take me on as your client got me through. I would highly recommend you above any attorney I considered.”
“A personal note to thank you so much for your wise, very professional attention to my financial woes yesterday… You were exactly what I needed to put me in touch with reality. Thank you.”
“I would like to say that taking this step has changed my life tremendously. The headaches are gone! Thank you both.”
“Thank you for your encouragement, support, and reorganization of my life. I’m having a stress-free summer! Thank you.”
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Located in the heart of Chicago since 1983
Areas We Serve
We provide services to individuals located in Cook County, Will County, DuPage County, Kane County, and Lake County, residing in Rogers Park,Englewood, Evanston, Wilmette, Vernon Hills, Libertyville, Wauekgan, Lake Forest, Naperville, Skokie, Glenview, Highland Park, Joliet, Park Ridge, Burbank, Oak Lawn, Palos Heights, Bedford Park, Mokena, Tinley Park, and Glenwood, to name a few. The bankruptcy and foreclosure attorneys at our office have experience in Chapter 7, Chapter 11, and Chapter 13 bankruptcies, loan workouts, foreclosures, and debt restructuring and settlement. Our clients have found relief from their credit card debt, business debt, wage garnishments, parking tickets, pay day loans, tax debt, and vehicle repossessions. The Chicago bankruptcy and foreclosure attorneys at our office are members of the Chicago Bar Association and the Illinois Bar Association. We recognize the unique difficulties and responsibilities Chicagoland area communities face and tailor our services to meet your needs.
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Each Client Receives Detailed and Personal Attention…
Greg takes pride in providing each of his clients with personal attention. He understands that bankruptcy and foreclosures are not comfortable topics for most of his clients. He takes the time to ensure that every client understands all the options. He helps his clients determine the best option in their case. He takes the time.
He is the owner and founder of Gregory K. Stern, P.C. Bankruptcy and Foreclosure Attorneys in Chicago, IL. 312-427-1558. Located at 53 West Jackson Boulevard, Suite 1442, Chicago, Illinois 60604, the firm of Gregory K. Stern P.C. helps bankruptcy and foreclosure clients throughout the Chicago area. Helping Mr. Stern is a small group of highly talented individuals. See Our Attorney pages for more information.