Homeownership. It has been called the key part of 'The American Dream.' Having a piece of land, even if a small one, and a house to call one's own, is something many Illinois residents have envisioned since they were children. Since very few people these days can afford to purchase a home outright, this usually means that aspiring homeowners must borrow money to achieve their dreams. This is often in the form of a mortgage, which is a type of loan secured by the property which is being purchased. Unfortunately, this means that if something happens and a homeowner cannot pay his or her mortgage payments, the home can be taken by the lender to satisfy the loan.
We've previously discussed some of the basic requirements for filing a bankruptcy case under Chapter 13 of the federal bankruptcy code in Illinois, including the debt limits for different types of debt, and the fact that the debtor should not have failed to appear or comply in a similar case in the prior 6 months. We've also touched on some of the differences between a Chapter 7 filing, which is sometimes called a 'liquidation,' and a Chapter 13 restructuring of debt.
During tax season, it is popular for tax preparation companies to advertise refund anticipation loans to placate people who just can’t wait for their refund checks to arrive. These loans are high interest, high risk loans that consumers should stay away from, but given the advertised sales for a number of items (particularly vehicles), it is not surprising that these loans have such a following.