Stop Foreclosure – Chapter 13

Crystal Lake, Woodstock, McHenry, Illinois

The Pratt & Maegli Law Firm is qualified to discuss options for saving your home and stopping the foreclosure process. We will look at your particular situation to determine if Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, a loan modification or some kind of foreclosure defense is right for you.

Save Your House Through Chapter 13 Bankruptcy Protection

Chapter 13 Bankruptcy is a very powerful tool to stop foreclosure. It may be the best choice for our clients who have fallen behind on their house payment and wish to keep their home. Chapter 13 allows you to consolidate and reduce certain debts so that you can catch up on past due mortgage payments. In a Chapter 13 bankruptcy our clients enter into an affordable payment plan for a portion (sometimes as low as 1%) of their unsecured debt. It is also designed for clients who are unable to discharge their debts in a Chapter 7 Bankruptcy.

In our initial consultation with you, your attorney from the Pratt & Maegli Law Firm will look at your financial situation. If we agree that Chapter 13 Bankruptcy is right for you, then we will prepare a Chapter 13 Petition and Repayment Plan that suits your particular circumstances. The Chapter 13 repayment plan will provide for one monthly payment to the Trustee who will make distributions to your creditors. You will receive a discharge of your debts when you have made all of the plan payments.

Click here for more information on Chapter 13 Bankruptcy

Save Your House Through Chapter 7 Bankruptcy

Chapter 7 Bankruptcy wipes out (discharges) all of your debts which are allowed to be eliminated. Working with an attorney from the Pratt & Maegli Law Firm can provide you with a fresh start and a new beginning by wiping out all dischargeable debts. These debts include credit card bills, medical bills, judgments obtained by creditors, personal loans, business type debts, and commercial and residential leases. Older tax debts may also be wiped out where we meet the criteria. By wiping out debt you free up your resources to get current on your mortgage or obtain a loan modification on your home loan.

Click here for more information on Chapter 7 Bankruptcy


Save Your House Through Foreclosure Defense

There are alternatives to bankruptcy for some individuals facing foreclosure. During your initial free consultation with an attorney from the Pratt & Maegli Law Firm, we may decide that you have a reason to defend against foreclosure. Some of the more common defenses are:

  • Mistakes in loan original loan paperwork – A review of your loan documents may reveal that your lender made mistakes when filing your loan. If mistakes were made, foreclosure action will be stopped while the bank proves their case. In some instances, a new loan with better terms may have to be put in place.
  • Predatory Lending Practices – If your lender was guilty of predatory lending practices when you obtained your loan, you may be able to stop foreclosure. The attorneys at the Pratt & Maegli Law Firm are well qualified to determine if your lender was guilty of predatory lending and prepare a defense that will result in a more affordable loan for you.
  • Short Sale Deficiency Claims – If your lender is pursuing you for deficiencies after a short sale, we can examine your short sale paperwork to see if the lender has a legal claim and determine what your options are.

Click here for more information on Foreclosure Defense and asserting your Consumer Rights.

Contact the Pratt & Maegli Law Firm to see if Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Loan Modification or Foreclosure Defense can help you save your home!

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The attorneys at Pratt & Maegli Law Firm understand the emotional issues that you are facing. We are committed to a personal relationship with you.

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5411 E. State Street, Suite 202
Rockford, IL 61108

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5411 E. State Street, Suite 202, Rockford, IL

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BANKRUPTCY COUNSELING CLASS (Click here to take the bankruptcy class)

The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Disclaimer: The Pratt & Maegli Law Firm, P.C. is a Debt Relief law firm as defined by 11 U.S.C. 528. We help people file for Bankruptcy Relief under the Bankruptcy Code. We do not guarantee any result and prior results do not guarantee a similar outcome. This is an attorney advertisement and this website is for informational purposes only.