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When one obtains a mortgage loan the borrower (like a homeowner) gives the lender both a lien on the property and a promissory note.

When you can’t pay your mortgage on time, you start to panic. How much time do I have to get caught up?

Not being able to pay your bills as they become due lowers your score dramatically to the lower 500s, sometimes the 400s. If it is multiplied with a lawsuit, a garnishment, repossession, multiple items with the credit bureau, your score goes down dramatically.

In Illinois, a home owner has 30 days after he or she has a notice of intent to foreclose notice by mail before a foreclosure suit can be filed.

A chapter 7 bankruptcy is a filing with the U.S. bankruptcy court to obtain a discharge of listed debts. In other words, at the end of the bankruptcy, the debts listed you will not be owed money anymore.

A chapter 13 is a form of a repayment plan. Certain debts have to be paid 100%.

Banks, credit card companies, and finance companies insist that Bankruptcy is the last resource. Why?

After the filing of the case the first motion usually filed is for a Cash Collateral Order.

For reorganizations there are 2 main Chapters available: Chapter 13 and Chapter 11. Only an individual may file a Chapter 13.

When it becomes apparent that the business just cannot go forward, the filing of a Chapter 7 may be the best option to orderly close the affairs of the business.