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.
Lil Kim recently filed to have her bankruptcy case dismissed. She did this because she was able to decrease her liabilities and work out a loan modification with her mortgage lender since the filing of her petition. She no longer feels that she needs legal protection from creditors — which is certainly a good thing.
Not everyone who files for bankruptcy in an effort to avoid foreclosure will find themselves in positions to have their cases dismissed down the line. There are those in Illinois who may be able to take a page out of Lil Kim’s book, though, and simply use the bankruptcy process as a way to get more time to figure things out. Anyone who is considering bankruptcy in an effort to avoid foreclosure can turn to legal counsel who will be able to guide them through the process — if this form of debt relief is thought to be the best option.