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Deed issues can hurt your residential real estate transaction

Illinois residents who are getting ready to sell their homes have a lot on their minds and a lot on their plates. Making it through a residential real estate transaction as a seller is not easy or stress-free. Several issues can hold up a sale or cause one to face legal claims after a sale. Deed issues, for example, can cause significant problems.

Before going into the potential problems that may arise with property deeds, let's cover the basics. The purpose of a property deed is to transfer ownership of a piece of real estate from one person to another. There are several types of deeds available, which are:

  • General warranty
  • Special warranty
  • Quitclaim
  • Special purpose

Want to repair your credit? Be careful who you trust to help you

Having bad credit is often a product of carrying too much debt or failing to pay debts as agreed. Many Illinois residents have found themselves not only struggling to meet their debt obligations but also keeping their credit ratings at decent levels. Some may be tempted to turn to credit repair services for help, but it is necessary for them to be careful about who they trust with their information.

The simple truth of the matter is, credit repair scams are very real and extremely enticing. When a company makes promises that it can provide one with a clean credit profile free from bankruptcies, bad loans, liens and a number of other issues that will lower one's credit score, just about anyone in bad enough financial shape would jump at the chance to achieve a fresh financial start -- no matter the cost. There are, in reality, very few credit repair companies out there that can actually improve one's situation. Most of them are just scams, so beware.

Using bankruptcy to stop foreclosure: The Lil Kim case

Numerous individuals in Illinois are in bad enough financial shape that they may lose their homes this year. Some have already been contacted by their creditors demanding payment and threatening foreclosure, and others are only one missed payment away from this happening. For those individuals who want to avoid foreclosure and keep their homes, bankruptcy may be what is called for. It certainly seemed to help rapper Lil Kim.

According to a recently published article, Lil Kim has enjoyed the benefits of Chapter 13 bankruptcy protection for about a year now. She initially filed her bankruptcy petition in May 2018 after her bank threatened foreclosure. As soon as she filed her petition, creditors were forced to stop seeking payment and her bank had to stop its foreclosure efforts. This gave her the time she needed to better her financial position.

More young adults are taking on credit card debt

For some time now, younger adults -- those labeled millennials -- have done a better job than their older counterparts when it comes to staying out of debt. According to a recent report, that is no longer the case. Numerous 18 to 29-year-olds in Illinois and across the country have begun taking on significant amounts of credit card debt. What is behind this new trend?

According to a recently released report, the number of millennials who are 90 days past due on their credit card payments or who are utilizing more than 8% of their available balances has reached an eight-year high. Some believe this is because more individuals in this age group are being enticed by the bonus offers and other incentives promised by credit card companies. While there is nothing wrong with using credit cards in order to collect these incentives, carrying a balance can keep one in debt for years to come. 

3 things to expect when selling your home

You have lived in your home for many years, making many family memories. Now, as you creep closer to retirement, you want to downsize and start a new chapter in something more manageable.

Selling a home can create stress if you do not know what to expect. From the listing process to inspection and closing, you have the benefit as the seller. Familiarize yourself with these three tips to prepare for the procedure.

Who is Chapter 13 bankruptcy meant to help?

In a previous post, this column discussed Chapter 7 bankruptcy and who can benefit from that type of relief. This week, the focus will shift to Chapter 13 bankruptcy and who it is meant to help. Not all Illinois residents who want to file for bankruptcy will qualify for or wish to pursue Chapter 7 relief. Chapter 13 may better suit their needs.

Chapter 13 bankruptcy is for individuals who, for whatever reason, would rather not file a Chapter 7 petition and those who make too much money to file for that type of debt relief. It is called a wage earner's plan for a reason -- sufficient income is needed to qualify for this type of bankruptcy protection. If a Chapter 13 petition receives court approval, the petitioner will be expected to utilize his or her income to pay back creditors by making a set payment every month for the next 36 to 60 months. The money is sent to the trustee assigned to one's case, and the trustee sends the funds on to creditors. At the end of the repayment term, qualifying debts may be discharged.

Who can benefit from Chapter 7 bankruptcy?

When you think about bankruptcy, you probably think about all of the bad things you have heard about it. The truth is, bankruptcy is not necessarily a bad thing. It is a way for people to get out of debt and get their finances under control. This week, this column will focus specifically on Chapter 7 bankruptcy and who in Illinois can benefit from pursuing it.

Most people who are in need of bankruptcy protection may qualify for Chapter 7. It all comes down to money coming in versus money going out and the type of debt one has. If your income is less than the state's current median income level -- which is just under $63,000 according to current census data -- you may qualify for Chapter 7 relief. If your income is above the median income level, then whether you qualify comes down to your disposable income -- the amount of money you have left after all your basic bills are paid and needs are met.

Your estate plan is ready, are your beneficiaries?

While the vast majority of Illinois residents do not like the idea of planning for their own deaths, it is something that should not be overlooked. There is a lot of good that can come from creating an estate plan. Knowing one's family and assets are protected can bring peace of mind. Unfortunately, according to a recently published article, most estate plans fail to work as their owners originally intended.

It is possible to take all of the right steps, add all the correct language and utilize all the tax strategies available to ensure one's beneficiaries will get benefits from one's death -- rather than the government. Unfortunately, estate plans often fail, not because they were not written correctly, but because their beneficiaries were not prepared to receive instant wealth. All the planning in the world cannot make up for the human side of an estate plan.

Do not think of Chapter 13 bankruptcy as a sign of failure

Every year numerous Illinois residents find themselves needing financial help. There is no shame in asking for assistance when one's debt situation becomes too much to handle alone. However, many people refuse to file Chapter 13 bankruptcy or seek out other debt relief solutions because they view taking such steps as a personal failure. Do not think of bankruptcy as a sign of failure; rather, think of it as an opportunity to improve one's situation.

A gentleman in another state recently shared his bankruptcy story and it is one that many people can relate to. At the age of 18 he obtained his first credit card. At the time, he was enrolled in college so his credit card debt piled up, as did student loans that he needed to cover all his major expenses. By the age of 26, he found himself in worse financial shape, owing $38,000 in student loans, several thousand in credit card debt and owing $15,000 on an auto loan. As he was only bringing in $2,000 a month, he lost all hope that he would ever be able to pay off his debt.

How bankruptcy can affect your mortgage

As more people begin to acknowledge bankruptcy as a means of regaining positive financial footing, more are starting to embrace the option. However, it is important that people understand the different aspects of this choice and how it will affect their specific situation.

Particularly for homeowners, it is vital to know a few key things about the bankruptcy process. In fact, bankruptcy can affect a mortgage in a few specific ways.

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Lynch Law Offices, P.C.
1011 Warrenville Road
Suite 150
Lisle, IL 60532

Phone: 630-761-5274
Fax: 888-691-8337
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